• ITVI.USA
    14,255.530
    -14.610
    -0.1%
  • OTRI.USA
    22.660
    0.190
    0.8%
  • OTVI.USA
    14,245.400
    -13.510
    -0.1%
  • TLT.USA
    2.780
    -0.010
    -0.4%
  • TSTOPVRPM.ATLPHL
    2.650
    -0.300
    -10.2%
  • TSTOPVRPM.CHIATL
    3.280
    -0.100
    -3%
  • TSTOPVRPM.DALLAX
    1.460
    -0.040
    -2.7%
  • TSTOPVRPM.LAXDAL
    2.490
    -0.200
    -7.4%
  • TSTOPVRPM.PHLCHI
    1.970
    0.010
    0.5%
  • TSTOPVRPM.LAXSEA
    2.990
    -0.310
    -9.4%
  • WAIT.USA
    127.000
    0.000
    0%
  • ITVI.USA
    14,255.530
    -14.610
    -0.1%
  • OTRI.USA
    22.660
    0.190
    0.8%
  • OTVI.USA
    14,245.400
    -13.510
    -0.1%
  • TLT.USA
    2.780
    -0.010
    -0.4%
  • TSTOPVRPM.ATLPHL
    2.650
    -0.300
    -10.2%
  • TSTOPVRPM.CHIATL
    3.280
    -0.100
    -3%
  • TSTOPVRPM.DALLAX
    1.460
    -0.040
    -2.7%
  • TSTOPVRPM.LAXDAL
    2.490
    -0.200
    -7.4%
  • TSTOPVRPM.PHLCHI
    1.970
    0.010
    0.5%
  • TSTOPVRPM.LAXSEA
    2.990
    -0.310
    -9.4%
  • WAIT.USA
    127.000
    0.000
    0%
Air CargoAmerican ShipperCompany earningsNews

Overnight deliveries, contract carriage propel Cargojet’s Q3 growth

Overnight deliveries, contract carriage propel Cargojet’s Q3 growth

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.

Eric Kulisch, Air Cargo Editor

Eric is the Air Cargo Market Editor at FreightWaves. An award-winning business journalist with extensive experience covering the logistics sector, Eric spent nearly two years as the Washington, D.C., correspondent for Automotive News, where he focused on regulatory and policy issues surrounding autonomous vehicles, mobility, fuel economy and safety. He has won two regional Gold Medals from the American Society of Business Publication Editors for government coverage and news analysis, and was voted best for feature writing and commentary in the Trade/Newsletter category by the D.C. Chapter of the Society of Professional Journalists. As associate editor at American Shipper Magazine for more than a decade, he wrote about trade, freight transportation and supply chains. Eric is based in Portland, Oregon. He can be reached for comments and tips at ekulisch@freightwaves.com