Air Canada’s strong profits send stock soaring

Air Canada’s stock jumped higher on Wednesday, after the company reported higher than expected profits, beating analysts’ expectations.

The stock rose 53 cents to close at $2.65 in Toronto, up 25 per cent in heavy trading, but it was still shy of its 52-week high of $3.40.

The airline said it had $115 million of adjusted net profit the second quarter, a significant improvement from the same period a year earlier when it recorded a $7 million loss. The adjusted profit amounted to 41 cents per share, much higher than the analysts’ forecast of 13 cents per share compiled by Bloomberg.

 

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