Cargojet’s Third-Quarter Profit More Than Doubles

Cargojet earned 19.1 million Canadian dollars in the third quarter, more than twice its profit a year earlier, as revenue climbed across its network and charter business and from fuel surcharges. Adjusted earnings and total revenue also topped analysts’ expectations.

Today, 01:35· Money Talk· 231 reads

The air cargo company reported profit of CAD1.28 a share for the quarter ended Sept. 30, compared with CAD8.8 million, or CAD0.58 a share, a year earlier. Excluding certain one-time items, earnings were CAD1.21 a share; analysts polled by FactSet had forecast CAD0.86.

Revenue rose 30% to CAD286.5 million, ahead of analysts’ estimate of CAD270.9 million. Domestic network, ACMI and charter revenue increased 25% to CAD233.6 million. Revenue from fuel surcharges and other sources grew 38% to CAD56 million.

Chief Executive Officer Pauline Dhillon said Cargojet had taken steps over the past year to strengthen its business while retaining flexibility to respond to changing market conditions and global trade patterns. The company is prioritizing the ramp-up of its operations to meet demand during the fourth-quarter peak season, she said.

Cargojet’s Third-Quarter Profit More Than Doubles

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