Air Canada reports $170M first quarter loss, revenue up from year ago

The airline says it lost $170 million or 62 cents per diluted share for the quarter compared with a loss of $13 million or five cents per share in the same quarter last year. (Photo: Air Canada/Facebook)

MONTREAL  —  Air Canada reported a smaller-than-expected loss in its first quarter as its revenue grew compared with a year ago, boosted by increased capacity and passenger traffic.

The airline says it lost $170 million or 62 cents per diluted share for the quarter compared with a loss of $13 million or five cents per share in the same quarter last year.

Operating revenue for the quarter totalled $4.07 billion, up from $3.64 billion.

The most recent quarter included losses on foreign exchange of $112 million compared with gains on foreign exchange of $70 million in the first quarter of 2017.

On an adjusted basis, Air Canada says it lost $52 million or 19 cents per diluted share compared with an adjusted loss of $63 million or 23 cents per diluted share a year ago.

Analysts on average had expected an adjusted loss of 44 cents per share for the quarter, according to Thomson Reuters.