Air Canada profit beats estimates

Fri Nov 8, 2013 6:32am EST
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Nov 8 (Reuters) - Air Canada's third-quarter profit handily beat analysts' estimates, as a key measure of costs fell.

Cost per available seat mile (CASM) -- the cost incurred to fly a single seat one mile -- fell 3.4 percent.

CASM excludes fuel, the cost of ground packages at Air Canada Vacations and special items.

Adjusted net income jumped 59.4 percent to C$365 million ($349 million), or C$1.29 per share, beating the average analyst estimate of C$1.03 per share, according to Thomson Reuters I/B/E/S.

Net income fell 17 percent to C$299 million, or C$1.05 per share, from C$359 million, or C$1.28 per share.