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Chorus Aviation Reports First-Quarter 2025 Financial Results

Chorus Aviation Reports Strong First-Quarter 2025 Financial Performance
Chorus Aviation Inc. has commenced 2025 with a robust financial showing, reporting substantial increases in both revenue and profitability for the first quarter. The company’s net income reached CA$18.9 million, a notable rise from CA$12.3 million in the same period last year. More strikingly, net income from continuing operations more than tripled, climbing to CA$18.9 million from CA$5.4 million in Q1 2024.
Earnings Growth and Revenue Expansion
Adjusted earnings available to common shareholders surged to CA$15.4 million, up sharply from CA$3.7 million a year earlier. On a per-share basis, adjusted earnings increased to CA$0.57, compared to CA$0.13 in the first quarter of 2024. This marked improvement was primarily driven by the divestiture of Chorus’s regional aircraft leasing (RAL) business, alongside stronger contributions from parts sales, contract flying, maintenance, repair and overhaul (MRO), and other revenue streams.
Total revenue from these segments rose to CA$39.1 million, up from CA$28.5 million in Q1 2024, with the company’s subsidiary Voyageur playing a pivotal role in this growth. Adjusted EBITDA also improved, reaching CA$56.9 million compared to CA$54.0 million in the prior year. Free cash flow increased to CA$40.6 million, up from CA$30.7 million, reflecting enhanced operational efficiency and cash generation.
Financial Position and Market Reaction
Chorus’s leverage ratio increased slightly to 1.6 from 1.4 at the end of 2024, largely due to a CA$58.9 million prepayment of revenue related to January 2025, which elevated cash holdings. Despite this uptick, the company maintains a solid financial position, underpinned by strong cash flow and a diversified revenue base.
The market responded favorably to the quarterly results, signaling confidence in Chorus’s strategic direction and operational execution. Industry analysts suggest that competitors may need to reassess their strategies in light of Chorus’s recent business realignment, particularly following the sale of the RAL business and the expansion of its service offerings.
Executive Commentary and Strategic Outlook
Colin Copp, President and Chief Executive Officer of Chorus Aviation, emphasized that the first-quarter results align with the company’s strategic plan. He attributed the strong performance to the sale of the regional aircraft leasing business, robust growth at Voyageur, steady earnings from Jazz’s capacity purchase agreement with Air Canada, and ongoing corporate cost reductions.
Looking forward, Chorus anticipates further strengthening its financial position by leveraging strategic opportunities within the aviation sector. Copp highlighted the company’s diversified operations and strong balance sheet as key enablers for sustainable growth and enhanced shareholder value. The company remains committed to expanding its service offerings and geographic footprint while maintaining operational excellence and customer satisfaction.
Industry Risks and Challenges
While the first-quarter results demonstrate positive momentum, Chorus acknowledges the presence of ongoing risks, including potential volatility in aircraft and parts sales. Management continues to monitor these challenges closely as the company pursues long-term growth in a competitive and dynamic market environment.
(Exchange rate at time of publication: US$1.00 = CA$1.38.)

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