Cargojet (TSX: CJT), riding the tailwind of a hot airfreight market, generated a 38.5% increase in revenue and a 49% jump in gross margin during the third quarter compared to the same 2019 period.
The Toronto-based company said revenues increased to CA$162 million (US$121.9 million) and gross margin hit CA$58.3 million as its fleet of 27 freighters operated at near-peak volume moving e-commerce packages and other shipments. It said volumes and flying hours are at all-time highs.
Adjusted EBITDA doubled to CA$78 million.
Cargojet, with customers that include DHL Express, said it generated $59.3 million in free cash flow during the third quarter, allowing it to pay down debt. So far this year it has reduced debt by $92 million.
The contract carrier said its domestic overnight business is extremely strong but that it is also busy with extended charters for airlines and other large customers.
Click here for more FreightWaves/American Shipper stories by Eric Kulisch.
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The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
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