Shares of Air Canada (AC.TO) fell as much as seven per cent on Friday following the release of quarterly financial results, as the airline reported rising operating expenses driven in part by higher labour costs.
Canada’s largest airline reported an adjusted net loss of $44 million, or 12 cents per diluted share, in the fourth quarter of the year, compared to an adjusted loss of $217 million, or 61 cents per share, during the same quarter in 2022. While the quarterly loss was an improvement from the previous year, analysts had expected an adjusted per-share quarterly loss of four cents.
Air Canada’s stock finished the trading day on Friday at $18 per share, a decline of nearly seven per cent compared to Thursday’s close.
Still, the airline saw total sales improve in 2023 as it expanded capacity amid strong demand. Operating…
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