Air Canada released its latest quarter earnings. (Photo by THE CANADIAN PRESS)

Air Canada reports $636M third-quarter profit, operating revenue up

MONTREAL — Air Canada says it earned $636 million in its latest quarter, down from $702 million in the same quarter last year, as it worked to deal with the grounding of its fleet of Boeing 737 Max aircraft.

Chief executive Calin Rovinescu says the grounding of the aircraft during the peak summer season prevented the airline from realizing its full potential.

The Boeing jets were grounded earlier this year following two fatal crashes in five months.

Air Canada says its profit amounted to $2.35 per diluted share for the quarter, down from $2.55 per diluted share, while operating revenue totalled $5.55 billion, up from nearly $5.42 billion in the same quarter last year.

On an adjusted basis, Air Canada said it earned $613 million or $2.27 per diluted share in its latest quarter compared with an adjusted profit of $580 million or $2.10 per diluted share in the third quarter of 2018.

Analysts on average had expected a profit of $2.34 per share and nearly $5.62 billion in revenue for the quarter, according to financial markets data firm Refinitiv.

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