CA - Air Canada (ACDVF) Q4 2023 Earnings Call Transcript
2024-02-16 13:03:02 ET
Air Canada (ACDVF)
Q4 2023 Earnings Conference Call
February 16, 2024 08:00 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
Conference Call Participants
Kevin Chiang - CIBC
Cameron Doerksen - National Bank Financial
Konark Gupta - Scotiabank
Walter Spracklin - RBC Capital Markets
Andrew Didora - Bank of America
Fadi Chamoun - BMO
Chris Murray - ATB Capital Markets
Jamie Baker - JPMorgan
Savi Syth - Raymond James
Stephen Trent - Citi
Matthew Lee - Canaccord
David Ocampo - Cormark Securities
Presentation
Operator
Good morning and welcome to Air Canada’s Fourth Quarter and Full Year 2023 Conference Call. [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, Julienne. Hello, [Foreign Language]. Welcome and thank you for attending our fourth quarter and year-end call of 2023. 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 too this morning.
Mike will begin this call with a brief overview of the quarter, followed by Mark with comments on our revenue, network updates and demand trends. John will cover our financial performance and guidance before turning it back to Mike. We will take questions from equity analysts after this call.
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 risks and uncertainties. Our actual results could differ materially from any stated expectations. Please refer to our forward-looking statements in Air Canada’s fourth quarter and full year news release available on aircanada.com and on SEDAR+.
And now I’d like to turn the call over to Mike.
A - Michael Rousseau
Great. Thank you, Valerie, and good morning to everyone. Thank you for attending this morning’s conference call to discuss our fourth quarter and full year ‘23 results, which capped a very successful year for Air Canada. [Foreign Language]
We produced strong results in the fourth quarter of ‘23 with operating revenue of approximately $5.2 billion, up 11% from the same period in 2022. Adjusted EBITDA of $521 million was up almost 34% from the previous fourth quarter. We announced record full year operating revenue of $21.8 billion, up 32% from 2022. Operating income ‘23 was nearly $2.3 billion. That’s a $2.5 billion improvement from the previous year. Our adjusted EBITDA was nearly $4 billion, more than twice that of the full year ‘22 and is the top end of our guidance that we provided as we predicted last quarter....
Air Canada (ACDVF) Q4 2023 Earnings Call Transcript