Air Canada’s stock closed up almost 14 per cent after it announced a share buyback program, an earnings beat and a higher earnings outlook.
The positives come despite a disruptive third quarter that saw pilot contract negotiations come down to the wire, creating uncertainty for travellers and helping push down both revenue and passenger volumes.
The new contract with pilots, which includes a cumulative 42 per cent wage hike over four years, is expected to put pressure on expenses next year, but chief executive Michael Rousseau said it was an achievement to reach a deal without having to go through a pilot…