Chorus Aviation tops forecast, shares rise

Thu Feb 20, 2014 1:59pm EST
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TORONTO Feb 20 (Reuters) - Chorus Aviation Inc, a contract carrier for Canada's biggest airline, Air Canada , reported better than expected quarterly results on Thursday, news that helped push shares up more than 7 percent.

The regional carrier reported a net income of C$8.8 million ($7.95 million), or 7 Canadian cents per basic share, down from C$14.5 million, or 12 Canadian cents, for the same period a year ago.

On an adjusted basis, net income was C$20.8 million, or 17 Canadian cents per basic share. Operating revenue rose slightly to C$413.2 million.

On average, analysts had expected the company to earn 14 Canadian cents a share and report revenue of C$404.4 million, according to Thomson Reuters I/B/E/S.

Chorus operates 122 aircraft for Air Canada under the Jazz Aviation brand, flying to destinations in off-peak hours throughout Canada and the United States.

Shares were up 4.7 percent at C$3.76 after reaching as high as C$3.85 earlier in the session.

($1 = 1.1069 Canadian dollars) (Reporting by Solarina Ho; Editing by Meredith Mazzilli)