Cargojet earnings a ‘tale of two cities,’ as tariffs dent its business: CEO
BNN Bloomberg
The head of Cargojet Inc. says domestic business spiked in its latest quarter while long-haul international revenue took a hit due to the global trade rejig prompted by U.S. tariffs.
CEO Pauline Dhillon says the split outcomes reflect a “tale of two cities” at the air freight company.
She says Canadian consumers enjoyed an “active” winter holiday season and retailers continued to adopt e-commerce sales, boosting Cargojet’s core overnight shipping business.
However, Dhillon says charter flights on transpacific and transatlantic routes took a hit as e-commerce trade between China and the U.S. continued to drop sharply amid trade tensions between the two countries.
Cargojet’s business hinges on air delivery of e-commerce goods on its fleet of 41 planes.
On Tuesday evening, it reported net earnings fell 63 per cent year-over-year to $26.6 million in its fourth quarter, while revenues decreased three per cent to $284.7 million.
Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
Top Picks from Greg Newman, Senior Wealth Advisor & Portfolio Manager, Newman Group, ScotiaMcLeod
Dan Tobon outlines key market wildcards, including geopolitical risks, AI disruption and shifting investor sentiment.
U.S. stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.
Pinterest CEO Bill Ready called on world leaders to ban social media for youth under 16 in a LinkedIn post on Friday.
Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.
FedEx shares surged about 10 per cent before the bell on Friday, after the package-delivery giant raised its full-year profit forecast and signaled steady shipping demand despite geopolitical tensions and surging fuel costs.
Wall Street is stumbling toward the finish line of a fourth straight losing week, but an ease in oil prices is taking some of the pressure off stock markets worldwide.
In the latest episode of Ticker Take on YouTube, I spoke with Madden, chief investment officer at First Avenue Investment Counsel, about how his team searches for companies that score well across multiple investment disciplines.