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Mississauga, Ont.-based Cargojet released its financial results on Feb. 26, 2024, for the fourth quarter ending Dec. 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 earnings before interest, taxes, depreciation, and amortization (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 ending Dec. 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 ending Dec. 31, 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,” said Jamie Porteous, co-chief executive officer.
“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.”
“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.”
This press release was prepared and distributed by Cargojet
