MISSISSAUGA, ON, Aug. 13, 2024 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX:CJT) announced today financial results for the second quarter ended June 30, 2024. Total revenue for the quarter was $230.8 million compared to second quarter 2023 revenue of $209.7 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $191.3 million compared to $171.6 million for the same period in 2023. Adjusted EBITDA(1) for the quarter was $79.1 million compared to the second quarter 2023 Adjusted EBITDA of $74.3 million. Net loss for the quarter were $25.0 million (net earnings of $28.9 million excluding warrant valuation and contract asset amortization) compared to net earnings of $31.1 million for the same period in 2023 (net earnings of $1.5 million excluding warrant valuation and contract asset amortization). Strong cash flow focus generated a Free Cash Flow(1) inflow of $0.5 million for the three-month period ended June 30, 2024 compared to an outflow of $18.5 million for the same period in 2023. Net cash generated from operating activities was $48.5 million for the three-month period ended June 30, 2024, compared to $58.8 million for the same period in 2023. "Cargojet continues to identify and execute on opportunities in the fast-changing global supply chains. Our earlier announcement, launching a Charter service for fast growing China based e-commerce brands is an example of our deep understanding of new and emerging air cargo routes". "While geo-political challenges and broader economic headwinds continue to affect the overall transportation industry, we remain focused on continuing to grow our Domestic, ACMI and All-in Charter revenue," said Jamie Porteous, Co-Chief Executive Officer. "A continued focus on controlling costs and maintaining EBITDA margins has resulted in another very solid quarter. We continue to be industry leaders in terms of On-time Performance, flexibility, responsiveness, and adding value to our customers," said Pauline Dhillon, Co-Chief Executive Officer. "Our team's commitment to excellence is unwavering, and this quarter's achievements are a testament to their hard work and dedication. We are particularly pleased with the loyalty, dedication, and contributions of every Cargojet team member," concluded Pauline Dhillon. All references to "$" in this press release are to Canadian dollars. About Cargojet Cargojet is Canada's leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own cargo fleet of 41 aircraft. (1) Non-GAAP measures. See "Non-GAAP Financial Measures" section. FINANCIAL INFORMATION AND OPERATING STATISTICS HIGHLIGHTS (Canadian dollars in millions, except where indicated) Three Month Period Ended Six month period ended June 30, June 30, 2024 2023 Change % 2024 2023 Change % Domestic network, ACMI and charter revenues $191.3 $171.6 $19.7 11.5 % $372.3 $341.5 $30.8 9.0 % Fuel surcharge and other revenues $44.9 $41.3 $3.6 8.7 % $100.4 $107.1 ($6.7) -6.3 % Total revenues excluding warrant amortization $236.2 $212.9 $23.3 10.9 % $472.7 $448.6 $24.1 5.4 % Amortization of stock warrant contract assets ($5.4) ($3.2) ($2.2) 68.8 % ($10.7) ($7.0) ($3.7) 52.9 % Total revenues $230.8 $209.7 $21.1 10.1 % $462.0 $441.6 $20.4 4.6 % Direct expenses $185.7 $167.2 $18.5 11.1 % $372.2 $353.5 $18.7 5.3 % Gross margin $45.1 $42.5 $2.6 6.1 % $89.8 $88.1 $1.7 1.9 % Gross margin - (%) 19.5 % 20.3 % -0.8 % 19.4 % 20.0 % -0.6 % Selling, general and administrative expenses $23.6 $14.5 $9.1 62.8 % $41.0 $32.2 $8.8 27.3 % Net finance costs and other gains and losses $35.2 ($2.3) $37.5 1630.4 % $25.2 ($9.7) $34.9 359.8 % Share of (gain) loss in associate ($0.3) ($0.4) $0.1 25.0 % ($0.6) $0.2 ($0.8) -400.0 % (Loss) earnings before income taxes ($13.4) $30.7 ($44.1) -143.6 % $24.2 $65.4 ($41.2) -63.0 % Income taxes 11.6 ($0.4) $12.0 3000.0 % $16.7 $3.7 $13.0 351.4 % Net (loss) earnings ($25.0) $31.1 ($56.1) -180.4 % $7.5 $61.7 ($54.2) -87.8 % Adjusted net (loss) earnings(1) ($0.8) $15.8 ($16.6) -105.1 % $30.2 $32.7