Cargojet Focuses on Canada, Sells U.S. Stake
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Cargojet Sells Stake in U.S. Air Cargo Company, Focuses on Domestic Growth
Cargojet, a Mississauga-based company, has announced the sale of its minority stake in twenty-one Air, a U.S. air cargo outfit. The company initially acquired a 25% share in 2021. CEO Pauline Dhillon stated that this move allows Cargojet to concentrate on its domestic network. Although they will continue collaborating with twenty-one Air on select projects, this sale signifies a strategic shift amid financial challenges. In Q4, Cargojets net earnings plummeted 63% to $26.6 million, with revenues dropping 3% to $284.7 million due to increased finance costs and other factors. The sale price remains undisclosed, but this divestment appears to be a move to stabilize and grow domestically following profit dips.
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Canada News Today | 2 Min News | The Daily News Now! — Cargojet Focuses on Canada, Sells U.S. Stake. Machine-transcribed; use the interactive transcript above to jump the player to any line.
It's April 2nd. Welcome to Canada News today, powered by AI. CargoJ just announced its selling off its minority stake in the US air cargo outfit 21 air. Back in 2021, the Mississauga based company picked up a 25% slice of that operation. CEO Pauline Dillon says this move sharpens their focus right back on the home front network. They'll keep teaming up with 21 air on select projects even after the deal closes, so it's not a full goodbye. This comes as CargoJ tweaks its strategy amid some tough financial headwinds. In the fourth quarter, their net earnings dropped 63%, year over year, to $26.6 million. Revenue slipped 3% to $284.7 million, mainly from an extra $37.7 million in. Finance costs plus some other hits. The divestment looks like a pivot to stabilize and grow domestically, especially after those profit dips. Those haven't spilled details on the sale price yet.
Rapping this up, CargoJ stays plugged into key partnerships while doubling down on Canada's smart play in a shaky market.
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