Chorus Aviation hits 52-week high following strong Q2 earnings

Chorus Aviation Inc. reached a new 52-week high, trading as high as C$29.10 on Tuesday. Following its recent quarterly earnings report, several brokerages, including Stifel Nicolaus, BMO Capital Markets, and Royal Bank of Canada, raised their price targets for the stock.

In its second-quarter results, the company reported adjusted net income per share of C$0.83, a 54% increase from the previous year. This growth was attributed to contributions from Voyageur and the newly acquired KADEX Aero Supply, as well as lower depreciation and interest costs. Adjusted EBITDA for the quarter was C$50.7 million.

CEO Colin Copp noted the company's focus on expanding its aviation, aerospace, and defense platform. During the quarter, Chorus returned C$17.3 million to shareholders through a quarterly dividend of C$0.11 per share and the repurchase and cancellation of approximately 617,000 common shares.