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Cargojet rakes in revenue amid gummed-up supply chains, strong online purchases

Canadian Press - Mon Nov 1, 2021

MISSISSAUGA, Ont. — Cargojet Inc. says clogged supply chains and ongoing e-commerce trends helped boost revenue in its latest quarter.

The company, which provides time-sensitive overnight air cargo services, garnered $189.5 million in revenue in the quarter ended Sept. 30 for growth of nearly 17 per cent over the same period in 2020 when revenue totalled $162.3 million.

The growth came as Cargojet reported a net loss of $12.9 million or 74 cents per diluted share in the third quarter, compared with a loss of $20.4 million or $1.31 per diluted share a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization amounted to $70.9 million for the most recent quarter, up from $69.8 million in the same quarter last year.

Ajay Virmani, president of the Mississauga, Ont.-based company, says supply bottlenecks and freighter and trucking shortages have boosted demand for its services.

Cargojet was among the main beneficiaries of explosive online sales over the past 20 months, expanding its relationship with e-commerce giant Amazon earlier this year.

This report by The Canadian Press was first published Nov. 1, 2021.

Companies in this story: (TSX:CJT)