Cargojet reports Q4 profit down from year earlier, revenue up more than 10%

MISSISSAUGA, Ont. – Cargojet Inc. reported its fourth-quarter profit fell compared with a year earlier as its revenue rose by more than 10 per cent.

The air cargo company says it earned $2.6 million or 15 cents per diluted share for the quarter ended Dec. 31.

The result was down from a profit of $102.0 million or $5.70 per diluted share in the fourth quarter of 2021.

Revenue totalled $267.0 million, up from $235.9 million a year earlier.

On an adjusted basis, Cargojet says it earned a profit of 90 cents per share, down from an adjusted profit of $2.48 per share a year earlier.

The company signed a deal in January to extend its master services agreement with Canada Post Corp. and Purolator Inc. until Sept. 30, 2029.

This report by The Canadian Press was first published March 6, 2023.

Companies in this story: (TSX:CJT)