Cargojet reports Q4 2022 revenue increase but remains watchful for recession

Cargojet reported revenue of C$267 million (US$ 196 million) for the fourth quarter of 2022 (Q4 2022), an increase on the C$235.9 million recorded during the same period in 2021. Gross margin for the quarter was down to C$61.9 million compared to Q4 2021’s C$78.2 million. Adjusted EBITDA was C$82.9 million compared Q4 2021’s C$90.5 million, while Q4 2022 adjusted free cash flow C$33.6 million fell below 2021’s C$37.8 million. Revenue growth of 13.2% for the quarter compared reflected “a strong contribution from the ACMI [aircraft, crew, maintenance and insurance] network”, up 10.6%, and from charters, which were up by