Air Canada Q3 Net Income Falls to C$139 Million on Higher Fuel Costs as Revenue Rises

Air Canada (AC.TO) reported a decline in third-quarter net income, hurt by higher fuel expenses. For the three months ended September 30, net income was C$139 million, or C$0.49 per share, down from C$264 million, or C$0.88 per share a year earlier. Adjusted earnings were C$283 million, or C$0.49 per share, compared with C$297 million, or C$0.88 per share last year. Income before income taxes fell to C$248 million from C$511 million, and operating income slipped to C$261 million from C$284 million. Total operating expenses rose to C$6.723 billion from C$5.490 billion, including aircraft fuel expenses of C$2.118 billion versus C$1.212 billion a year ago. Total revenue increased to C$6.984 billion from C$5.774 billion, with passenger revenue of C$6.343 billion, up from C$5.244 billion.