Business
Cargojet Kicks Off the Year with a Strong Q1
Cargojet Kicks Off the Year with a Strong Q1 Canada NewsWire MISSIS...
About this update from Cargojet Inc.
[{"type":"text","content":"\n \n \n \n Cargojet Kicks Off the Year with a Strong Q1\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 \n MISSISSAUGA, ON\n \n \n ,\n \n \n May 2, 2022\n \n \n /CNW/ - Cargojet Inc. (\"Cargojet\" or the \"Corporation\") (TSX: CJT) announced today financial results for the first quarter ended\n \n March 31, 2022\n \n .\n \n \n Total Revenues for the quarter were\n \n $233.6 million\n \n compared to first quarter 2021 Revenues of\n \n $160.3 million\n \n . Gross Margin for the quarter was\n \n $66.9 million\n \n compared to first quarter 2021 Gross Margin of\n \n $45.3 million\n \n . Adjusted EBITDA\n \n (1)\n \n and Adjusted EBITDAR\n \n (1)\n \n for the quarter were\n \n $83.0 million\n \n compared to the first quarter 2021 Adjusted EBITDA\n \n (1)\n \n and Adjusted EBITDAR\n \n (1)\n \n of\n \n $64.2 million\n \n . Net loss for the quarter was\n \n $56.4 million\n \n (net income of\n \n $30.4 million\n \n excluding warrant valuation loss) compared to net income of\n \n $89.4 million\n \n in 2021 (net income of\n \n $7.5 million\n \n excluding warrant valuation gain).\n \n \n Total revenue growth of 45.7% for the quarter compared to prior year reflecting a strong contribution from the All-in Charter segment that benefited from a robust demand for global air-cargo. Domestic network posted 10.3%, ACMI posted 36.2% and the Charter business posted 298.0% growth compared to the same period last year. Domestic Network Revenue for this quarter accounted for less than 37% of total revenues compared to over 47% for the same period in 2021.\n \n \n Adjusted Free Cash Flow\n \n (1)\n \n was\n \n $42.7 million\n \n for the three-month period ended\n \n March 31, 2022\n \n compared to\n \n $35.2 million\n \n for the same period in 2021.\n \n \n While the macro environment remains volatile with several uncertainties, Cargojet has been squarely focused on executing its plans. The global supply chains are going through a major change and this large-scale dislocation is also creating demand for air-cargo to selectively meet critical pro...