MISSISSAUGA, ON, May 3, 2021 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the first quarter ended March 31, 2021.
Total Revenues for the quarter were $160.3 million compared to first quarter 2020 Revenues of $123.0 million. Gross Margin for the quarter was $45.3 million compared to first quarter 2020 Gross Margin of $32.2 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $64.2 million compared to the first quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $44.6 million.
Adjusted Free Cash Flow of $35.2 million for the three-month period ended March 31, 2021 compared to $29.8 million for the same period in 2020 increased $5.4 million or 18.1%.
“With a fundamental shift in consumer shopping habits in several key categories, Cargojet has spent the last few quarters laying the foundation to capture the next phase of e-Commerce growth. We strengthened our balance sheet, invested in fleet expansion, broadened our portfolio of services and are investing in attracting and retaining top talent.” said Dr. Ajay Virmani, President & CEO.
“What was previously a consumer led shift to digital is now rapidly becoming a merchant led shift, accelerating the move to e-Commerce even further. Our highly focused and professional team continues to work closely with our customers to support their changing needs while maintaining the best on-time performance in the industry” noted Dr.Virmani.
“With shifting supply chains, triggered by a significant reset of the international passenger routes, we also see opportunities to expand and diversify on select international lanes. We also continue to focus on growing our ACMI and Charter business as cargo capacity remains in high demand and we are constantly adapting to maintain our leadership position”. concluded Dr. Virmani.
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 28 Cargo aircraft.