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Highlights
- Cargojet Inc (TSX:CJT) has been turning heads on the stock markets in the wake of its fourth-quarter and year-end results for fiscal 2021, which were released on Monday, March 7.
- The air cargo company said that its total net income amounted to C$ 167.4 million in fiscal 2021, representing a significant improvement from a net loss of C$ 87.8 million incurred in 2020.
- Stocks of Cargojet swelled by over 10 per cent year-to-date (YTD).
Cargojet Inc (TSX:CJT) has been turning heads on the stock markets in the wake of its fourth-quarter and year-end results for fiscal 2021, which were released on Monday, March 7.
The air cargo company said that its total net income amounted to C$ 167.4 million in fiscal 2021, representing a significant improvement from a net loss of C$ 87.8 million incurred in 2020.
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Let us glance at Cargojet’s overall performance.
Cargojet (TSX: CJT)’s financial performance in Q4 FY2021
The Canadian air cargo firm reported C$ 235.9 million in total revenues in the latest quarter, up 26.1 per cent year-over-year (YoY). The C$ 3-billion market cap company said its gross margin grew from 69.3 million in the prior-year quarter to C$ 76.7 million in the fourth quarter of fiscal 2021.
Its adjusted EBITDA and EBITDAR amounted to C$ 90.5 million in the latest quarter, up from C$ 87 million in the same quarter a year ago.
The company stated that its net profit was C$ 102 million (C$ 33.4 million excluding warrant valuation gain) against a net loss of C$ 20.5 million (C$ 27.4 million excluding warrant valuation loss) in Q4 2020.
However, its adjusted free cash flow fell to C$ 38 million in the latest quarter compared to C$ 52.1 million in the same period a year ago.
On a full-year basis, its total revenues were C$ 757.8 million in 2021 against C$ 668.5 million a year ago.
Cargojet’s stock performance
Stocks of Cargojet Inc swelled by over 10 per cent year-to-date (YTD). It closed at C$ 183.93 apiece on Friday, March 4, down by over 14 per cent from its 52-week high of C$ 214.5 (September 1, 2021).
Bottomline
Cargojet added that the “prolonged” COVID situation had caused structural shifts in the industry, which have taken out belly cargo capacity from the supply chain.
However, it added that the e-commerce growth increased the demand for air cargo services, leading to near-term and medium-term growth opportunities in the international airlift capacity.
The company aims to utilize such structural opportunities to expand its global footprints, it said.
Also read: Why are these Canadian stocks trending amid the Russia-Ukraine war?
Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
