Good times for Air Canada, who today reported 2014 full year adjusted net income of $531 million compared to $340 million last year.
“In 2014, Air Canada achieved its best full year financial performance in the Corporation’s 77-year history,” said Calin Rovinescu, President and Chief Executive Officer, “…we served almost three million more customers in 2014, or a total of 38.5 million including three million customers on rouge®.”
“Air Canada’s share price gained 60 per cent over the year, a more than six-fold increase in value since the start of 2013. Record results for a second consecutive year represent a significant step towards our goal of sustainable profitability, and allow us to pay out $46 million to employees through the profit sharing program, an increase of $15 million from the previous year.”
“We continue to implement cost reduction and revenue-generating initiatives including profitable international growth and the strategic deployment of rouge® to compete in leisure markets. We remain focused on prudent capacity management and a pricing strategy based on market demand which, overall, has continued to remain strong into 2015. While fuel prices remain volatile, the recent decrease is expected to drive significant cost savings in 2015 and provides us with an opportunity to increase adjusted net income, reduce adjusted net debt and further strengthen our balance sheet.”
“I would like to thank our 27,000 employees for their part in the accomplishments realized over the past year and for their continued focus on taking care of our customers as we work towards sustainable profitability in this highly competitive industry environment,” concluded Mr. Rovinescu.