Cargojet delivers positive Q2 results


cargojet Inc. has announced its financial results for the Second quarter ended June 30, 2023.

Total Revenues for the Quarter were $209.7 million compared to second quarter 2022 Revenues of $246.6 million. Revenue excluding fuel surcharge and other revenues came in at $171.6 million compared to $177.2 million. Adjusted EBITDA(1) for the quarter was  $74.3 million compared to the second quarter 2022 Adjusted EBITDA(1)  $81.1 million. Adjusted Free Cash Flow(1) was $52.3 million for the three-month period ended June 30, 2023 compared to  $41.2 million for the same period in 2022.

Net income for the quarter was $31.1 million (net loss of $1.7 million excluding warrant valuation gain) compared to net income of $160.9 million in 2022 (net income of $26.2 million excluding warrant valuation gain).

“To prepare Cargojet to ride the current economic cycle, we shifted our focus to cost management as well as right sizing our network, while curtailing growth CapEx and focusing on generating free cash flow. Our EBITDA margin of 35.4% in this quarter vs. 32.9% prior year clearly demonstrates that our cost management initiatives are yielding the desired results,” said Dr. Ajay Virmani, President and CEO.

“While we expect economic conditions to remain difficult, the shift in consumer spending towards travel and leisure vs goods is expected to normalize towards the end of this year. The Cargojet team continues to be industry leaders providing a 99.6% on-time performance in the quarter.  Our focus remains on delivering exceptional reliability and customer service” noted Dr. Virmani.   

All references to “$” in this press release are to Canadian dollars.

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Devender was born in the year when the Beatles Group was formed. He holds two master’s degrees in English Literature and Public Administration. He also has an Honors degree in English Literature and a post-graduate diploma in Corporate Communications and Public Relations. He was closely associated with the Indian State Transport Undertakings and Ministry of Transport in his role as Corporate Communications and PR specialist for over two decades handling domestic and international organizations. He ventured into business forming his own Media House, Profiles Media Network Private Limited which is now a twenty years old company. Excelling as an editor, Marketing, PR, Anchor, and Advertising specialist, he is now expertly navigating the world of social media. A widely traveled professional internationally, Devender has a deep understanding of the Air Cargo, Cargo Business, Cargo Airports, Freighters and Cargo Industry at large.