11:45 AM EDT, 03/14/2024 (MT Newswires) -- Transat A.T. Inc. ( TRZBF ) , operating as an air carrier under the Air Transat brand, reported Thursday an adjusted net loss of $2.11 per share in the first quarter ended Jan. 31, 2024, widening from the year-ago loss of $1.62 per share.

Revenue increased 17.7% to $785.5 million while adjusted EBITDA was -$8.6 million compared to $3.3 million last year.

"Transat's first-quarter results reflect sustained demand for leisure travel," President and CEO Annick Guerard said. "However, the persisting speculation of a strike by flight attendants starting last November clearly affected bookings and yield for the winter season, and we are pleased that the adoption of a new collective agreement in late February removed this uncertainty."

The company also flagged higher operating expenses associated with capacity expansion, including higher costs linked to providing tourism services, wages and benefits, and aircraft-related expenses.

Transat at last look fell 8.0% in early Thursday trading.

Price: 3.90, Change: -0.34, Percent Change: -8.02