Air cargo company Cargojet Inc. CJT-T reported a first-quarter profit of $30.5-million as its revenue edged lower to start the year.
Cargojet chief executive Ajay Virmani says the company is not immune to softening industry trends as well as the macro factors of slower economic growth, higher interest rates and persistent inflation.
The company says its profit amounted to $1.67 per diluted share for the quarter ended March 31 compared with a loss of $56.4-million or $3.26 per diluted share a year earlier.
Revenue totalled $231.9-million, down from $233.6-million in the first three months of 2022.
On an adjusted basis, Cargojet says it earned 97 cents per share in its latest quarter, down from an adjusted profit of $1.56 per share a year earlier.
Analysts on average had expected an adjusted profit of $1.03 per share and $236.4-million in revenue, according to estimates compiled by financial markets data firm Refinitiv.