Cargojet reports $32.5M Q1 profit, up from $30.5M a year ago

MISSISSAUGA, Ont. — Cargojet Inc. reported a first-quarter profit of $32.5 million, up from $30.5 million a year earlier.

Co-chief executive Pauline Dhillon says streamlined maintenance processes, optimized schedules and better shift management are helping reduce costs.

The air cargo company says the profit amounted to $1.84 per diluted share for the quarter ended March 31, up from $1.67 per diluted share in the same quarter last year.

Revenue totalled $231.2 million for the three-month period, down fro $231.9 million in its first quarter last year.

On an adjusted basis, Cargojet says it earned $1.86 per share in its latest quarter, up from an adjusted profit of 97 cents per share a year earlier.

Cargojet provides air cargo services across North America with its own fleet of 41 aircraft.

This report by The Canadian Press was first published April 29, 2024.

Companies in this story: (TSX:CJT)

The Canadian Press