MONTREAL — **********’s Q3 2022 results, released today, include an operating margin of 12.1%, the *******’s first positive quarterly operating margin since the ******** began.

Operating revenues for the quarter totalled $5.322 billion, more than double the third quarter of 2021.

The *******’s net loss was $508 million, compared to a net loss of $640 million in the third quarter of 2021.

Total liquidity is more than $10.2 billion at September 30, 2022.

“**********’s solid third quarter results stem from the ongoing restoration of our extensive network, an improved operational performance, our modern and efficient fleet, as well as leading products and services, and an incredible team of employees,” said **********’s President and CEO, Michael Rousseau.

Rousseau added that **********’s loyalty program Aeroplan “is continuing to perform extremely well with travel’s return.” Aeroplan’s gross billings from points sold, purchase volume on co-brand cards, and new members are all at record highs.

“Despite the global ********** of air travel, through teamwork and focused efforts, we safely transported nearly 11.5 million customers to their destinations this quarter,” said Rousseau. “We are further encouraged by continuing strong demand, now further stimulated by the easing of *****-related restrictions.”

Advance ticket sales in the quarter were at 95% of third quarter 2019 levels.

In late June ********** cut hundreds of flights from its schedule for July and August, when ***** at Canada’s airports, particular Pearson, was at an all-time high.

“Thanks to the hard work and commitment of our employees, after a difficult June and July, we saw significant operational improvement throughout August and September, with the operation today now on par with pre ******** levels,” said Rousseau. “Still, we know many customers experienced disruptions travelling this summer, and we sincerely regret any inconveniences that have occurred. We would like to thank our customers for their understanding and loyalty and assure them that the lessons of this operationally challenging period are now being applied to build greater resiliency going forward, and to elevate the customer experience overall.”

********** made two big announcements this week: more aircraft, and product experience improvements.

The ******* marked its 85th anniversary this quarter. “We stand on a robust foundation and, with our most recent financial results, investments and strategic plan, are confident we have a bright future in connecting Canada and the *****,” said Rousseau.