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Air Canada Reports Net Loss of $87 Million in First Quarter 2017

Air Canada Reports Net Loss of $87 Million in First Quarter 2017

Air Canada Boeing 787 Dreamliner. Photo Credit: Air Canada

MONTRÉAL – Air Canada reported first quarter 2017 EBITDAR (earnings before interest, taxes, depreciation, amortization, impairment and aircraft rent), excluding special items, of $342 million, compared to first quarter 2016 EBITDAR of $460 million.  The airline recorded a first quarter EBITDAR margin of 9.4 per cent, better than the margin projected in Air Canada’s February 17, 2017 news release.  The better than expected EBITDAR margin performance was primarily driven by a first quarter revenue environment that was more robust than anticipated, lower than forecasted aircraft maintenance expense largely due to a deferral of maintenance activities, and lower than anticipated jet fuel prices.  On a GAAP basis, Air Canada reported an operating loss of $54 million in the first quarter of 2017 versus operating income of $154 million in the first quarter of 2016.
Air Canada recorded an adjusted net loss of $87 million or $0.32 per diluted share in the first quarter of 2017 compared to adjusted net income of $85 million or $0.30 per diluted share in the first quarter of 2016.  The airline reported a net loss of $37 million or $0.14 per diluted share in the first quarter of 2017 compared to net income of $101 million or $0.35 per diluted share in the first quarter of 2016.
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SOURCE Air Canada

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