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Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today financial results for the first quarter ended March 31, 2022.
Total Revenues for the quarter were $233.6 million compared to first quarter 2021 Revenues of $160.3 million. Gross Margin for the quarter was $66.9 million compared to first quarter 2021 Gross Margin of $45.3 million. Adjusted EBITDA(1) and Adjusted EBITDAR(1) for the quarter were $83.0 million compared to the first quarter 2021 Adjusted EBITDA(1) and Adjusted EBITDAR(1) of $64.2 million. Net loss for the quarter was $56.4 million (net income of $30.4 million excluding warrant valuation loss) compared to net income of $89.4 million in 2021 (net income of $7.5 million excluding warrant valuation gain).
Total revenue growth of 45.7% for the quarter compared to prior year reflecting a strong contribution from the All-in Charter segment that benefited from a robust demand for global air-cargo. Domestic network posted 10.3%, ACMI posted 36.2% and the Charter business posted 298.0% growth compared to the same period last year. Domestic Network Revenue for this quarter accounted for less than 37% of total revenues compared to over 47% for the same period in 2021.
Adjusted Free Cash Flow(1) was $42.7 million for the three-month period ended March 31, 2022 compared to $35.2 million for the same period in 2021.
While the macro environment remains volatile with several uncertainties, Cargojet has been squarely focused on executing its plans. The global supply chains are going through a major change and this large-scale dislocation is also creating demand for air-cargo to selectively meet critical production schedules. Cargojet is well positioned to participate in this emerging opportunity.
“Ever since March 2020, we have been constantly adapting to the changing air-cargo landscape. The recent geo-political events have further added pressure on the already strained traditional supply chains but they are also creating new opportunities for air-cargo.” said Dr. Ajay Virmani, President & CEO.
“We are acutely aware of the uncertainties and are well positioned to not only tackle them but capitalize wherever new opportunities are emerging. The investments we made in aircraft acquisition, technology and in attracting and retaining top talent are paying off, allowing us to scale up the business in a seamless manner.” concluded Dr. Virmani.
All references to “$” in this press release are to Canadian dollars.
This press release was prepared and distributed by Cargojet
