Cargojet Inc T.CJT

Alternate Symbol(s): T.CJT.DB.E | T.CJT.DB.F | CGJTF

Industrials

Cargojet Inc. is a Canada-based company, which is a provider of time-sensitive premium air cargo services to all major cities across North America. The Company also provides dedicated aircraft to customers on an aircraft, crew, maintenance, and insurance (ACMI) basis, operating between points in Canada, the United States of America, Mexico, South America, Europe, and Asia. The Company operates scheduled international routes for multiple cargo customers between the United States of America and Bermuda, Canada, the United Kingdom, and Germany, and between Canada and Mexico. The Company offers ACMI, and international charter services and carries approximately 25,000,000 pounds of cargo weekly. It operates its network with its own fleet of 39 aircraft.

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Cargojet Inc

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Post by retiredcfon May 01, 2023 9:18am

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Post# 35422501

RBC

May 1, 2023

Cargojet Inc. Q1 results in line

TSX: CJT | CAD 101.90 | Outperform | Price Target CAD 231.00

Sentiment: Neutral

Our early take: CJT reported in-line results; and as previously was the case, ACMI revenue came in below our expectations due to slowing eCommerce volumes. We also highlight the fleet plan was largely unchanged, with the only update q/q being one less Challenger 601. Management noted in the release that CJT is not immune to the softening industry trends but that it is focused on realigning every aspect of the company's cost structure while maintaining service levels. Adj. EBITDA came in at $75MM, in line with consensus $76MM (RBC: $76.6MM). We will be looking for commentary on the outlook as well as ACMI run-rates on this morning's conference.

Q1/23 highlights: Total revenue came in at $232MM vs. consensus $237MM (RBC: $235MM) — with ACMI coming in below. Margins were in line at 32.3% (RBC: 32.5%). See Exhibit 1.

Conference call details

• Today at 8:30 A.M.
• Dial-in: 800 806 5484 pass: 7200638