Cargojet (OTC) ( (CGJTF) ) has released its Q4 earnings. Here is a breakdown of the information Cargojet (OTC) presented to its investors.
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Cargojet Inc. is Canada’s premier provider of time-sensitive air cargo services, operating a dedicated fleet across North America with a focus on premium air cargo and charter services.
Cargojet reported robust financial results for the fourth quarter and the full year of 2024, marking a historic milestone with revenues surpassing $1 billion for the first time. This achievement highlights the company’s resilience and effectiveness in navigating economic uncertainties.
In the fourth quarter, Cargojet achieved a total revenue of $293.2 million, a significant increase from the previous year’s $221.9 million, with domestic network, ACMI, and charter revenues contributing $250.7 million. The company’s adjusted EBITDA rose to $91.7 million, and net earnings turned positive at $71.2 million, compared to a net loss in the previous year. For the full year, total revenue reached $1.0 billion, with an adjusted EBITDA of $331.4 million, and net earnings soaring to $108.4 million.
The company significantly improved its cash flow from operating activities, which stood at $328.6 million for the year, almost doubling from the previous year’s figure. However, free cash flow saw a decrease during the quarter due to increased capital expenditures. Cargojet also reported enhanced fleet utilization and a 16% growth in block hours flown.
Looking ahead, Cargojet remains committed to operational efficiency and strategic growth opportunities while maintaining its market-leading position in the air cargo industry. The company aims to strengthen customer relationships and optimize its operations to drive shareholder value.
