Air Canada raised its annual core profit forecast on Friday, as the country’s largest carrier benefits from strong demand for international travel and lower jet fuel prices.
Major North American carriers with international operations are cashing in on a booming demand for overseas travel and a resurgence in business bookings.
Air Canada is increasing its daily flights to China, while also adding capacity to other Asia Pacific routes.
The airline also announced the repurchase of up to 35.78 million shares, its first buyback authorization since the pandemic.
The repurchase aims to address the dilution that occurred due to its financing needs during the pandemic, it said.
Last month, Air Canada signed a new labor deal with its pilots, which would give the aviators a general four-year cumulative pay hike of about 42%, generating about C$1.9 billion in additional value.
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