MONTREAL — Air Canada has posted its best ever third quarter financial performance, with record operating income totalling $1.004 billion. The airline’s Q3 net income was $1.786 billion, up from $768 million in Q3 2016.

“I am pleased to report that Air Canada delivered its best ever third quarter financial performance,” said Air Canada’s President and CEO, Calin Rovinescu. “These record results underscore the success of the multi-year transformation of our business model. This follows our September 19 Investor Day when we outlined in further detail our accomplishments and the opportunities that lie ahead which, together with more ambitious financial targets for the next three years, have been well received by the investor community.”

Air Canada’s financial performance was strong in all key financial measures in Q3, including margins and free cash flow, and the carrier continued to reduce its financial leverage, further lowering the airline’s risk profile, he said.

Passenger revenue was up 9.1% to a record $4.478 billion, including strong gains in the business cabin. Traffic increased 8.8% while yield improved 0.4%. Yield improved 2.6% year-over-year. In the business cabin system passenger revenues increased $90 million or 13.7% from the third quarter of 2016 on traffic and yield growth of 8.3% and 5%, respectively.

Rovinescu added: “I would like to thank Air Canada’s 30,000 employees for their unwavering focus on taking care of our customers in our busiest quarter ever during which we served a record 14 million passengers. And they did so with care and professionalism during a quarter marked by significant disruptions to communities and airports in Western Canada, Southern United States, Caribbean, Mexico and Central America affecting customers and employees alike. The spirit, dedication and compassion of the Air Canada team responding to these situations and making a difference to the lives of so many was a moment of pride for all.”