Allegiant Travel Company has reported its second quarter of 2022 results .....

Allegiant Travel Company has reported the following financial results for the second quarter of 2022, as well as comparisons to prior years:

   

Consolidated	Three Months Ended June 30,						Percent Change
(unaudited) (in millions, except per share amounts)	2022		2021		2019		YoY		Yo3Y
Total operating revenue	$           629.8		$           472.4		$            491.8		33.3 %		28.1 %
Total operating expense	603.7		333.6		383.7		81.0		57.4
Operating income	26.1		138.9		108.1		(81.2)		(75.8)
Income before income taxes	5.8		122.6		91.8		(95.2)		(93.6)
Net income	4.4		95.0		70.5		(95.4)		(93.8)
Diluted earnings per share	$              0.24		$              5.49		$              4.33		(95.6)		(94.5)
	Six Months Ended June 30,						Percent Change
(unaudited) (in millions, except per share amounts)	2022		2021		2019		YoY		Yo3Y
Total operating revenue	$        1,130.0		$           751.6		$            943.4		50.3 %		19.8 %
Total operating expense	1,096.6		588.1		744.2		86.5		47.4
Operating income	33.4		163.5		199.2		(79.6)		(83.3)
Income (loss) before income taxes	(4.7)		131.2		165.7		(103.6)		(102.9)
Net income (loss)	(3.5)		101.9		127.7		(103.5)		(102.8)
Diluted earnings (loss) per share	$            (0.20)		$              6.04		$              7.84		(103.3)		(102.6)

(1)	Recognition bonus awarded despite not meeting internal profit-sharing targets
(2)	Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information

"Demand surged in the second quarter resulting in the highest revenue-generating quarter in company history," stated John Redmond, CEO of Allegiant Travel Company. "Total operating revenue was up over 28 percent as compared with 2019. We saw impressive increases in TRASM of over 15 percent, year over three-year, particularly considering scheduled capacity was up over 13 percent. Earnings per share, adjusted to exclude the impact from the 2022 recognition bonus, was $0.62, pressured by lower productivity levels due to heightened fuel prices and a challenging operating environment.

"As we head into the third quarter, we continue to focus on operational integrity, ensuring safe and reliable travel for our customers. Our operations and planning teams have made significant progress combating the challenges present within the current operating environment. We have seen significant improvements in reliability into the third quarter, with a July controllable completion factor of 99 percent, as compared with 97 percent in June. We expect to finish the quarter with a controllable completion of over 99 percent.    

"Looking ahead to 2023, we remain focused on improving margins and our major strategic initiatives, including integration of the Boeing MAX fleet, and the opening of Sunseeker Resort Charlotte Harbor. These are major undertakings for the company, but I believe these ventures will create significant shareholder value in the coming years. Retaining our talented leaders is critical to ensuring success with these initiatives. I was pleased to announce the appointments of Scott Sheldon and Gregory Anderson to President. Their superior leadership skills and combined 30 years of experience at Allegiant will play an integral role in the long-term success of the company.

"In closing, I am humbled by the hard work and dedication of our more than 5,000 team members across the network. This industry is not for the faint of heart, but we truly have the best employees. I cannot thank them enough for making Allegiant the successful airline we are today."

640,000 passengers passed through from London City Airport over June and July

As the summer getaway commenced, London City served 640,000 passengers across June and July and remains on course to reach the 3 million mark by the end of the year.

August is also set to be busy, with over 300,000 passengers expected to travel as the airport closes in on one million passengers for the core summer travel months.

With the airport teams fully staffed since the start of the getaway, London City has delivered a consistently high level of customer service and continues to, on average, get passengers from the DLR to their gate lounge inside 25 minutes.

London City is also urging passengers who are booked to travel in August to turn up no more than 2 hours before their flight and to be prepared for security in order to make the experience as smooth and as stress free as possible for everyone.

While the UK Government’s slot amnesty resulted in small changes to the airport schedule, London City’s operation has been largely unaffected through August and airlines have some remaining capacity on key domestic and short-haul European routes.

With the airport welcoming almost 70% of its 2019 passenger numbers over the same period, the staples of Amsterdam, Edinburgh and Zurich remained the busiest overall routes. However, Ibiza has been the strongest leisure performer, followed by Florence, Palma, Nice and Malaga.

Commenting on the results the Airport’s Chief Executive, Robert Sinclair, said:  “We have made a conscious effort with our airlines to attract more leisure routes and passengers this summer and the fact we could reach close to 1 million passengers for the period is testament to the resilience of our operation and quality of the passenger experience we offer. For anybody considering a last-minute getaway, we would love to welcome them at London City.

American Airlines announces investment in hydrogen-electric engine developer ZeroAvia

American Airlines announced this week, its investment in ZeroAvia, a leader in hydrogen-electric, zero-emission aviation. In addition to the investment, a memorandum of understanding provides American the opportunity to order up to 100 engines from ZeroAvia’s hydrogen-electric powertrain development program. The engines are intended to power regional jet aircraft with zero emissions.

“Our investment in ZeroAvia’s emerging hydrogen-electric engine technology has the potential to play a key role in the future of sustainable aviation,” said Derek Kerr, American’s Chief Financial Officer. “We are excited to contribute to this industry development and look forward to exploring how these engines can support the future of our airline as we build American Airlines to thrive forever.”

ZeroAvia is working to achieve certain type certifications of its innovative propulsion technology that will pave the way for the engines to be incorporated into the regional jet market in the future. The ZA2000-RJ powertrain is anticipated to enable passengers to fly in zero-emission regional jets as early as the late 2020s.

June Air Cargo: Stable and Resilient

The International Air Transport Association (IATA) released data for global air cargo markets showing healthy and stable performance.  Note: We returned to year-on-year traffic comparisons, instead of comparisons with the 2019 period, unless otherwise noted.  Global demand, measured in cargo tonne-kilometres (CTKs*), was 6.4% below June 2021 levels (-6.6% for international operations). This was an improvement on the year-on-year decline of 8.3% seen in May. Global demand for the first half-year was 4.3% below 2021 levels (-4.2% for international operations). Compared to pre-COVID levels (2019) half-year demand was up 2.2%.   Capacity was 6.7% above June 2021 (+9.4% for international operations). This was an increase on the 2.7% year-on-year growth recorded in May. Capacity for the first half-year was up 4.5% (+5.7% for international operations) compared to first half-year of 2021. Compared to pre-COVID levels demand was up 2.5%.    Air cargo performance is being impacted by several factors.   Trade activity ramped-up slightly in June as lockdowns in China due to Omicron were eased. Emerging regions (Latin America and Africa) also contributed to growth with stronger volumes.   New export orders, a leading indicator of cargo demand and world trade, decreased in all markets, except China.   The war in Ukraine continues to impair cargo capacity used to serve Europe as several airlines based in Russia and Ukraine were key cargo players.

Etihad Airways has firmed up its order with Airbus for seven new generation A350F freighters

Etihad Airways has firmed up its order with Airbus for seven new generation A350F freighters, following its earlier commitment announced at the Singapore Airshow. The freighters will upgrade Etihad’s freight capacity by deploying the most efficient cargo aircraft available in the market.

This order of the A350F sees the national carrier of the UAE expanding its relationship with Airbus, and adding to its existing order of the largest passenger version of A350-1000s, five of which have been delivered. 

Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group, said: “In building one of the world’s youngest and most sustainable fleets, we are delighted to extend our long-term partnership with Airbus to add the A350 Freighter to our fleet. This additional cargo capacity will support the unprecedented growth we are experiencing in the Etihad Cargo division. Airbus has developed a remarkable fuel-efficient aircraft that, in tandem with the A350-1000 in our passenger fleet, supports our commitment to reaching net-zero carbon emissions by 2050.”

“Airbus is delighted to extend its long-standing partnership with Etihad Airways, who recently introduced the A350 passenger services and is continuing to build on the Family with the game-changing freighter version, the A350F,” said Christian Scherer, Chief Commercial Officer and Head of Airbus International. “This new generation large freighter brings unprecedented and unmatched benefits in terms of range, fuel efficiency and CO₂ savings, that support customers by enhancing operational efficiencies at the same time as reducing environmental impact.”

Two new Airbus A321neo aircraft for Qanot Sharq Airlines of Uzbekistan

Air Lease Corporation leases two new Airbus A321neo jets to Qanot Sharq Airlines

Aircraft leasing giant Air Lease Corporation has placed two new Airbus A321neo aircraft on a long-term lease basis with Uzbekistan's Qanot Sharq Airlines, the first privately-owned airline in the country.

Qanot Sharq is led by a team of highly accomplished airline industry professionals and operates as a scheduled carrier, performing services from multiple regional airports in Uzbekistan, providing regular and charter air service to international destinations such as Istanbul, Ankara, Dubai, Jeddah, Medina, Almaty and other Central Asian countries.

 

“We are very pleased with this placement of two new A321neo aircraft with Qanot Sharq Airlines. Thanks to positive economic reforms intended to encourage private sector growth, the Uzbek economy and middle class have been expanding and Qanot Sharq is successfully servicing the increased travel needs of this growing economy,” said AJ Abedin, Vice President of Air Lease Corporation.  "With the addition of these two new state-of-the-art A321neos equipped with long-range fuel tanks for expanded flight mission capabilities, Qanot Sharq and its passengers will benefit from new destinations, operational efficiencies and a premium travel experience.”

SWISS expands its customers’ carbon-neutral air travel options

SWISS is introducing a new ‘Green Fare’ for customers flying from Denmark, Sweden or Norway which ensures that the carbon dioxide emissions generated by their air travel are fully offset through the use of sustainable aviation fuel and investments in climate protection projects. SWISS customers’ use of the carbon-neutral flying option has increased tenfold since this was integrated into the flight booking process. All SWISS long-haul guests will also be able to make their flight carbon-neutral via an onboard carbon offset option by the end of this year.

Swiss International Air Lines (SWISS) and its sister carriers within the Lufthansa Group are launching a new trial ‘Green Fare’ today for customers travelling from Denmark, Sweden or Norway. As a further element in SWISS’s endeavours to ensure sustainable air travel, the new Green Fare includes a full offset of the carbon dioxide emissions generated by the customer’s flight – 20 per cent through a corresponding purchase of sustainable aviation fuel and 80 per cent via investments in long-term climate protection projects. The Green Fare also earns customers additional Miles & More status and award miles, and further permits rebookings free of charge.

The new Green Fare is offered alongside the further fare options available – Light, Classic or Flex – in the booking process. Green Fares can be booked as of today via swiss.com for flights from Denmark, Sweden or Norway to European destinations, and are available for both Economy and Business Class travel. SWISS’s B2B travel partners in Scandinavia will also be able to make use of the new Green Fare option from this autumn onwards. The trial phase of the new Green Fares will extend for around six months.

“At SWISS we’ve set ourselves ambitious climate care objectives,” explains Chief Commercial Officer Tamur Goudarzi Pour. “We aim to reduce our net carbon dioxide emissions to zero by 2050. And among other actions, innovative and attractive offers like the new Green Fares that we are now introducing in selected test markets will be a key means of achieving this.”

Integration into booking process raises popularity

Bonza becomes first Australian airline to take delivery of the new 737 MAX

Boeing has delivered the first 737 MAX 8 aeroplane to Bonza, a new carrier that becomes the first Australian airline to fly the new 737 MAX. Bonza held an arrival ceremony to commemorate the milestone and welcome the arrival of the fuel-efficient 737-8 at its Sunshine Coast base.  

“We are beyond excited to welcome our first 737 MAX to Sunshine Coast Airport and with so much buzz around the country for Bonza, we hope today is also exciting for the communities we’ll be flying to,” said Tim Jordan, CEO of Bonza. “Our teams have been working hard behind the scenes to reach this significant milestone and we cannot wait to launch operations in the near future. The efficiency, reliability and overall capability of the 737 MAX will enable us to provide our customers with low-cost flights and the highest level of comfort onboard.”

Air Models have a range of aircraft models, including some special 737 MAX models, including this one in the colours of flydubai.  

Other airlines featured include Air China,  Xiamen Air and China Southern 

“This is a tremendous milestone for Bonza and Boeing as the airline joins many operators around the world who have launched service with the 737 MAX,” said Christy Reese, vice president of Commercial Sales and Marketing Asia Pacific, Boeing Commercial Airplanes. “Bonza has created a new business model to create new markets in Australia’s dynamic commercial aviation market. We are confident that the fuel-efficient 737-8 aeroplanes will enable the airline to provide their passengers with a comfortable flying experience and a more sustainable option to travel throughout the country.”

Brussels Airlines introduces a Green Fare for passengers flying from Denmark, Sweden and Norway

New fare including full offsetting of CO2 emissions introduced for passengers flying from Denmark, Sweden and Norway as pilot project.

Brussels Airlines introduces a Green Fare for passengers flying from Denmark, Sweden and Norway from August, which includes full offsetting of CO2 emissions using sustainable fuel and investment in climate protection projects. The offer comes now that the willingness for passengers to neutralize their flight has risen significantly. Since the options for CO2-neutral flying were integrated into the booking process on brusselsairlines.com, usage among customers has increased sixfold.

Brussels Airlines, together with the other airlines of the Lufthansa Group, introduce a new Green Fare for its guests booking from Denmark, Sweden and Norway on a trial basis from August 2, 2022. As a contribution to a sustainable way of flying, the Green Fare includes a full offset of the flight's CO2 emissions in the price of the flight. This is achieved by a combination of 20 percent sustainable aviation fuel (SAF) and 80 percent through investments in long-term climate protection projects. As an incentive, the Green fare also includes additional status miles and free rebooking options.

The Green Fare is now displayed alongside the familiar fares (Light, Classic, Flex) as an additional fare option in the online booking screen directly after the flight selection. The new offer is available in both Economy Class and Business Class for flights within Europe. In addition, starting in September, B2B travel partners in Scandinavia will also be able to take advantage of this new option. The test phase will last approximately six months.

Increasing success of sustainable options

​At the end of May, Brussels Airlines had already improved its sustainable offer, by integrated the options for CO2-neutral flying directly into the flight booking, simplifying the process for its customers to buy sustainable fuel, investing in climate projects managed by myclimate or opt for a combination of both.

7Pines Resort Sardinia Opens

Hyatt Hotels Corporation confirmed the opening of 7Pines Resort Sardinia, a luxury beachfront resort overlooking the archipelago of La Maddalena. Offering unparalleled tranquillity and laid-back luxury on one of Europe’s most distinctive coastlines, 7Pines Resort Sardinia represents the first hotel in Italy to join the Destination by Hyatt portfolio, as well as the first Hyatt-affiliated hotel in Sardinia. The official opening demonstrates Hyatt’s ongoing commitment to growing its luxury brands in the most sought-after destinations.

The resort is situated in Baja Sardinia on the Costa Smeralda, just 10 minutes from the Porto Cervo neighbourhood. The 76-room property is built within centuries-old rock formations with paths that weave through verdant gardens out to the resort’s five secluded and unspoiled beaches, near wild coves and brilliant blue coastline. Thanks to the resort’s on-site yachting services, guests can explore the emerald lagoons and heavenly beaches of the La Maddalena archipelago, which is a 20-minute boat ride away.

“We are excited to officially open 7Pines Resort Sardinia and invite guests to experience the laid-back luxury that 7Pines properties are known for,” explains Jörg Lindner, founder and managing partner of 12.18. Investment Management. “With our extraordinary location, luscious surroundings, high-end gastronomy and outstanding design, 7Pines Resort Sardinia is poised to be the retreat of choice for the growing number of travellers and World of Hyatt members who expect unique, differentiated experiences alongside welcoming, luxury service.”

Truly Immersive Guest Rooms

Channelling the Destination by Hyatt brand promise to authentically embody the spirit of each location, 7Pines Resort Sardinia is a true reflection of its locale. Piazza Martiri 7 authentically designed the 76 guestrooms with locally crafted features made from natural materials unique to Sardinia and include bespoke weavings, light fixtures and furniture created from the island’s juniper trees. The natural materials echo in the neutral tones of the rooms, immersing visitors to the lush landscape of the resort’s 37-acre (15-hectare) gardens. The Sea Views rooms, the Suite Del Principe, and the 731-foot (68-square meter) Suite Smeralda overlook the resort’s quiet beaches and have direct beach access.

Inspired Culinary Options

7Pines Resort Sardinia’s three restaurants take guests on a journey of discovery through the finest local flavors and ingredients. The hotel’s main restaurant, Capogiro, offers seasonal dishes with the freshest produce that has been grown and caught locally. In the Cone Club, a day-to-night concept with a full-service beach bar, restaurant, bar and club, famed chef Tohru Nakamura collaborates with the best local producers for a truly Sardinian casual dining experience, complemented by mixologist Philip Bischoff’s signature cocktail menu. At Spazio, the poolside restaurant, guests find daytime refreshments and informal lunch options, while the Beach Bar delivers drinks directly to their cabana. The Terrace Bar promises incomparable sunset views - aperitif or exotic cocktail in hand.

Twenty-Four Seven Hotels celebrates grand opening of the 108-room Hampton Inn & Suites Rancho Cucamonga

Twenty-Four Seven Hotels, a third-party hospitality management company for premium-branded, select-service and lifestyle hotel segments in the western U.S., announced the grand opening of the 108-room Hampton Inn & Suites Rancho Cucamonga in Calif. The new addition brings the company’s total portfolio to 26 hotels, 17 of which are in the Golden State.

Twenty-Four Seven Hotels remains geographically focused on the Western region as we work to expand our portfolio of upscale, select-service hotels,” said David Wani, CEO, of Twenty-Four Seven Hotels. “By prioritizing our relationships with our owners and brands, we are able to remain nimble and readily available to interact with any of our clients at a moment’s notice. Our goal is to make sure none of our hotels ever get lost in the shuffle as we pursue excellence as a third-party hotel operator.”

Located just off Interstates 10 and 15 at 11669 Foothill Blvd., the pet-friendly hotel is minutes away from the Ontario International Airport, Victoria Gardens, Ontario Mills Mall, Toyota Arena and many large corporations. Hotel amenities include a heated, outdoor pool, 24/7 marketplace with snacks and beverages, complimentary Wi-Fi, free hot breakfast, state-of-the-art fitness centre and a 600-square-foot meeting room. Guest rooms and suites feature microwaves and refrigerators.

“Following its ramp-up period, we fully expect the Hampton Inn & Suites Rancho Cucamonga to take its rightful place as the market and segment leader for business and leisure travellers to this unique foothill city in Southern California,” Wani added.

Portfolio - Twenty Four Seven Hotels (247hotels.com)

Manchester Airport issues statement on Dispatches TV programme.

Manchester Airport has issued a strongly worded statement in response to Channel 4's Dispatches documentary programme - "Airport Chaos Undercover: Dispatches" with Jane Moore. The airport complained that the programme refused them a right to reply and was already outdated and was inaccurate.  A small number of complaints have already been raised against the show which has been removed from the channel's online streaming service all 4. 

A Manchester Airport spokesperson said: “Following the recent episode of Dispatches on Channel 4, we want to reassure passengers due to travel through Manchester Airport this summer.

“The whole aviation industry has faced challenges in recovering from the pandemic, but we have worked hard since the start of the year to prepare for the peak summer season. For our part, we have recruited more than 600 new staff into our security operation and nearly 300 more are due to start work in the weeks ahead.

 “This means we have not had to ask our airlines to cancel large numbers of flights, protecting the holidays of more than 3m people who will travel through Manchester Airport this summer. We are confident that, thanks to the progress we have made, the over-whelming majority will have a positive experience. As an example, in the last week, more than 95% of passengers got through security in under 30 minutes.

BARIG Continues its Involvement within the Air Cargo Community Frankfurt

Photo: ACCF

During the most recent general assembly of the Air Cargo Community Frankfurt (ACCF) on July 26, 2022, BARIG Chairman and Executive Director Michael Hoppe was re-elected for the Executive Board for the “Airlines” segment. He represents the interests of more than 100 national and international – passenger as well as cargo – airlines operating in Germany. Hoppe is a founding team member of the ACCF and has been engaged in the community since 2014. With the re-election, BARIG continues to strengthen its commitment to the air cargo industry and supports the further development of important cargo and logistics topics.

Cooperation and exchange among the different cargo stakeholders has never been more important, especially with regard to the current bottlenecks in airport operations and handling services. Air cargo and logistics have demonstrated their central, system-critical significance for the economy in the society and need to be further optimized and improved. Only through good collaboration, the contemporary challenges can be overcome.

“Active involvement in the ACCF is of great importance to us. Within the whole cargo community, we need to work together in order to address now effectively the contemporary lack of resources and disruptions in logistics processes and supply chains,” Michael Hoppe explains. “Our BARIG member airlines aim to drive forward important cargo-related topics and, as part of the Executive Board, we need to further advance and stabilize operations in Frankfurt, Germany, and the world.”

The newly elected Executive Board consists of the following groups:

Virgin Galactic secures land for new astronaut campus and training facility

Virgin Galactic Holdings, has secured land to move forward with a new astronaut campus and training facility in the State of New Mexico, near the Company’s commercial operations headquarters.

The land, located in Sierra County, will be home to a new, first-of-its-kind astronaut campus, for exclusive use by Virgin Galactic Future Astronauts and up to three of their guests in advance of a spaceflight from Spaceport America. The master plan for the campus will include training facilities, purposeful accommodations, and tailored experiences as well as an observatory, wellness centre, recreation activities, and unique dining options -- all underpinned by Virgin’s signature hospitality.

Situated near Spaceport America, the campus will sit atop a mesa overlooking the stunning New Mexico landscape. With a focus on sustainability and minimal impact to the surrounding environment, the purpose-driven design of the project will embrace water conservation and re-use, eco-friendly materials, and low carbon mobility as key considerations in the development of the site. The campus is being designed with bold simplicity, function, innovation, and emotional connectivity at the core, paying homage to the region’s spectacular natural vistas.

Jetblue reports latest figures and embarks on cost cutting programme.

JetBlue Airways Corporation, New York's Hometown Airline, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando, and San Juan, has just released details of its latest results for 2022. The carrier which has just been successful in the battle to take over budget airline Spirit, has said it hopes to cut costs of between $600-700 million a year once the integration of Spirit is completed. 

“I’m very pleased we found a path forward with Spirit, and we can’t wait to welcome their incredible 10,000 Team Members to JetBlue as we create a true, national low-fare challenger to the dominant ‘Big Four’ airlines. Together we will expand our uniquely disruptive combination of award-winning service and competitive low fares to more customers across the country as we combine the best of both airlines,” said Robin Hayes, JetBlue’s Chief Executive Officer.

Uniform rule changes at airBaltic - now allow showing tattoos

airBaltic changes uniform rules, allows showing tattoos

Latvian airline airBaltic has just confirmed it has recently adjusted its uniform rules and regulations for pilots, cabin crew and ground personnel, which means from right now, most tattoos, hairstyles and piercings are acceptable and can remain visible while performing duties in direct contact with customers.

Alīna Aronberga, SVP Human Resources of airBaltic: “Until now we applied the same rule as the majority of airlines – tattoos were permitted only if they could be easily hidden underneath the standard crew uniform. Now we have significantly eased these rules, enabling our staff to demonstrate their own individuality through their tattoos, piercing and hairstyles if they choose so, while proudly wearing our stylish uniforms. Aiming to become even more diverse and inclusive we welcome more motivated professionals to join our team.”

To become a cabin crew member, airBaltic provides a paid eight-week training. A successful candidate must be at least 18 years old and have a high school diploma and have good Latvian and English knowledge.  Cabin crew must have a friendly, positive and adventurous personality. Neck, face and head as well as potentially offensive tattoos should be covered while performing duties.

For more information or to apply - feel free to visit http://careers.airbaltic.com.

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Air Canada carried 9.1 million passengers customers during the second quarter of 2022.... nearly 8 million more than the second quarter of 2021

Air Canada Reports Second Quarter 2022 Financial Results

One of Canada's largest airlines, Air Canada transported over 9.1 million customers in the second quarter of 2022, nearly 8 million more than the second quarter of 2021 or about 70% of total customers carried in the full year 2021.  The struggle to recover from the pandemic continues at pace at the carrier which also recorded a net loss of  $386 million for the quarter.  The airline is running at about 80% of its precovid capacity and expects that to be up to 90% during the peak summer travel period, although this may be hampered slightly by the need to flatten schedules to cope with mass disruption and delay that has afflicted the aviation industry. 

Air Canada reported the following financial results for the second quarter of 2022:

• Operating capacity, measured by Available Seat Miles (ASMs) increased about five times from the second quarter of 2021. Capacity in the second quarter was 73 per cent of the second quarter of 2019, in line with projections in Air Canada's first quarter 2022 earnings release dated April 26, 2022.
• Passenger revenues of $3.441 billion increased about eight times from the second quarter of 2021.
• Operating revenues of $3.981 billion increased almost five times from the second quarter of 2021.
• Operating expenses of $4.234 billion increased $2.264 billion from the second quarter of 2021.
• Cost per available seat mile (CASM) decreased to 20.8 cents from the second quarter 2021 CASM of 49.3 cents.
• Adjusted cost per available seat mile (Adjusted CASM)* of 13.1 cents compared to second quarter 2021 adjusted CASM of 41.5 cents.
• Operating loss of $253 million, an improvement when compared to an operating loss of $1.133 billion in the second quarter of 2021.
• EBITDA* (excluding special items) or earnings before interest, taxes, depreciation, and amortization of $154 million, better than the negative EBITDA of $656 million in the second quarter of 2021.
• Net loss of $386 million or $1.60 per diluted share compared to a net loss of $1.165 billion or $3.31 per diluted share in the second quarter of 2021.
• Cash from operations of $1.077 billion compared to cash used in operations of $1.377 billion in the second quarter of 2021. This improvement of $2.454 billion was driven by better operating results and strong advance ticket sales in the second quarter of 2022, and considers the refund of eligible non-refundable tickets, which amounted to $997 million in the second quarter of 2021.

"The past three months have been very challenging for our company, our employees, and customers from an operational perspective.  The path to recovery from any serious event is rarely straight and easy. I thank our employees for their incredibly hard work, demonstrated professionalism and commitment as we safely transported over 9.1 million customers in the quarter, nearly 8 million more than the second quarter of 2021 or about 70% of total customers carried in the full year 2021," said Michael Rousseau, President and Chief Executive Officer of Air Canada.

"The industry worldwide is facing unprecedented conditions as it emerges from pandemic-related restrictions.  The situation is particularly challenging in Canada, where we have gone from a near two-year shutdown of air travel to rebuilding our capacity back to close to 80 per cent of 2019 levels in just a few months.  Despite meticulous planning and projecting, participants involved in the air transport system are facing significant pressure in restarting.  We continue to work together to restore the travel experience to expectations and are encouraged by recent improvements."