Transat; Results this morningNote from Tempo1: Results for the may-July period give the current color for the Canadian airlines. Here are some extracts from the news release.
- Customer deposits for future travel of $819.9 million, an all-time high for a third-quarter, up 40% from July 31, 2022
- Robust demand for leisure travel produced yields 29% above those of 2019,"
- Transat will conclude fiscal 2023 ( oct 31) with solid momentum and, as a result, we are raising our adjusted EBITDA margin target from 5.5-7% to 7.5-8% for the year.
- Early bookings are ahead of last year which, combined with firm pricing, bode well for the start of the new fiscal year,"
- Reflecting the rebound in demand and higher average selling prices, customer deposits for future travel stood at $819.9 million, up 34% from pre-pandemic levels as at July 31, 2019, and up 40% from July 31, 2022.
- To date, load factors for the fourth quarter are 2.2 percentage points lower than in 2019, while airline unit revenues, expressed in yield, remain 26% higher. The combination of sustained demand and firm pricing will allow the Corporation to cope with a cost environment that remains generally higher and volatile.
- Current market trends regarding demand and pricing continue to bode well for the early stages of the new fiscal year.