Air Canada Jumps After Reporting Surprise First-Quarter Profit
- Earnings guidance for 2016 exceeds analysts' estimates
- Cost-control program is yielding benefits for the carrier
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Air Canada surged the most in two years after reporting an unexpected first-quarter profit and saying a key earnings measure would rise to a record this year.
Adjusted profit was 30 Canadian cents a share, the country’s largest carrier said in a statement Friday. Analysts expected a loss of 19 Canadian cents, according to the average of estimates compiled by Bloomberg. Revenue climbed 2.8 percent from a year earlier to C$2.86 billion ($2.29 billion), compared with an average estimate of C$3.28 billion.