Air Canada cuts 2024 forecast amid international competition [Video]

Air Canada has lowered its 2024 earnings forecast, saying its planes have not been flying as full as anticipated this summer in part due to tough competition in international markets.

The Montreal-based carrier said Monday it now expects its adjusted earnings before interest, taxes, depreciation and amortization for the year to be within $3.1 billion to $3.4 billion, down from its previous outlook of $3.7 billion to $4.2 billion.

The new outlook came as the company reported preliminary results for the second quarter ahead of its next earnings date of Aug. 7.

Air Canada said it expects operating revenues of around $5.5 billion for its second quarter, compared with $5.4 billion in the same quarter last year.

It also expects operating income of $466 million, down from $802 million in the second quarter of 2023.

In addition to increased competition, the airline said it has seen challenges stemming from sustained …