Chorus Aviation net income down 20% in 2023 fourth quarter

Global aviation solutions provider and asset manager Chorus Aviation's net income was down 20.1% to C$36.6 million (US$27 million) in the fourth quarter of 2023. Operating revenue was down 4.2% to C$421.5 million (US$311.7 million) in the same period. Adjusted earnings per share were at five cents per share in the fourth quarter, down from 11 cents in the fourth quarter in 2022. However, full year income doubled from C$54.1 million (US$42.2 million) to C$106.1 million (US$78.5 million). ""We executed and made steady progress on key aspects of our strategy, delivering on the 2023 financial guidance,"" said Chorus CEO and president Colin Copp. ""That led to strong adjusted EBITDA and free cash flows, allowing for the repayment of over $340 million in debt."" Chorus' free cash flow for 2023 was at C$331.4 million (US$245.3 million). He added: ""Looking forward, we are forecasting strong Free Cash Flows in 2024, which will further contribute to our deleveraging goals."" The company outlook says free cash flow for 2024 is forecast to be between C$290 million and C$340 million (US$214.6 million and US$251.7 million).