Cargojet Announces Strong Fourth Quarter and Year End Results
Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) (TSX: CJT.A) announced today financial results for the fourth quarter and year ended December 31, 2018.
For the Fourth Quarter Ended December 31, 2018:
Total Revenues were $132.6 million, an increase of $14.4 million or 12.2% versus the previous year
Gross Margin was $37.1 million, a decrease of $0.3 million or 0.8% versus the previous year
Adjusted EBITDA was $40.2million, an increase of $2.9 million or 7.8% versus the previous year
Adjusted EBITDAR was $42.3million, an increase of $2.2 million or 5.5% versus the previous year
For the Year Ended December 31, 2018:
Total Revenues were $454.9 million, an increase of $72.0 million or 18.8% versus the previous year
Gross Margin was $112.3million, an increase of $6.0 million or 5.6% versus the previous year
Adjusted EBITDA was $128.0million, an increase of $18.5 million or 16.9% versus the previous year
Adjusted EBITDAR was $137.9million, an increase of $15.0 million or 12.2% versus the previous year
“Cargojet continued to produce strong revenue and EBITDA growth in 2018,” said Ajay Virmani, President and Chief Executive Officer. “We are very pleased with our financial and operating results as we prudently manage our capacity to meet air cargo demand particularly related to e-commerce growth in Canada as well as our expanding ACMI and ad-hoc charter business. The continued year over year results are a direct reflection of the Cargojet team’s efforts and dedication in continuing to provide a first class service to our customers,” he added.
Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. For more information, please visit: www.cargojet.com.