Air Canada (TSX: AC) performed better than analysts expected in the third quarter, but results were still grim with an operating loss of CA$785 million ($601 million) prompted by an 88% drop in passenger traffic because of the coronavirus pandemic.
The airline was able to cut costs enough to beat earnings expectations, but revenue was below what analysts predicted.
The company recorded negative earnings before interest, taxes, depreciation and amortization of CA$554 million, but earnings of negative CA$2.31 per share came in ahead of the consensus call of negative CA$2.54 per share. Revenue declined 86% to CA $757 million, below the estimate of CA$1 billion.
Cash burn of CA$9 million per day was better than guidance of CA$15 million to CA$17 million per day.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now