MONTREAL — Air Canada’s Q3 2022 results, released today, include an operating margin of 12.1%, the airline’s first positive quarterly operating margin since the pandemic began.
Operating revenues for the quarter totalled $5.322 billion, more than double the third quarter of 2021.
The airline’s net loss was $508 million, compared to a net loss of $640 million in the third quarter of 2021.
Total liquidity is more than $10.2 billion at September 30, 2022.
“Air Canada’s solid third quarter results stem from the ongoing restoration of our extensive network, an improved operational performance, our modern and efficient fleet, as well as leading products and services, and an incredible team of employees,” said Air Canada’s President and CEO, Michael Rousseau.
Rousseau added that Air Canada’s loyalty program Aeroplan “is continuing to perform extremely well with travel’s return.” Aeroplan’s gross billings from points sold, purchase volume on co-brand cards, and new members are all at record highs.
“Despite the global disruption of air travel, through teamwork and focused efforts, we safely transported nearly 11.5 million customers to their destinations this quarter,” said Rousseau. “We are further encouraged by continuing strong demand, now further stimulated by the easing of COVID-related restrictions.”
Advance ticket sales in the quarter were at 95% of third quarter 2019 levels.
In late June Air Canada cut hundreds of flights from its schedule for July and August, when chaos at Canada’s airports, particular Pearson, was at an all-time high.
“Thanks to the hard work and commitment of our employees, after a difficult June and July, we saw significant operational improvement throughout August and September, with the operation today now on par with pre pandemic levels,” said Rousseau. “Still, we know many customers experienced disruptions travelling this summer, and we sincerely regret any inconveniences that have occurred. We would like to thank our customers for their understanding and loyalty and assure them that the lessons of this operationally challenging period are now being applied to build greater resiliency going forward, and to elevate the customer experience overall.”
The airline marked its 85th anniversary this quarter. “We stand on a robust foundation and, with our most recent financial results, investments and strategic plan, are confident we have a bright future in connecting Canada and the world,” said Rousseau.