CA - Air Canada (ACDVF) Q1 2024 Earnings Call Transcript

2024-05-02 11:35:29 ET

Air Canada (ACDVF)

Q1 2024 Results Conference Call

May 02, 2024 08:00 AM ET

Company Participants

Valerie Durand - Head, Investor Relations and Corporate Sustainability

Michael Rousseau - President and Chief Executive Officer

Mark Galardo - Executive Vice President, Revenue and Network Planning

John Di Bert - Executive Vice President and Chief Financial Officer

Mark Nasr - Executive Vice President, Marketing and Digital, and President

Conference Call Participants

Savi Syth - Raymond James

Chris Murray - ATB Capital Markets

Andrew Didora - Bank of America

Matthew Lee - Canaccord

Helane Becker - TD Cowen

Jamie Baker - JPMorgan

Stephen Trent - Citi

Konark Gupta - Scotiabank

Cameron Doerksen - National Bank Financial

Presentation

Operator

Good morning and welcome to Air Canada's First Quarter 2024 Results Conference Call. All lines are in the listen-only mode. After the speaker's presentation, we'll conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference call is being recorded.

I would now like to turn the call over to Valerie Durand, Head of Investor Relations and Corporate Sustainability at Air Canada. Thank you. Please go ahead.

Valerie Durand

Thank you, Julian. Hello, [Foreign Language]. Welcome and thank you for attending our first quarter call of 2024. Joining us this morning are Michael Rousseau, our President and CEO; Mark Galardo, our Executive Vice President of Revenue and Network Planning; and John Di Bert, our Executive Vice President and CFO. Other executive team members are with us as well this morning.

Mike will begin this call with a brief overview of the quarter. Mark will provide comments on our revenue, network updates, and trends; and John will speak on our financial performance before turning it back to Mike, after which we will take questions from equity analysts. I remind you that today's comments and discussion may contain forward-looking information about Air Canada's outlook, objectives and strategies that are based on assumptions and subject to risk and uncertainties. Our actual results could materially differ from any stated expectations. Please refer to our forward-looking statements and Air Canada's first quarter's news release available on aircanada.com and on SEDAR+.

And now would like to turn the call back over to Mike.

Michael Rousseau

Great. Thank you, Valerie. Good morning and thank you for joining us. Our first quarter results were solid and largely in line with our internal expectations. They show we perform well from both a financial and operational point of view in a more complex environment. The success reflects upon the quality of our management team and employees, our strategic execution and the remarkable strength of our brand. For the quarter, we reported operating revenue of more than $5.2 billion, an increase of nearly $340 million from a year ago. ...

For further details see: