Air Canada reported its second quarter 2022 financial results this morning.
- Operating revenues of $3.981 billion, a nearly five-fold increase from the second quarter of 2021.
- Operating loss of $253 million, the narrowest quarterly loss since the pandemic began.
- Free cash flow* of $441 million, an increase of nearly $2.1 billion from the second quarter of 2021.
- Unrestricted liquidity of over $10.5 billion at June 30, 2022.
Jason Berry, Vice President, Cargo, at Air Canada also provided the following statement:
“It has been another exciting quarter for Air Canada Cargo as we continue to strategically build our business and invest in our future. The ongoing growth and support from the forwarding community across our global network has been a key to fueling our future. Our careful and targeted investments in our freighter fleet and our self-handled cargo-only ground operations in our major hubs throughout Canada and internationally together with staying laser focused on our quality of service to the vast forwarding community we serve, are key strategies as we continue to strengthen and grow as North America’s only combination carrier,”
“The second of our Boeing 767 converted freighters entered service and we took delivery of two brand new 767 freighters from the Boeing factory, and they will enter service in 2023. Today, we announced a further expansion of our fleet with the acquisition of two factory-built Boeing 777 freighters, to enter service in 2024. The news today is a testament to the amazing work of our employees and partners and I would like to thank them all for their continuing efforts to transform our business. The investment in long range widebody freighters, combined with our growing 767 freighter fleet and robust passenger network will allow us continue to bring to life the most flexible and diverse cargo operation in the Americas. On the ground, we are continuing to make considerable investments in facilities, technology and our people to prepare us for the growth that lies ahead,”