MISSISSAUGA, ON, April 29, 2024 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX:CJT) announced today financial results for the first quarter ended March 31, 2024. Total revenue for the quarter was $231.2 million compared to first quarter 2023 revenue of $231.9 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $181.0 million compared to $169.9 million in first quarter 2023. Adjusted EBITDA(1) for the quarter was$78.4 million compared to the first quarter 2023 Adjusted EBITDA of $75.0 million. Net earnings for the quarter were $32.5 million (net earnings of $20.8 million excluding warrant valuation and contract asset amortization) compared to net earnings of $30.5 million in 2023 (net earnings of $9.8 million excluding warrant valuation and contract asset amortization). Strong cash flow focus generated a Free Cash Flow(1) inflow of $168.7 million for the three-month period ended March 31, 2024 compared to $15.2 million for the same period in 2023. Net cash generated from operating activities was $80.3 million for the three-month period ended March 31, 2024, compared to $63.1 million for the same period in 2023. "We further optimized our fleet and flight schedules; combined with an encouraging increase in volumes, we are starting to see the margin improvements we have been working on since 2023. Our cautious optimism is tempered by the increasing geo-political uncertainty and potential supply chain disruptions. We are particularly pleased to start the year with strong cashflow generation that will help us execute the strategic priorities we laid out earlier this year." said Jamie Porteous, Co-Chief Executive Officer. "We continue to drive efficiencies in every aspect of our business. Streamlined maintenance processes, optimized schedules and better shift management are helping reduce costs; Greater focus on disciplined procurement is yielding expense savings in key large ticket categories. We are particularly pleased with a strong cost discipline culture across the company," said Pauline Dhillon, Co-Chief Executive Officer. "But at the core of everything we do is our passion for customer success and we continue to demonstrate that with our industry leading on-time performance. Our backbone continues to be our team of dedicated, loyal, committed professionals who drive our daily successes." concluded Pauline Dhillon. All references to "$" 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 March 31, 2024 2023 Change % Domestic network, ACMI and charter revenues $181.0 $169.9 $11.1 6.5 % Fuel surcharge and other revenues $55.5 $65.8 ($10.3) -15.7 % Total revenues excluding warrant amortization $236.5 $235.7 $0.8 0.3 % Amortization of stock warrant contract assets (1) ($5.3) ($3.8) ($1.5) 39.5 % Total revenues $231.2 $231.9 ($0.7) -0.3 % Direct expenses $186.5 $186.4 $0.1 0.1 % Gross margin $44.7 $45.5 ($0.8) -1.8 % Gross margin - (%) 19.3 % 19.6 % -0.3 % Selling, general and administrative expenses $17.4 $17.7 ($0.3) -1.7 % Net finance costs and other gains and losses ($10.0) ($7.4) ($2.6) -35.1 % Share of (gain) loss in associate ($0.3) $0.6 ($0.9) -150.0 % Earnings before income taxes $37.6 $34.6 $3.0 8.7 % Income taxes $5.1 $4.1 $1.0 24.4 % Net earnings $32.5 $30.5