Business
Revenue Diversification Strategy Helps Deliver Another Strong Quarter
Revenue Diversification Strategy Helps Deliver Another Strong Quarter Canada Ne...
About this update from Cargojet Inc.
[{"type":"text","content":"\n \n \n \n Revenue Diversification Strategy Helps Deliver Another Strong 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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n MISSISSAUGA, ON\n \n ,\n \n Nov. 1, 2021\n \n /CNW/ - Cargojet Inc. (\"Cargojet\" or the \"Corporation\") (TSX: CJT) announced today financial results for the third quarter ended\n \n September 30, 2021\n \n .\n \n \n Total Revenues for the quarter were\n \n $189.5 million\n \n compared to third quarter 2020 Revenues of\n \n $162.3 million\n \n . Gross Margin for the quarter was\n \n $54 million\n \n compared to third quarter 2020 Gross Margin of\n \n $58.3 million\n \n . Adjusted EBITDA and Adjusted EBITDAR for the quarter were\n \n $70.9 million\n \n compared to the third quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of\n \n $69.8 million\n \n .\n \n \n Total revenue growth of 16.8% for the quarter compared to prior year was led by the ACMI line of business that posted strong revenue growth of 21% compared to prior year. Cargojet continues to diversify its portfolio and it is more diversified today than the pre-pandemic period. Domestic Network Revenue for this quarter accounted for less than 42% of total revenues compared to over 54% for the same quarter in 2019.\n \n \n Adjusted Free Cash Flow was\n \n $51.1 million\n \n for the three-month period ended\n \n September 30, 2021\n \n compared to\n \n $59.3 million\n \n for the same period in 2020.\n \n \n \"Ocean and ground transportation supply-chains remain clogged across the globe creating short-to-medium term opportunities for air-cargo. We are seeing that reflected in our ACMI business and expect this to extend through the upcoming holiday season,\" said Dr.\n \n Ajay Virmani\n \n , President & CEO.\n \n \n \"As econom...