RE: Consensus consistently underestimates earnings Actually, 2013 should be better than 2012 for two reasons.
2012 started off slowly but ended up strongly for air travel.
2013 looks to be starting off very strong and the second half is considered to be stronger than the first, at least in economic growth.
That should benefit both AC and Chorus.
Secondly, consolidation of operations to halifax in late 2012, along with the reduction in # of aircraft, as the newer more efficient Q400 replace the older wings, should reduce operating costs by at least $10 million and perhaps as much as $20 million.
This could add another $0.10 to net earnings.
Going forward, more and more of these efficient Q400s will replace the older aircraft which should see further operational gains.
Chorus had about $150 million in cash at the end of the last quarter.
Perhaps they can find a use for that cash.