Air Canada cuts 2024 forecast amid tough competition in international markets

Air Canada is lowering its 2024 forecast as it grapples with tough competition in international markets and its planes aren’t as full as it anticipated during the second half of the year. The airline says it now expects its adjusted earnings before interest, taxes, depreciation and amortization for the year to be within C$3.1b to $3.4b, down from its previous outlook of $3.7b to $4.2b. The new outlook comes as the company reported preliminary results for the second quarter ahead of its next earnings date of Aug. 7. Air Canada says it expects operating revenues of around $5.5b for its second quarter, compared with $5.4b in the same quarter last year. It also expects operating income of $466m, down from $802m in the second quarter of 2023. The carrier says it is effectively managing costs through productivity, cost reductions and other cost discipline initiatives.<br/>