Air Canada profit beats estimates as passengers increase

By Allison Lampert

MONTREAL (Reuters) – Air Canada AC.TO reported a higher-than-expected quarterly profit on Monday as it flew more passengers, and the airline forecast lower costs for this quarter, sending its stock up nearly 7 percent.

Canada’s largest airline said it expected cost per available seat mile, excluding fuel expenses and unusual items, to decline 5 percent to 6 percent in the fourth quarter and by 2.75 percent to 3.75 percent this year.

Chief Financial Officer Michael Rousseau said he expected free cash flow to be more positive next year than this year but would provide more specifics in early 2017.

Rousseau also told …
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