The logo of Air Canada is seen on the tails of planes at the airport in Montreal, Que., Monday, June 26, 2023. THE CANADIAN PRESS/Adrian Wyld) fell as much as seven per cent on Friday following the release of quarterly financial results, as the airline reported rising operating expenses driven in part by higher labour costs.
Operating expenses also rose, due to higher costs related to the increase in capacity, as well as better wages, salaries and benefits. Air Canada says operating expenses in 2023 overall grew 17 per cent related to traffic growth. Labour costs were up 21 per cent year over year in 2023, as the airline's full-time employee count grew 17 per cent and wage inflation and profit-sharing also increased.
The airline says it expects a "normalized environment" in the domestic market due to its competitive nature. TD Cowen analyst Helane Becker said in a note to clients on Friday that Air Canada remains a good long-term opportunity. TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange: Toronto Stock Exchange : Enbridge Inc. . Energy. Up 65 cents, or 1.42 per cent, to $46.46 on 12.5 million shares. Suncor Energy Inc. . Energy. Unchanged at $44.58 on 11.3 million shares. Air Canada . Transport. Down $1.26, or 6.54 per cent, to $18.00 on 9.3 million shares. Bitfarms Ltd. . Finance. Up 17 cents, or 3.63 per cent, to $4.86 on 9.
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