Cargojet reports Q3 profit and total revenue down from year ago
By The Canadian Press on November 7, 2023.
MISSISSAUGA, Ont. – Cargojet Inc. reported its third-quarter profit and total revenue fall compared with a year ago. The air cargo services company says it earned $10.5 million or 61 cents per diluted share for the quarter ended Sept. 30, down from $83.4 million or $4.33 per diluted share a year earlier. Revenue totalled $214.0 million, down from $232.7 million in the same quarter last year. On an adjusted basis, Cargojet says it earned 30 cents per share in its latest quarter, down from an adjusted profit of $2.18 per diluted share a year earlier. Cargojet chief executive Ajay Virmani says the volumes for discretionary items are softening, but essential household goods are holding up well. Virmani says the company is prudently trimming capital expenditures and working on identifying every cost saving opportunity. This report by The Canadian Press was first published Nov. 7, 2023. Companies in this story: (TSX:CJT) 9-8
