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BRIEF-Air Canada Reports Third Quarter 2020 Results

Published 2020-11-09, 06:11 a/m
© Reuters.
AC
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Nov 9 (Reuters) - Air Canada AC.TO :

* REPORTS THIRD QUARTER 2020 RESULTS

* Q3 LOSS PER SHARE C$2.31

* QTRLY TOTAL PASSENGERS CARRIED DECLINED 88 PER CENT DUE TO COVID-19 AND TRAVEL RESTRICTIONS

* Q3 REVENUE FELL 86 PERCENT TO C$757 MILLION

* COVID-19 MITIGATION AND RECOVERY PLAN NEARLY COMPLETE

* REDUCTION OF CAPITAL EXPENDITURES BY ABOUT $3.0 BILLION OVER 2020-2023 PERIOD

* PLANS TO REDUCE Q4 2020 CAPACITY BY APPROXIMATELY 75 PER CENT COMPARED TO Q4 OF 2019

* IN Q3, NET CASH BURN OF $818 MILLION OR ABOUT $9 MILLION PER DAY, ON AVERAGE

* CANCELLING 10 BOEING 737-8S AND 12 AIRBUS A220S

* DEFERRING DELIVERY OF NEW BOEING 737-8 AND AIRBUS A220 AIRCRAFT SCHEDULED FOR DELIVERY IN 2021 AND 2022

* PERMANENTLY RETIRING 79 OLDER AIRCRAFT FROM FLEET - CONSISTING OF BOEING 767, AIRBUS A319 AND EMBRAER 190 AIRCRAFT

* PROJECTS NET CASH BURN OF BETWEEN $1.1 BILLION AND $1.3 BILLION (OR BETWEEN $12 MILLION AND $14 MILLION PER DAY, ON AVERAGE) IN Q4 OF 2020

* Q3 EARNINGS PER SHARE VIEW C$-2.60 -- REFINITIV IBES DATA

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