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Cargojet earns $29.7 million in third quarter, revenues also rise

Cargojet Inc. says it earned $29.7 million in the third quarter, almost triple the $10.5 million it earned a year earlier.

The Mississauga-based air freight and plane leasing company says its revenues totalled $245.6 million, up 14.8 per cent from $214.0 million during the same quarter in 2023.

Diluted earnings per share were $1.78, up from 61 cents a year earlier.

Co-chief executive officer Jamie Porteous said the company benefitted from interest rate cuts and cooling inflation.

Porteous said these factors are helping foster a more stable and optimistic economic outlook for Canada.

However, he added that geopolitical uncertainty is affecting the entire transportation industry and that Cargojet is not immune to significant cost increases facing aviation companies and supply chains.

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This report by The Canadian Press was first published Nov. 4, 2024.

News from © Canadian Press Enterprises Inc., 2023