06:38 AM EDT, 05/02/2024 (MT Newswires) -- Air Canada ( ACDVF ) on Thursday reported a first-quarter adjusted net loss of $96 million, or $0.27 per diluted share, narrower than the loss of $188 million, or $0.53 per diluted share, a year earlier.

Analysts polled by Capital IQ expected a loss of $0.09.

Operating revenue for the quarter ended March 31 was $5.23 billion, up 7% from $4.89 billion a year earlier. Analysts surveyed by Capital IQ expected $5.19 billion.

Adjusted EBITDA for Q1 was $453 million, up from $411 million a year earlier.

Adjusted operating expenses per available seat miles for Q1 were $0.1476, up from $0.1452, an increase of 1.6% mainly driven by labor, maintenance, and information technology expenses.

Further, Air Canada ( ACDVF ) said it is working to arrange lease agreements for some additional Boeing 737 MAX 8 aircraft. The aircraft would be scheduled for delivery in 2024 and enter service in 2025, upon completion of reconfiguration.

For the second quarter, the company plans to increase its ASM capacity by about 7% from the same quarter in 2023. For all of 2024, Air Canada ( ACDVF ) is expecting an increase in ASM capacity of 6-8% versus 2023.