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Cargojet reports Q4 loss compared with profit a year earlier, revenue down

MISSISSAUGA, Ont. — Cargojet Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue fell.

The air cargo company says it had a net loss of $34.9 million or $2.04 per diluted share for the quarter ended Dec. 31.

The loss compared with a profit of $2.6 million or 15 cents per diluted share in the last three months of 2022.

Revenue, excluding warrant amortization, for the quarter was $254.7 million compared with $271.0 million in the same quarter a year earlier.

On an adjusted basis, Cargojet says it lost 14 cents per share in its latest quarter compared with an adjusted profit of 89 cents per share a year earlier.

Cargojet operates a fleet of 41 cargo aircraft.

This report by The Canadian Press was first published Feb. 26, 2024.

Companies in this story: (TSX:CJT)

The Canadian Press