Cargojet tops $1 billion in full-year revenue for first time ever

A Cargojet plane sits on the tarmac at the John C. Munro Hamilton International Airport in Hamilton, Ont., Friday, Feb. 23, 2024. THE CANADIAN PRESS/Nick Iwanyshyn

MISSISSAUGA, Ont. — Cargojet Inc. says full-year sales topped $1 billion in a record for the air freight company, while fourth-quarter revenues jumped by a third.

It is reporting revenues for all of 2024 rose 14 per cent to reach just over $1 billion.

Cargojet says net income rose to $71.2 million in the three months ended Dec. 31 compared with a loss of $34.9 million in the same period the year before.

It says fourth-quarter revenues increased to $293.2 million versus $221.9 million a year earlier.

On an adjusted basis, the Mississauga, Ont.-based company says earnings surged more than 400 per cent year-over-year to $1.71 per share from 34 cents per share, beating analysts' forecasts of $1.62 per share, according to financial markets data firm Refinitiv.

Co-CEO Pauline Dhillon says the team overcame tough weather during the peak holiday sales season to boost the number of hours flown by 16 per cent year-over-year last quarter.

This report by The Canadian Press was first published Feb. 17, 2025.