05:36:51 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



Air Canada
Symbol AC
Shares Issued 358,456,806
Close 2023-08-14 C$ 23.57
Market Cap C$ 8,448,826,917
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Globe/CP say Air Canada admits it can't fly on time

2023-08-14 07:59 ET - In the News

The Globe and Mail reports in its Saturday edition that a "perfect storm" of problems lies behind Air Canada's wave of flight delays over the summer, its chief executive officer said, even as the flag carrier roars back to profitability. A Canadian Press dispatch to The Globe says that despite more staff and revamped technology, Air Canada's operations in June and July failed to meet "expected levels," Michael Rousseau told analysts on a call Friday. The CEO identified "severe weather" -- thunderstorms, in particular -- and "global supply chain issues" as among the culprits. Tardiness and cancellations have especially plagued Air Canada's large network of regional flights, run by Jazz Aviation. Mr. Rousseau pointed to a pilot shortage, which he boiled down to several factors: new carriers such as Flair Airlines and Lynx Air competing for labour; stricter regulations on shift length, "which causes all airlines in Canada to add 10 to 15 per cent more pilots to fly the same schedule," and dwindling enrolment at flight schools during the COVID-19 pandemic. Air Canada earned $838-million in its last quarter compared with a loss of $386-million a year earlier. Second quarter revenues grew by more than a third to $5.43-billion.

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