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(Bloomberg) — Air Canada posted quarterly earnings that beat estimates while announcing a new buyback program, boosting the airline’s shares the most in more than a year.
The Montreal-based company raised its full-year outlook for adjusted Ebitda, a measure of profit that excludes items such as taxes and interest, to C$3.5 billion ($2.5 billion) — up from a previous forecast of C$3.1 billion to C$3.4 billion. Adjusted earnings per share beat the analysts’ average estimate, according to a news release.
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While the airline’s stock price has barely recovered from its pandemic lows, shares surged as much as 13%, the most since May 2023, in Toronto trading on Friday.
Buoyed by lower fuel and aircraft…