Cargojet (OTC) ( (CGJTF) ) has released its Q3 earnings. Here is a breakdown of the information Cargojet (OTC) presented to its investors.
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Cargojet Inc. is a leading Canadian provider of time-sensitive premium air cargo services, specializing in dedicated, ACMI, and international charter services across North America, operating with a fleet of 41 aircraft.
Cargojet reported strong third-quarter financial results for 2024, with total revenue reaching $245.6 million, marking a significant increase from $214.0 million in the same period last year. This growth was mainly driven by robust performance in their domestic network, ACMI, and all-in charter services.
Key financial highlights include a 17.4% increase in adjusted EBITDA to $82.2 million and a substantial rise in net earnings to $29.7 million, up from $10.5 million in the previous year. The company also saw a 60.4% increase in free cash flow, amounting to $47.8 million. The growth in block hours by nearly 15% despite maintaining the same fleet size underscores Cargojet’s focus on optimizing operations and improving margins.
Looking ahead, Cargojet remains optimistic about the Canadian economic environment due to improving interest rates and controlled inflation, although it acknowledges challenges such as rising costs within the aviation sector. The company is committed to delivering value and preparing for the peak holiday season, aiming to leverage its strong operational performance to attract new customers and strengthen its market position.
