Air Canada announces share buybacks
Carrier reports quarterly earnings ahead of expectations
Air Canada raises core profit forecast
Nov 1 Reuters Air Canada on Friday raised its annual core profit forecast and announced share buybacks, as the country39;s largest carrier benefits from strong demand for international travel, sending its shares up over 10 in morning Toronto trading.
Major North American carriers with international operations are cashing in on booming demand for overseas travel and improved business bookings.
Air Canada is increasing its flights to China, while also adding capacity to other AsiaPacific routes, even as it saw some pressure on transatlantic travel, the airline said.
Mark Galardo, Air Canada39;s executive vice president for revenue and network planning, said the carrier is seeing early indications that transatlantic business will bounce back in 2025.
The Montrealbased carrier reported quarterly earnings ahead of analysts39; expectations for revenues and adjusted profits, despite seeing weeks of softer booking volumes due to labor uncertainty as its pilots negotiated a new contract.
Last month, Air Canada signed a new labor deal with its pilots, which would give the aviators a general fouryear cumulative pay hike of about 42, generating about C1.9 billion in additional value.
Air Canada is now monitoring how a weekslong strike by more than 33,000 factory workers and a production crisis at U.S. planemaker Boeing would affect deliveries…