Business
Cargojet Ends the Year with a Strong Finish in the Fourth Quarter
Cargojet Ends the Year with a Strong Finish in the Fourth Quarter Canada NewsWi...
About this update from Cargojet Inc.
[{"type":"text","content":"\n \n \n \n Cargojet Ends the Year with a Strong Finish in the Fourth 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 \n \n \n MISSISSAUGA, ON\n \n ,\n \n March 1, 2021\n \n /CNW/ -\n \n \n Cargojet Inc. (\"Cargojet\" or the \"Corporation\") (TSX: CJT) announced today financial results for the fourth quarter and year ended\n \n December 31, 2020\n \n .\n \n \n Total Revenues for the quarter were\n \n $187.1 million\n \n compared to fourth quarter 2020 Revenues of\n \n $139.7 million\n \n . Gross Margin for the quarter was\n \n $69.3 million\n \n compared to fourth quarter 2019 Gross Margin of\n \n $41.6 million\n \n . Adjusted EBITDA and Adjusted EBITDAR for the quarter were\n \n $81.9 million\n \n compared to the fourth quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of\n \n $47.2 million\n \n .\n \n \n \n \n 2020 was a transformational year and the key highlights include\n \n \n \n :\n \n \n \n \n Total Revenues for the year were\n \n $668.5 million\n \n compared\n \n $486.6 million\n \n in 2019.\n \n \n Highly diversified revenue growth with each line of business posting record gains vs. prior year:\n \n \n \n Domestic overnight accounted for 45% of revenues;\n \n \n ACMI accounting for 20% of revenues;\n \n \n All-in-Charters accounting for 18% of revenues\n \n \n \n Gross Margin for the year was\n \n $250.5 million\n \n compared to\n \n $119.2 million\n \n in 2019.\n \n \n Adjusted EBITDA and Adjusted EBITDAR for the year were\n \n $291.4 million\n \n compared to\n \n $156.0 million\n \n and\n \n $156.8 million\n \n respectively for 2019.\n \n \n Adjusted Free cash flow for the year\n \n $196.8 million\n \n .\n \n \n Available liquidity of\n \n $525 million\n \n from Cargojet's committed 5-year revolving\n \n $600 million\n \n credit facility. 100% of the facility is available at\n \n March 1, 2021\n \n .\n \n \n Reduction in net-debt of\n \n $63 million\n \n .\n \n \n Overall leverage at 2.0X Adjusted EBITDAR.\n \n \n Fleet size increased to 28 all-cargo aircrafts.\n \n \n Operated a record 52,225 flight block hours in ...