Air Canada reports fourth quarter and full year 2023 financial results

Air Canada today reported its fourth quarter and full year 2023 financial results.

Michael Rousseau, President and Chief Executive Officer of Air Canada said: “Air Canada produced very strong results for the fourth quarter and full year 2023, delivering on its key financial goals and strategic priorities.

“For the full year, we had record operating revenues of $21.8 billion, up 32 per cent from 2022 as demand for air travel remained strong.

“Annual operating income was $2.3 billion; a $2.5 billion improvement from the previous year.

“Our adjusted EBITDA was nearly $4 billion; more than twice that of full year 2022.

“These results stem from the effective management, hard work and customer centric approach of everyone at Air Canada.

“I thank the entire team for their dedication as we safely transported more than 46 million passengers in 2023.

“The focus on operational improvements was evident as, even with the growth in traffic and ongoing supply chain challenges, our key operational metrics and customer satisfaction improved year over year.

“We also took important steps during the year to enable ourselves to continue performing consistently as we remain firmly committed to our plan and to enhancing our level of customer service, improving our operational reliability, strategically adding to our key hubs and network and growing profitably.

“We strengthened our balance sheet, reduced our debt and, despite the continuing macroeconomic and structural cost pressures on our industry, our unit costs were contained within our adjusted CASM guidance.

“Additionally, we will continue to expand Aeroplan, a key driver of customer loyalty that has doubled its membership to eight million members over the last five years.

“Our airline remains adaptable to changing business conditions, and is poised to take advantage of opportunities, giving us every confidence for the year ahead.

“As we look into the future, we aim to grow, deliver on our financial objectives and create long-term value for all stakeholders.”