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Cargojet Inc. has announced financial results for the fourth quarter and year ended Dec. 31, 2017.
For the fourth quarter ended Dec. 31, 2017:
- Total Revenues were $118.2 million, an increase of $24.1 million or 25.6 per cent versus the previous year;
- Gross Margin was $37.4 million, an increase of $9.9 million or 36 per cent versus the previous year;
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $37.3 million, an increase of $9.4 million or 33.7 per cent versus the previous year; and
- Adjusted EBITDAR was $40.1 million, an increase of $7.8 million or 24.1 per cent versus the previous year.
For the year ended Dec. 31, 2017:
- Total revenues were $382.9 million, an increase of $51.9 million or 15.7 per cent over the previous year;
- Gross margin was $106.3 million, an increase of $20.5 million or 23.9 per cent versus the previous year;
- Adjusted EBITDA was $109.5 million, an increase of $16.4 million or 17.6 per cent versus the previous year; and
- Adjusted EBITDAR was $122.9 million, an increase of $9.6 million or 8.5 per cent versus the previous year.
“We are very pleased with the strong financial results achieved in the fourth quarter,” said Ajay Virmani, president and chief executive officer. “We continue to execute our plan to optimize our overnight network and to improve aircraft utilization while meeting the growing demands of e-commerce activity
“These results are a testament to the tremendous efforts of the entire Cargojet team as we continue to focus on prudent cost controls and revenue growth while continuing to provide a value added service to our customers.”
