Cargojet Inc. announced today financial results for the fourth quarter and year ended December 31, 2019.
For the Fourth Quarter Ended December 31, 2019:
- Total Revenues were $139.7 million, an increase of $7.1 million or 5.4% versus the previous year. Revenue growth excluding fuel surcharges and other pass through costs was 9.2%
- Gross Margin was $41.6 million, an increase of $4.5 million or 12.1% versus the previous year
- Adjusted EBITDA was $47.2 million, an increase of $7.0 million or 17.4% versus the previous year
- Adjusted EBITDAR was $47.2 million, an increase of $4.9 million or 11.6% versus the previous year
For the Year Ended December 31, 2019:
- Total Revenues were $486.6 million, an increase of $31.7 million or 7.0% versus the previous year. Revenue growth excluding fuel surcharges and other pass through costs was 9.9%
- Gross Margin was $119.2 million, an increase of $6.9 million or 6.1% versus the previous year
- Adjusted EBITDA was $156.0 million, an increase of $28.0 million or 21.9% versus the previous year
- Adjusted EBITDAR was $156.8 million, an increase of $18.9 million or 13.7% versus the previous year
“Cargojet continued to produce strong revenue and EBITDA growth in 2019,” said Ajay Virmani, President and Chief Executive Officer.
“We remain focused on executing our strategy and are driving growth in each of our lines of business. Once again, we handled record volumes for 2019 peak season while delivering exceptional service to our customers. Our efforts to prudently manage costs are yielding better margins and we continue to optimize our fleet utilization. Cargojet team once again delivered a strong quarter making us incredibly proud of their dedication and hard work.” he added.
