Cargojet Inc. has announced financial results for the third quarter ended September 30, 2020. Total Revenues for the quarter were $162.3 million compared to third quarter 2019 Revenues of $117.4 million. Gross Margin for the quarter was $58.3 million compared to third quarter 2019 Gross Margin of $29.8 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $78.1 million and $78.1 million respectively compared to the third quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $39.1 million and $39.3 million respectively.
With back-to-back strong quarters, Cargojet generated $59.3 million in free Adjusted Free Cash Flow during Q3 and $144.8 million for the nine months ending September 30, 2020, allowing it to further reduce its overall leverage to 2.1X twelve months trailing EBITDAR.