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Cargojet Continues its Strong Performance into Third Quarter
Cargojet Continues its Strong Performance into Third Quarter Canada NewsWire ...
About this update from Cargojet Inc.
[{"type":"text","content":"\n \n \n \n Cargojet Continues its Strong Performance into Third Quarter\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n MISSISSAUGA, ON, Nov. 3, 2020\n \n \n \n \n \n MISSISSAUGA, ON\n \n ,\n \n Nov. 3, 2020\n \n /CNW/ - Cargojet Inc. (\"Cargojet\" or the \"Corporation\") (TSX: CJT) announced today financial results for the third quarter ended\n \n September 30, 2020\n \n . Total Revenues for the quarter were\n \n $162.3 million\n \n compared to third quarter 2019 Revenues of\n \n $117.4 million\n \n . Gross Margin for the quarter was\n \n $58.3 million\n \n compared to third quarter 2019 Gross Margin of\n \n $29.8 million\n \n . Adjusted EBITDA and Adjusted EBITDAR for the quarter were\n \n $78.1 million\n \n and\n \n $78.1 million\n \n respectively compared to the third quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of\n \n $39.1 million\n \n and\n \n $39.3 million\n \n respectively.\n \n \n While the business conditions remain highly volatile due to continuing effects of the pandemic, the Team at Cargojet has remained disciplined in staying focused on continuing to serve its customers with the highest level of on-time performance and protecting its employees with additional safety measures. The extra-ordinary safety measures have proven crucial for Cargojet to be able to operate safely with record volumes and record hours of flying.\n \n \n With back-to-back strong quarters, Cargojet generated\n \n $59.3 million\n \n in free Adjusted Free Cash Flow during Q3 and\n \n $144.8 million\n \n for the nine months ending\n \n September 30, 2020\n \n , allowing it to further reduce its overall leverage to 2.1X twelve months trailing EBITDAR.\n \n \n \"There is no doubt that Cargojet's Domestic Overnight Network continues to benefit from the elevated levels of e-Commerce, but we are equally focused on ensuring that we are building strong long-term growth in our ACMI and Charter businesses. We are also continuing to invest in growth opportunities while prudently strengthening our Balance Sheet with an overall reduction of\n \n $92 million\...