MISSISSAUGA, ON, Nov. 1, 2021 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT) announced today financial results for the third quarter ended September 30, 2021.
Total Revenues for the quarter were $189.5 million compared to third quarter 2020 Revenues of $162.3 million. Gross Margin for the quarter was $54 million compared to third quarter 2020 Gross Margin of $58.3 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $70.9 million compared to the third quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $69.8 million.
Total revenue growth of 16.8% for the quarter compared to prior year was led by the ACMI line of business that posted strong revenue growth of 21% compared to prior year. Cargojet continues to diversify its portfolio and it is more diversified today than the pre-pandemic period. Domestic Network Revenue for this quarter accounted for less than 42% of total revenues compared to over 54% for the same quarter in 2019.
Adjusted Free Cash Flow was $51.1 million for the three-month period ended September 30, 2021 compared to $59.3 million for the same period in 2020.
"Ocean and ground transportation supply-chains remain clogged across the globe creating short-to-medium term opportunities for air-cargo. We are seeing that reflected in our ACMI business and expect this to extend through the upcoming holiday season," said Dr. Ajay Virmani, President & CEO.
"As economies and businesses re-open, Consumers are keen to step out and experience in-person shopping. But our longer-term outlook for e-Commerce remains strong, particularly given the dramatic uplift in digital adoption over the past 18 months," further noted Dr. Virmani.
"We are also excited about the opportunities emerging in the international air-cargo segment. Over the past few quarters, we have methodically invested in talent, infrastructure and aircrafts necessary to build a strong international business and are beginning to see encouraging results. Our team of dedicated professionals continues to be the driving force of our ongoing success. Each member of our team focuses and delivers customer excellence," concluded Dr. Virmani.