MISSISSAUGA, ON, Nov. 4, 2024 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the third quarter ended Sept 30, 2024.

Total revenue for the quarter was $245.6 million compared to third quarter 2023 revenue of $214.0 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $205.4 million compared to $177.7 million for the same period in 2023.

Adjusted EBITDA¹ for the quarter was $82.2 million compared to the third quarter 2023 Adjusted EBITDA of $70.0 million. Net earnings for the quarter were $29.7 million compared to $10.5 million for the same period in 2023.

Cargojet generated Free Cash Flow1 of $47.8 million during the quarter compared to $29.8 million for the same period in 2023.

“The improving interest rate environment and controlled inflation are fostering a more stable and optimistic economic outlook for Canada which we believe bodes well for future domestic volumes”. “While geo-political challenges continue to affect the overall transportation industry, we continue to find opportunities that are creating new sustainable revenue streams in fast changing global commerce. Yet, Cargojet is not immune to the headwinds of significant cost increases facing the aviation and the supply chain sectors,” said Jamie Porteous, Co-Chief Executive Officer.

“During Q3, we grew block hours by nearly 15% with no change in fleet size. We are sharply focused on optimizing every aspect of our business to improve margins and deliver shareholder value,” said Pauline Dhillon, Co-Chief Executive Officer. “Our relentless focus on delivering best in class on-time performance continues to win new customers. As we prepare for peak holiday season in the coming quarter, I want to acknowledge the remarkable effort being put in by every team member to support our customers during the most important shopping season of the year,” concluded Pauline Dhillon.

THIRD QUARTER RESULTS
	Financial highlights	Three Month Period Ended				Nine month period ended
		September 30,				September 30,
	(Canadian dollars in millions, except where indicated)	2024	2023	Change	%	2024	2023	Change	%
	Domestic network, ACMI and charter revenues	$205.4	$177.7	$27.7	15.6 %	$577.7	$519.2	$58.5	11.3 %
	Total revenues	$245.6	$214.0	$31.6	14.8 %	$707.6	$655.6	$52.0	7.9 %
	Net earnings	$29.7	$10.5	$19.2	182.9 %	$37.2	$72.2	($35.0)	-48.5 %
	Adjusted net earnings(1)	$23.6	$2.6	$21.0	807.7 %	$58.9	$29.6	$29.3	99.0 %
	EPS Diluted	$1.78	$0.61	$1.17	191.8 %	$2.27	$3.99	($1.72)	-43.1 %
	Adjusted EPS(1)	$1.48	$0.15	$1.33	879.6 %	$3.59	$1.71	$1.88	109.9 %
	Adjusted EBITDA (1)	$82.2	$70.0	$12.2	17.4 %	$239.7	$219.3	$20.4	9.3 %
	Adjusted EBITDA margin (1) – (%)	33.5 %	32.7 %	0.8 %		33.9 %	33.5 %	0.4 %
	Net cash from operating activities	$96.2	$38.5	$57.7	149.9 %	$225.0	$160.4	$64.6	40.3 %
	Free cash flow (1)	$47.8	$29.8	$18.0	60.4 %	$217.0	$26.5	$190.5	718.9 %
	(1) Non-GAAP measures. See “Non-GAAP Financial Measures” section.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own cargo fleet of 41 aircraft.

FINANCIAL INFORMATION AND OPERATING STATISTICS HIGHLIGHTS
(Canadian dollars in millions, except where indicated)
		Three Month Period Ended				Nine month period ended
		September 30,				September 30,
		2024	2023	Change	%	2024	2023	Change	%
	Domestic network, ACMI and charter revenues	$205.4	$177.7	$27.7	15.6 %	$577.7	$519.2	$58.5	11.3 %
	Fuel surcharge and other revenues	$44.6	$39.0	$5.6	14.4 %	$145.0	$146.1	($1.1)	-0.8 %
	Total revenues excluding warrant amortization	$250.0	$216.7	$33.3	15.4 %	$722.7	$665.3	$57.4	8.6 %
	Amortization of stock warrant contract assets	($4.4)	($2.7)	($1.7)	63.0 %	($15.1)	($9.7)	($5.4)	55.7 %
	Total revenues	$245.6	$214.0	$31.6	14.8 %	$707.6	$655.6	$52.0	7.9 %
	Direct expenses	$183.2	$180.5	$2.7	1.5 %	$555.4	$534.0	$21.4	4.0 %
	Gross margin	$62.4	$33.5	$28.9	86.3 %	$152.2	$121.6	$30.6	25.2 %
	Gross margin – (%)	25.4 %	15.7 %	9.7 %		21.5 %	18.5 %	3.0 %
	Selling, general and administrative expenses	$24.3	$15.2	$9.1	59.9 %	$65.3	$47.4	$17.9	37.8 %
	Net finance costs and other gains and losses	$2.2	$8.6	($6.4)	-74.4 %	$27.4	($1.1)	$28.5	2590.9 %
	Share of gain in associate	($0.3)	($0.3)	–	–	($0.9)	($0.1)	($0.8)	-800.0 %
	Earnings before income taxes	$36.2	$10.0	$26.2	262.0 %	$60.4	$75.4	($15.0)	-19.9 %
	Income taxes	6.5	($0.5)	$7.0	-1400.0 %	$23.2	$3.2	$20.0	625.0 %
	Net earnings	$29.7	$10.5	$19.2	182.9 %	$37.2	$72.2	($35.0)	-48.5 %
	Adjusted net earnings(1)	$23.6	$2.6	$21.0	807.7 %	$58.9	$29.6	$29.3	99.0 %
	Earnings per share
	Basic	$1.85	$0.61	$1.24	203.3 %	$2.27	$4.20	($1.93)	-46.0 %
	Diluted	$1.78	$0.61	$1.17	191.8 %	$2.27	$3.99	($1.72)	-43.1 %
	Adjusted(1)	$1.48	$0.15	$1.33	879.6 %	$3.59	$1.71	$1.88	109.9 %
	Adjusted EBITDA (1)	$82.2	$70.0	$12.2	17.4 %	$239.7	$219.3	$20.4	9.3 %
	Adjusted EBITDA margin (1) – (%)	33.5 %	32.7 %	0.8 %		33.9 %	33.5 %	0.4 %
	Net cash from operating activities	$96.2	$38.5	$57.7	149.9 %	$225.0	$160.4	$64.6	40.3 %
	Free cash flow (1)	$47.8	$29.8	$18.0	60.4 %	$217.0	$26.5	$190.5	718.9 %
	Operating statistics (2)
	Operating days (3)	49	50	(1)	-2.0 %	149	149	–	–
	Average domestic network revenue per operating day (4)	1.91	1.78	0.13	7.3 %	1.83	1.70	0.13	7.6 %
	Block hours (5)	18,928	16,472	2,456	14.9 %	53,866	51,121	2,745	5.4 %
	B757-200	17	15	2		17	15	2
	B767-200	3	3	–		3	3	–
	B767-300	21	21	0		21	21	0
	Cargo operating fleet	41	39	2	5.1 %	41	39	2	5.1 %
	Head count	1,892	1,808	84	4.6 %	1,892	1,808	84	4.6 %

MISSISSAUGA, ON, Aug. 13, 2024 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the second quarter ended June 30, 2024.

Total revenue for the quarter was $230.8 million compared to second quarter 2023 revenue of $209.7 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $191.3 million compared to $171.6 million for the same period in 2023.

Adjusted EBITDA⁽¹⁾ for the quarter was $79.1 million compared to the second quarter 2023 Adjusted EBITDA of $74.3 million. Net loss for the quarter were $25.0 million (net earnings of $28.9 million excluding warrant valuation and contract asset amortization) compared to net earnings of $31.1 million for the same period in 2023 (net earnings of $1.5 million excluding warrant valuation and contract asset amortization).

Strong cash flow focus generated a Free Cash Flow⁽¹⁾ inflow of $0.5 million for the three-month period ended June 30, 2024 compared to an outflow of $18.5 million for the same period in 2023. Net cash generated from operating activities was $48.5 million for the three-month period ended June 30, 2024, compared to $58.8 million for the same period in 2023.

“Cargojet continues to identify and execute on opportunities in the fast-changing global supply chains. Our earlier announcement, launching a Charter service for fast growing China based e-commerce brands is an example of our deep understanding of new and emerging air cargo routes”. “While geo-political challenges and broader economic headwinds continue to affect the overall transportation industry, we remain focused on continuing to grow our Domestic, ACMI and All-in Charter revenue,” said Jamie Porteous, Co-Chief Executive Officer.

“A continued focus on controlling costs and maintaining EBITDA margins has resulted in another very solid quarter. We continue to be industry leaders in terms of On-time Performance, flexibility, responsiveness, and adding value to our customers,” said Pauline Dhillon, Co-Chief Executive Officer. “Our team’s commitment to excellence is unwavering, and this quarter’s achievements are a testament to their hard work and dedication. We are particularly pleased with the loyalty, dedication, and contributions of every Cargojet team member,” concluded Pauline Dhillon.

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

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own cargo fleet of 41 aircraft.

(1) Non-GAAP measures. See “Non-GAAP Financial Measures” section.

FINANCIAL INFORMATION AND OPERATING STATISTICS HIGHLIGHTS
(Canadian dollars in millions, except where indicated)
		Three Month Period Ended				Six month period ended
		June 30,				June 30,
		2024	2023	Change	%	2024	2023	Change	%
	Domestic network, ACMI and charter revenues	$191.3	$171.6	$19.7	11.5 %	$372.3	$341.5	$30.8	9.0 %
	Fuel surcharge and other revenues	$44.9	$41.3	$3.6	8.7 %	$100.4	$107.1	($6.7)	-6.3 %
	Total revenues excluding warrant amortization	$236.2	$212.9	$23.3	10.9 %	$472.7	$448.6	$24.1	5.4 %
	Amortization of stock warrant contract assets	($5.4)	($3.2)	($2.2)	68.8 %	($10.7)	($7.0)	($3.7)	52.9 %
	Total revenues	$230.8	$209.7	$21.1	10.1 %	$462.0	$441.6	$20.4	4.6 %
	Direct expenses	$185.7	$167.2	$18.5	11.1 %	$372.2	$353.5	$18.7	5.3 %
	Gross margin	$45.1	$42.5	$2.6	6.1 %	$89.8	$88.1	$1.7	1.9 %
	Gross margin – (%)	19.5 %	20.3 %	-0.8 %		19.4 %	20.0 %	-0.6 %
	Selling, general and administrative expenses	$23.6	$14.5	$9.1	62.8 %	$41.0	$32.2	$8.8	27.3 %
	Net finance costs and other gains and losses	$35.2	($2.3)	$37.5	1630.4 %	$25.2	($9.7)	$34.9	359.8 %
	Share of (gain) loss in associate	($0.3)	($0.4)	$0.1	25.0 %	($0.6)	$0.2	($0.8)	-400.0 %
	(Loss) earnings before income taxes	($13.4)	$30.7	($44.1)	-143.6 %	$24.2	$65.4	($41.2)	-63.0 %
	Income taxes	11.6	($0.4)	$12.0	3000.0 %	$16.7	$3.7	$13.0	351.4 %
	Net (loss) earnings	($25.0)	$31.1	($56.1)	-180.4 %	$7.5	$61.7	($54.2)	-87.8 %
	Adjusted net (loss) earnings(1)	($0.8)	$15.8	($16.6)	-105.1 %	$30.2	$32.7	($2.5)	-7.6 %
	(Loss) earnings per share
	Basic	($1.53)	$1.81	($3.34)	-184.5 %	$0.46	$3.59	($3.13)	-87.2 %
	Diluted	($1.53)	$1.68	($3.21)	-191.1 %	$0.46	$3.32	($2.86)	-86.1 %
	Adjusted(1)	($0.05)	$0.91	($0.96)	-105.6 %	$1.84	$1.90	($0.06)	-3.2 %
	Adjusted EBITDA (1)	$79.1	$74.3	$4.8	6.5 %	$157.5	$149.3	$8.2	5.5 %
	Adjusted EBITDA margin (1) – (%)	34.3 %	35.4 %	-1.1 %		34.1 %	33.8 %	0.3 %
	Net cash from operating activities	$48.5	$58.8	($10.3)	-17.5 %	$128.8	$121.9	$6.9	5.7 %
	Free cash flow (1)	$0.5	($18.5)	$19.0	-102.7 %	$169.2	($3.3)	$172.5	-5227.3 %
	Operating statistics (2)
	Operating days (3)	51	50	1	2.0 %	100	100	–	–
	Average domestic network revenue per operating day (4)	1.75	1.61	0.14	8.7 %	1.79	1.65	0.14	8.5 %
	Block hours (5)	17,623	16,819	804	4.8 %	34,938	35,656	(718)	-2.0 %
	B757-200	17	15	2		17	15	2
	B767-200	3	4	(1)		3	4	(1)
	B767-300	21	18	3		21	18	3
	Cargo operating fleet	41	37	4	10.8 %	41	37	4	10.8 %
	Head count	1,874	1,817	57	3.1 %	1,874	1,817	57	3.1 %

MISSISSAUGA, ON, July 22, 2024 /CNW/ – Cargojet Inc. Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced the successful retainment of its ISO 9001:2015 Quality Standard Accreditation, for the twenty-second consecutive year.  Cargojet is the only air cargo carrier in Canada with this accreditation.

“This accreditation reinforces Cargojet’s commitment to providing customers with high-quality, safe, reliable, and timely service daily. It involves reviewing the organization’s documented quality management system and conducting ongoing audits of our facilities to ensure that the quality management systems are effectively implemented,” says Jamie Porteous, Co-CEO.

“We have retained this certification thanks to the dedicated efforts of our team, who consistently exceed our customers’ expectations while upholding excellence in standards, processes, and procedures,” remarks Pauline Dhillon, Co-CEO.

Cargojet is Canada’s leading provider of time-sensitive, premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services, and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 41 aircraft.

MISSISSAUGA, ON, June 10, 2024 /CNW/ – Cargojet (TSX: CJT) announced today that it has entered into a three-year agreement with China-based Great Vision HK Express to provide scheduled charter services—from Hangzhou, China to Vancouver, B.C., and from Vancouver, B.C. to Hangzhou, China—utilizing B767-300F aircraft.

Servicing the rapidly expanding Chinese e-Commerce sector, Cargojet will operate a minimum of three flights per week and began service on May 22,^, 2024, with eight flights successfully completed to date. Total revenue for this program is estimated at over CAD $160M for the full term of the agreement.

“Leveraging Cargojet’s industry-leading record of on-time performance and reliability, together with the connection opportunities from Vancouver to fifteen other cities in Canada, will allow Great Vision HK to provide enhanced services for China-based e-Commerce service providers, to their customers across Canada,” said Jamie B. Porteous, Co-Chief Executive Officer.

 “We continue to explore opportunities to maximize asset and aircraft utilization and look forward to a strong partnership with Great Vision HK,” added Pauline Dhillon, Co-Chief  Executive Officer.

Christine Cheng, co-founder and Chief Operating Officer at Great Vision HK, said: “This is an important milestone for Great Vision HK, and we’ve partnered with Cargojet, another industry-leader in Canada, to provide top-quality transportation services to our customers in Asia.”

Great Vision HK provides its customers with China-to-Canada-to-China end-to-end integrated logistics supply chain solutions, including pick up, pre-sorting, international air freight, customs clearance, distribution, last-mile delivery and after-sales services.

“International air freight is a key part of this logistical chain, and we believe through this strategic partnership with Cargojet that we can offer extremely reliable and efficient services to our customers, while continuing to promote trade between the two countries,” Cheng said.

Cargojet is Canada’s leading provider of time-sensitive, premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services, and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 41 aircraft.

MISSISSAUGA, ON, April 29, 2024 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the first quarter ended March 31, 2024.

Total revenue for the quarter was $231.2 million compared to first quarter 2023 revenue of $231.9 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $181.0 million compared to $169.9 million in first quarter 2023.

Adjusted EBITDA for the quarter was $78.4 million compared to the first quarter 2023 Adjusted EBITDA of $75.0 million. Net earnings for the quarter were $32.5 million (net earnings of $20.8 million excluding warrant valuation and contract asset amortization) compared to net earnings of $30.5 million in 2023 (net earnings of $9.8 million excluding warrant valuation and contract asset amortization).

Strong cash flow focus generated a Free Cash Flow inflow of $168.7 million for the three-month period ended March 31, 2024 compared to $15.2 million for the same period in 2023. Net cash generated from operating activities was $80.3 million for the three-month period ended March 31, 2024, compared to $63.1 million for the same period in 2023.

“We further optimized our fleet and flight schedules; combined with an encouraging increase in volumes, we are starting to see the margin improvements we have been working on since 2023. Our cautious optimism is tempered by the increasing geo-political uncertainty and potential supply chain disruptions. We are particularly pleased to start the year with strong cashflow generation that will help us execute the strategic priorities we laid out earlier this year.” said Jamie Porteous, Co-Chief Executive Officer.

“We continue to drive efficiencies in every aspect of our business. Streamlined maintenance processes, optimized schedules and better shift management are helping reduce costs; Greater focus on disciplined procurement is yielding expense savings in key large ticket categories. We are particularly pleased with a strong cost discipline culture across the company,” said Pauline Dhillon, Co-Chief Executive Officer. “But at the core of everything we do is our passion for customer success and we continue to demonstrate that with our industry leading on-time performance. Our backbone continues to be our team of dedicated, loyal, committed professionals who drive our daily successes.” concluded Pauline Dhillon.

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

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own cargo fleet of 41 aircraft.

FINANCIAL INFORMATION AND OPERATING STATISTICS HIGHLIGHTS
(Canadian dollars in millions, except where indicated)
			Three Month Period Ended
			March 31,
			2024	2023	Change	%
	Domestic network, ACMI and charter revenues		$181.0	$169.9	$11.1	6.5 %
	Fuel surcharge and other revenues		$55.5	$65.8	($10.3)	-15.7 %
	Total revenues excluding warrant amortization		$236.5	$235.7	$0.8	0.3 %
	Amortization of stock warrant contract assets		($5.3)	($3.8)	($1.5)	39.5 %
	Total revenues		$231.2	$231.9	($0.7)	-0.3 %
	Direct expenses		$186.5	$186.4	$0.1	0.1 %
	Gross margin		$44.7	$45.5	($0.8)	-1.8 %
	Gross margin – (%)		19.3 %	19.6 %	-0.3 %
	Selling, general and administrative expenses		$17.4	$17.7	($0.3)	-1.7 %
	Net finance costs and other gains and losses		($10.0)	($7.4)	($2.6)	-35.1 %
	Share of (gain) loss in associate		($0.3)	$0.6	($0.9)	-150.0 %
	Earnings before income taxes		$37.6	$34.6	$3.0	8.7 %
	Income taxes		$5.1	$4.1	$1.0	24.4 %
	Net earnings		$32.5	$30.5	$2.0	6.6 %
	Adjusted net earnings		$31.0	$16.8	$14.2	84.5 %
	Earnings per share
	Basic		$1.94	$1.77	$0.17	9.6 %
	Diluted		$1.84	$1.67	$0.17	10.2 %
	Adjusted		$1.86	$0.97	$0.89	91.8 %
	Adjusted EBITDA		$78.4	$75.0	$3.4	4.5 %
	Adjusted EBITDA margin (%)		33.9 %	32.3 %	1.6 %
	Net cash from operating activities		$80.3	$63.1	$17.2	27.3 %
	Free cash flow		$168.7	$15.2	$153.5	1009.9 %
	Operating statistics
	Operating days		49	50	(1)	-2.0 %
	Average domestic network revenue per operating day		1.84	1.68	0.16	9.5 %
	Block hours		17,315	17,830	(515)	-2.9 %
	B757-200		17	14	3
	B767-200		3	3	–
	B767-300		21	18	3
	Cargo operating fleet		41	35	6	17.1 %
	Head count		1,854	1,771	83	4.7 %

MISSISSAUGA, ON, Feb. 26, 2024 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the fourth quarter ended December 31, 2023.

Revenue for the quarter was $254.7 million compared to fourth quarter 2022 revenue of $271.0 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $193.1 million compared to $192.8 million in 2022. Total revenue reflected in the financial statements which includes non-cash amortization of stock warrant contract assets was $221.9 million compared to $267.0 million for the same quarter in the prior year.

Adjusted EBITDA for the quarter was $81.6 million compared to the fourth quarter 2022 Adjusted EBITDA of $82.9 million. Net loss for the quarter was $34.9 million (net earnings of $28.5 million excluding warrant valuation and contract asset amortization) compared to net earnings of $2.6 million in 2022 (net earnings of $18.0 million excluding warrant valuation and contract asset amortization).

Strong cash flow focus generated a Free Cash Flow inflow of $37.9 million for the three-month period ended December 31, 2023 compared to outflow of $99.6 million for the same period in 2022. Net cash generated from operating activities was $31.5 million for the three-month period ended December 31, 2023, compared to $64.2 million for the same period in 2022.

“Given the challenging economic environment we faced, we are very pleased with our Q4 and the full year results. 2023 was a transitional year for us as we moved from managing a period of hyper growth during the COVID-19 era to focusing on cost management and preparing the business to face the current economic environment. We rationalized our capital expenditure plans and managed costs to maintain Adjusted EBITDA margins. We made solid progress in each of these areas.” said Jamie Porteous, Co-Chief Executive Officer.

“Building on the progress we made in 2023, we remain committed to driving shareholder value and ensuring that we remain the best partner for our strategic customers, particularly in this current environment,” said Pauline Dhillon, Co-Chief Executive Officer. “Our on-time performance was 99.5% in the fourth quarter and it clearly demonstrates the commitment and dedication of the Cargojet team when it comes to serving our customers.” concluded Pauline Dhillon.

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

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own cargo fleet of 41 aircraft.

FINANCIAL INFORMATION AND OPERATING STATISTICS HIGHLIGHTS
(Canadian dollars in millions, except where indicated)
			Three Month Period Ended					Year Ended
			December 31,					December 31,
			2023	2022	Change	%		2023	2022	Change	%
	Domestic network, ACMI and charter revenues		$193.1	$192.8	$0.3	0.2 %		$712.3	$725.2	($12.9)	-1.8 %
	Fuel surcharge and other revenues		$61.6	$78.2	($16.6)	-21.2 %		$207.7	$266.2	($58.5)	-22.0 %
	Total revenues excluding warrant amortization		$254.7	$271.0	($16.3)	-6.0 %		$920.0	$991.4	($71.4)	-7.2 %
	Amortization of stock warrant contract assets		($32.8)	($4.0)	($28.8)	720.0 %		($42.5)	($11.5)	($31.0)	269.6 %
	Total revenues		$221.9	$267.0	($45.1)	-16.9 %		$877.5	$979.9	($102.4)	-10.5 %
	Direct expenses		$205.4	$205.1	$0.3	0.1 %		$739.4	$732.4	$7.0	1.0 %
	Gross margin		$16.5	$61.9	($45.4)	-73.3 %		$138.1	$247.5	($109.4)	-44.2 %
	Gross margin – (%)		7.4 %	23.2 %	-15.8 %			15.7 %	25.3 %	-9.6 %
	Selling, general and administrative expenses		$23.1	$30.4	($7.3)	-24.0 %		$70.5	$74.6	($4.1)	-5.5 %
	Net finance costs and other gains and losses		$16.9	$21.7	($4.8)	-22.1 %		$15.8	($49.1)	$64.9	132.2 %
	Share of loss (gain) of associate		$0.2	($0.2)	$0.4	200.0 %		$0.1	$2.0	($1.9)	-95.0 %
	(Loss) earnings before income taxes		($23.7)	$10.0	($33.7)	-337.0 %		$51.7	$220.0	($168.3)	-76.5 %
	Income taxes		$11.2	$7.4	$3.8	-51.4 %		$14.4	$29.4	($15.0)	-51.0 %
	Net (loss) earnings		($34.9)	$2.6	($37.5)	-1442.3 %		$37.3	$190.6	($153.3)	-80.4 %
	Adjusted net (loss) earnings		($2.4)	$15.3	($17.7)	-115.7 %		$35.5	$120.0	($84.5)	-70.4 %
	Earnings (loss) per share
	Basic		($2.04)	$0.15	($2.19)	-1460.0 %		$2.17	$11.04	($8.87)	-80.3 %
	Diluted		($2.04)	$0.15	($2.19)	-1460.0 %		$2.17	$10.15	($7.98)	-78.6 %
	Adjusted		($0.14)	$0.89	($1.03)	-115.7 %		$2.06	$5.91	($3.85)	-65.1 %
	Adjusted EBITDA		$81.6	$82.9	($1.3)	-1.6 %		$300.9	$329.0	($28.1)	-8.5 %
	Adjusted EBITDA margin – (%)		36.8 %	31.0 %	5.8 %			34.3 %	33.6 %	0.7 %
	Net cash from operating activities		$31.5	$64.2	($32.7)	-50.9 %		$192.8	$280.5	($87.7)	-31.3 %
	Free cash flow		$37.9	($99.6)	$137.5	-138.0 %		$65.3	($330.0)	$395.3	-119.8 %
	Operating statistics
	Operating days		48	48	–	–		197	197	–	–
	Average domestic network revenue per operating day		2.11	2.14	(0.03)	-1.4 %		1.80	1.86	(0.06)	-3.2 %
	Block hours		18,353	19,819	(1,466)	-7.4 %		69,474	73,273	(3,799)	-5.2 %
	B757-200		17	13	4			17	13	4
	B767-200		3	3	0			3	3	0
	B767-300		21	18	3			21	18	3
	Cargo operating fleet		41	34	7	20.6 %		41	34	7	20.6 %
	Head count		1,838	1,802	36	2.0 %		1,838	1,802	36	2.0 %

MISSISSAUGA, ON, Jan. 15, 2024 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today provided an update on its ongoing efforts to further streamline its fleet strategy and the associated impacts to capital expenditures and cashflows.

“Throughout 2023 we exercised caution in deploying growth capital given the softer economic conditions,” said Dr. Ajay Virmani, Executive Chairman, “Forecasts continue to indicate that the international air cargo market will remain soft in the short to medium term and deploying B-777s into the market would not be strategically prudent. We have decided to exit our commitments for the four remaining B-777 aircraft, while continuing to flex our B767 fleet to accommodate our organic growth strategy,” noted Dr. Virmani.  “Cargojet has substantially completed the operational groundwork to be able to enter the B-777 market should economic conditions change. Cargojet has also retained the rights to provide the optionality for future conversion slots.”  

 “The holiday season performance for 2023 was in line with our expectations,” noted Jamie Porteous, Co-Chief Executive Officer. “With our optimized fleet strategy and cost efficiencies gained throughout 2023, we are well positioned to deliver strong cashflows and shareholder value,” commented Pauline Dhillon, Co-Chief Executive Officer.

As a further update to the above comment, the Corporation is providing the following estimated capital expenditures targets for the years ending December 31, 2024 and 2025 (see “Notice on Forward-Looking Statements” below):

	Maintenance Capex(1)	Growth Capex(1)	Proceeds from Dispositions	Net Capital Expenditures(1)
2024	$140M – $150M	$20M – $30M	$100M – $110M	$60M – $80M
2025	$140M – $150M	$20M – $40M	nil	$160M – $180M

Cargojet is not expecting to incur any meaningful Growth Capital Expenditures in 2024. However, the Corporation continues to monitor macro-economic conditions for opportunities to deploy capital if profitable growth opportunities emerge in the future.

Cargojet will continue with a disciplined approach to capital allocation, focusing on four key principles;

1. Maintain dividend growth;
2. Continue to identify growth opportunities to deploy capital that meet its margin requirements;
3. Maintain a share buyback program under its normal course issuer bid (“NCIB”). The Corporation will determine the ultimate size of the buyback program based on available growth opportunities and subject to market conditions; and
4. Target Net Debt to Adjusted EBITDA Leverage Ratio⁽¹⁾ of 1.5x to 2.5x (2022 Leverage Ratio of 2.1).  

Under its NCIB, the Corporation has purchased for cancellation an aggregate of 366,408 voting shares as at December 31, 2023 for an average purchase price of $104.66, at a total cost of $38.3 million.

The table below sets forth the Corporation’s cargo operating fleet as at December 31, 2023 as well as the expected operating fleet requirements for the next two years (see “Notice on Forward-Looking Statements” below):

Number of Aircraft Forecasted to be in Service
	2023	2024	2025
B757	17	15	15
B767	24	25	26
	41	40	41

As previously disclosed, the Corporation has four surplus B757 freighters and is exploring options such as dry lease or ultimate sale of these aircraft. The potential sale of these four B757’s is not anticipated to have a material impact on Revenues and/or Adjusted EBITDA⁽¹⁾. In the event that the Corporation enters into a leasing agreement, the Revenue and Adjusted EBITDA would increase in accordance with typical market terms and conditions for similar aircraft. The fleet table above assumes two aircraft are dry leased and the remaining two B757’s are sold.

Cargojet currently owns the feedstock for two B767’s and plans to convert them as the demand begins to recover over the next couple of years. Management believes that the current fleet plan will be sufficient to meet its short to medium-term objectives and Cargojet is well positioned to scale up operations as the economic cycle returns to growth.

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

(1)	Adjusted EBITDA, Growth Capital Expenditures, Maintenance Capital Expenditures, Net Capital Expenditures and Net Debt to Adjusted EBITDA Leverage Ratio are non-GAAP measures and ratios. See “Non-GAAP Financial Measures” below.”

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 41 aircraft.

MISSISSAUGA, ON, Nov. 13, 2023 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) is pleased to announce a significant leadership transition. Effective January 1, 2024, Pauline Dhillon, currently serving as Chief Corporate Officer, and Jamie Porteous, currently Chief Strategy Officer, will be appointed Co-Chief Executive Officers (Co-CEOs) and Dr. Ajay Virmani, currently serving as CEO, will be appointed Executive Chairman.

Pauline Dhillon and Jamie Porteous have been integral executive members of the Cargojet team since its inception 22 years ago. Their commitment, extensive industry knowledge, and visionary leadership have played pivotal roles in Cargojet’s growth and success.

“We are pleased to announce the appointment of Pauline Dhillon and Jamie Porteous as Co-CEOs of Cargojet,” said Dr. Ajay Virmani, Executive Chairman. “Their complementary skillset, long-standing dedication to our organization along with unwavering focus on our team, customers, and stakeholders makes them the ideal strategic successors to lead us into a new era of innovation and growth while continuing to provide a seamless service to our customers”.

This strategic decision reflects our confidence in these talented individuals who, working collaboratively, have been instrumental in shaping Cargojet’s journey and further reinforces our commitment to provide the highest level of service and reliability to our customers.

As Co-CEOs, Pauline Dhillon and Jamie Porteous will continue to work hand-in-hand and drive the company’s vision, mission, and strategic initiatives, ensuring that Cargojet remains at the forefront of the air cargo industry while upholding the core values and culture.

Pauline Dhillon  is a founding member of the Cargojet team and has been with the company from Day One. Pauline has been an integral part of Cargojet’s growth journey over the past 22 years and over this period, she has led several functions with increasing responsibility including Marketing, Brand, Government Relations, Human Resources, Legal, Facilities, Operational Efficiency and Commercial operations, leading up to her current role as Chief Corporate Officer. Pauline currently oversees all aspects of support functions as well as ground operations globally.

Jamie B. Porteous  is also a founding member of the Cargojet team and has been with the company from Day One. Jamie also has been an integral part of Cargojet’s growth journey over the past 22 years and has been instrumental in helping grow Cargojet from a startup to the air-cargo leader. Jamie has served in many roles including Sales, Customer Relations, Commercial Strategy, Operations, Network Planning and Design, and Investor Relations, and more recently as the Chief Strategy Officer.

” We are excited and humbled by this opportunity,” remarked Pauline Dhillon. “Our focus remains on safely delivering excellence in air cargo solutions for our customers while staying true to our corporate culture and founding principles. Teamwork by our dedicated professionals prides itself on putting customers first in everything we do at Cargojet.”– Pauline Dhillon

Jamie Porteous added, “Cargojet’s legacy is built on innovation and a relentless commitment to reliability and outstanding customer service.  We are fully committed to continue to provide long-term value to our customers, our shareholders and to our employees.”

Cargojet looks forward to the continued support of our valued customers, partners, and stakeholders as we embark on this new chapter in our journey. Together, with Pauline Dhillon and Jamie Porteous at the helm, we are confident in our ability to set new standards and reach even greater heights in the air cargo industry.

About Cargojet

Cargojet is Canada’s leading provider of time-sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with a fleet of over 40 aircraft. 

MISSISSAUGA, ON, Nov. 13, 2023 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) Board of Directors is pleased to announce a significant leadership transition. After launching Cargojet 22 years ago as Founder and Chief Executive Officer, Dr. Ajay Virmani will be stepping into the role of Executive Chairman effective January 1, 2024 and the Corporation has announced leadership appointments in a separate announcement. This strategic move reflects Dr. Virmani’s dedication to the company’s long-term success and the need to ensure a seamless transition in the leadership.

Dr. Ajay Virmani, who has served as the CEO since its inception in 2001, along with the team he built, has been instrumental in Cargojet’s remarkable journey from a start-up to Canada’s #1 cargo airline. Just last week Dr. Virmani was appointed to the Order of Ontario.  The Globe and Mail honored Dr. Virmani as the CEO-Strategist of the year in 2020. In 2004, Dr. Virmani was awarded the “Entrepreneur of the Year award” by Ernst & Young. Recognizing his entrepreneurial and philanthropic contribution to Canada, he was inducted into Canada’s Walk of Fame with his own star in 2021. Cargojet and its leadership has also been recognized as the 50 Best Managed Companies by Deloitte’s and has been a consistent winner of Canada’s Best Cargo Airline award 21 years running.

Under Dr. Virmani’s visionary and entrepreneurial leadership, the company operates a fleet of over 40 Aircraft and consistently posted remarkable financial results. Cargojet has grown its revenues at 16% and EBITDA at 20% compound annual rate over the past 20 years. The world’s top courier brands, integrators, freight forwarders and E-Commerce platforms have partnered with Cargojet to fulfil their middle-mile air requirements. Cargojet’s shareholder have been handsomely rewarded with 18%* compound annual return since its IPO in 2005.

In Dr. Virmani’s new role as Executive Chairman, he will continue to play a pivotal role in shaping the company’s future. He will focus on Strategy, Strategic Customer Partnerships, Acquisitions of major Assets including aircraft and Corporate Governance while also acting as a mentor for emerging talent. This transition allows Dr. Virmani to leverage his extensive experience and deep industry knowledge to guide the board and senior leadership team.

“Everything we have done at Cargojet has been against odds. Starting an airline after 9/11; Convincing global package delivery brands that it is more efficient to abandon their own aircraft fleets in favour of Cargojet’s network; Surviving the 2007-08 global financial crisis, and more recently tackling once in a 100-year pandemic.” said Dr. Ajay Virmani. “As I look back at the Cargojet journey, I am filled with gratitude for the opportunity to work with an amazing team of dedicated and hard-working professionals who have built Cargojet into Canada’s #1 Cargo Airline.  I am looking forward to the opportunity to continue to serve as Executive Chairman of this great team and help develop the next generation of leaders who will continue to beat the odds.” Concluded Dr. Virmani.

“We are extremely grateful to Dr Virmani for his vison, passion and contributions towards the tremendous success Cargojet has achieved. The transition to Executive Chairman by Dr. Virmani is a testament to his unwavering commitment to Cargojet, its excellent team and its potential. The Company remains committed to providing world class Cargo services safely while exceeding customer expectations,” said Paul Godfrey Interim Chair of the Board on behalf of all the Directors.

The Board of Directors and the entire Cargojet family extend their heartfelt appreciation to Dr. Virmani for his outstanding leadership as a Founder and CEO and they look forward to his continued guidance in his new role as Executive Chairman, confident that this transition will mark a new chapter in Cargojet’s ongoing success story.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with a fleet of over 40 aircraft.