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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