Chorus Aviation Inc. has reported strong financial performance for the first quarter of 2025, with net income totalling CA$18.9 million, a significant rise from CA$12.3 million in the same quarter of 2024. Net income from continuing operations also amounted to CA$18.9 million, more than triple the CA$5.4 million reported for Q1 2024.
Adjusted Earnings available to common shareholders increased markedly to CA$15.4 million, compared to CA$3.7 million in Q1 2024. This improvement was driven by the favourable impact of the sale of the regional aircraft leasing (RAL) business and enhanced financial performance, mainly from increased parts sales, contract flying, maintenance, repair and overhaul (MRO), and other revenue. On a per-share basis, Adjusted Earnings stood at CA$0.57 per common share (basic), up sharply from CA$0.13 a year earlier.
Adjusted EBITDA for the quarter was CA$56.9 million, an increase from CA$54.0 million in Q1 2024. Free cash flow also rose to CA$40.6 million, compared to CA$30.7 million in the same period last year. The leverage ratio increased to 1.6 from 1.4 as at December 31, 2024, primarily due to additional cash held at year-end stemming from a CA$58.9 million prepayment of revenue related to January 2025.
Revenue from parts sales, contract flying, MRO, and other services reached CA$39.1 million, up from CA$28.5 million in Q1 2024, with Voyageur contributing significantly to this growth.
“Consistent with our plan, the first-quarter results show significant improvements resulting from our sale of the regional aircraft leasing (RAL) business,” said Colin Copp, President and Chief Executive Officer, Chorus. “The results also reflect strong growth at Voyageur, primarily driven by part sales, consistent earnings from Jazz's capacity purchase agreement (CPA) with Air Canada as well as our corporate cost reductions.” (US$1.00 = CA$1.38 at time of publication.)
