Cargojet Reports Strong Third Quarter Results

Cargojet Inc. announced today strong financial results for the quarter ended September 30, 2019.

For the Third Quarter Ended September 30, 2019:

  • Total Revenues were $117.4 million, an increase of $3.3 million or 2.9% versus previous year.
  • Domestic Network Revenues were up 5.5% and ACMI revenues increased 33.3% versus the previous year.
  • Gross Margin was $29.8 million, an increase of $3.2 million or 12.0% versus previous year.
  • Adjusted EBITDA was $39.1 million, an increase of $7.6 million or 24.1% versus previous year.
  • Adjusted EBITDAR was $39.3 million, an increase of $5.6 million or 16.6% versus previous year

“Cargojet remains focused on its strategic priorities and during Q3 we executed several of these initiatives,” said Dr. Ajay Virmani, President and Chief Executive Officer.

“Our domestic network continues to benefit from overall e-Commerce growth in Canada with revenues up 5.5% versus the previous year,” he added.

“And I am particularly pleased that our strategy to diversify and focus on higher margin ACMI dedicated aircraft business has resulted in 33.3% revenue growth. As we enter the peak shipping season, our team will be focused on continuing to meet our customers’ capacity requirements while delivering the best customer experience for this holiday season,” concluded Dr. Virmani.

Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.