Cargojet has released its financial results for the second quarter ending June 30, 2024. The company reported total revenue of $230.8 million, marking an increase from the $209.7 million reported in the same quarter of 2023. Revenue from its domestic network, ACMI, and All-in Charter services contributed $191.3 million, up from $171.6 million during the same period last year.

The company’s Adjusted EBITDA for the quarter reached $79.1 million, showing growth compared to $74.3 million in Q2 2023. However, Cargojet reported a net loss of $25.0 million. Excluding factors such as warrant valuation and contract asset amortization, net earnings stood at $28.9 million, slightly lower than the $31.1 million reported in the same quarter last year.

Cargojet’s focus on cash flow management resulted in a positive Free Cash Flow of $0.5 million for the quarter, a significant improvement from the $18.5 million outflow recorded in Q2 2023. Net cash generated from operating activities was $48.5 million, a decrease from $58.8 million in the same period of the previous year.

“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.

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