Cargojet (CJT) has turned a profit after its revenue climbed 20% higher in this year’s third
quarter.
The Mississauga, Ontario-based airline, which specializes in cargo shipments and time-
sensitive air freight services, credited long-term commercial contracts for its improved finances.
In March of this year, Cargojet signed a deal with German logistics firm DHL that will earn it an
estimated $2.3 billion in business volume over seven years.
Cargojet reported 20% revenue growth for the quarter ended September 30 despite continued
high inflation across Canada. Revenue in Q3 totalled $232.7 million, up from $189.5 million in
the same quarter a year ago.
As a result of the higher revenue, the company reported a Q3 profit of $83.4 million compared to
a net loss of $12.9 million in the same quarter of 2021.
The company said its net income amounted to $4.77 per share, which was higher than the
$1.74 per share expected by analysts who cover the airline, according to Refinitiv data.
Cargojet’s stock is down 18% this year and trading at $132.80 per share. The stock rose 2%
after its Q3 earnings were announced.
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