Cargojet Announces Strong First Quarter Results

From Cargojet Inc

MISSISSAUGAON, May 7, 2020 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the first quarter ended March 31, 2020.

For the Quarter Ended March 31, 2020:

  • Total Revenues were $123.0 million, an increase of $12.6 million or 11.4% versus the previous year.
  • Gross Margin was $32.2 million, an increase of $11.0 million or 51.9% versus the previous year
  • Adjusted EBITDA was $40.2 million, an increase of $7.9 million or 24.5% versus the previous year
  • Adjusted EBITDAR was $40.2 million, an increase of $7.6 million or 23.3% versus the previous year

In the first quarter, Cargojet achieved strong year-on-year operating results and free cash-flow. “While our Domestic Overnight Business held its own as e-Commerce maintained its growth trajectory, our diversification strategy to develop and focus on other lines of business such as ACMI and All-in Charters is paying off with strong year-on-year growth with strong contribution to overall margins” said Ajay Virmani, President & CEO.

“I am particularly proud of our team for swinging into action in tackling COVID-19 challenge. We moved swiftly to implement effective safety and security measures to protect our team as well as customers while ensuring that much needed Supply Chain continued the flow for urgent shipments. We activated our business continuity plans by supplementing additional pilots and operational personnel while successfully handling the unplanned surge in all segments of our Business” commented Mr. Virmani.

“While the longer-term implications, and the full impact of COVID-19 remains unknown, Cargojet is working hard and is well positioned to successfully support this new environment both in the short as well as in the long run” concluded Mr. Virmani.