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Feb 23, 2024

Chorus Aviation reports Q4 net income down 20% from year earlier, revenue also lower

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Chorus Aviation Inc. reported its fourth-quarter profit fell 20 per cent compared with a year ago as its revenue also edged lower.

The company says it earned net income of $36.6 million for the quarter ended Dec. 31, down from $45.9 million a year earlier.

Operating revenue totalled $421.5 million, down from $439.8 million in the last three months of 2022.

On an adjusted basis, Chorus says it earned five cents per share in its fourth quarter compared with an adjusted profit of 11 cents per share a year earlier.

The company says its leverage ratio — net debt divided by its trailing 12-month adjusted earnings before interest, taxes, depreciation and amortization — ended the year at 3.6 compared with 4.4 at the end of 2022.

Chorus leases planes across the globe and provides regional service for Air Canada through its Jazz Aviation subsidiary.

This report by The Canadian Press was first published Feb. 23, 2024.