Cargojet Inc. has reported strong financial results for the second quarter ended June 30, 2020. Total Revenues for the quarter were $196.1 million compared to second quarter 2019 Revenues of $119.1 million.
Gross Margin for the quarter was $90.7 million compared to second quarter 2019 Gross Margin of $26.6 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $91.1 million and $91.1 million compared to second quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $37.5 million and $37.8 million respectively.
Cargojet’s domestic revenues benefited from a strong e-Commerce growth driven by the work-from-home economy that were partially offset by lower B2B volumes, as most non-essential businesses were closed in the early part of the Quarter.
Ajay Virmani, president and chief executive office, Cargojet, commented: “Reduced global air cargo capacity, as a result of extremely reduced passenger flights, led to strong ACMI growth in International markets that we believe will continue for the short and medium term. We also realized strong ad-hoc international charter revenues operating during the period, providing capacity to bring PPE and other medical supplies back from Asia for various government agencies that may not be recurring.
“We are continuing to monitor the impact of COVID-19 but believe it will be several quarters before we fully understand its short and long-term implications. Cargojet continues to show resilience and operating leverage as it handles a significant surge in volumes. At the same time, we are continuing to use increased cash flows to pay down debt and we continue to make investments to ensure that we can participate in the growth opportunities being presenting to us,”