Air Canada saw its third-quarter profit drop compared with a year ago amid rising fuel prices as operating revenue climbed 11 per cent.
The airline reported a profit of $645 million or $2.34 per diluted share for the quarter, which ended Sept. 30.
That’s compared with a profit of $1.72 billion or $6.22 per diluted share a year ago, when the company benefited from an income tax recovery of $758 million.
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WestJet told the same story yesterday in its Q3 earnings report, blaming costly fuel for tanking profits.
Air Canada’s operating revenue totalled nearly $5.42 billion, up from $4.88 billion.
On an adjusted basis, Air Canada says it earned $2.03 per diluted share for the quarter, down from an adjusted profit of $3.33 per diluted share in the same quarter last year.
Analysts on average had expected a profit of $2.09 per share for the quarter, according to Thomson Reuters Eikon.
