Cargojet foresees ‘much stronger’ second half of year as e-commerce sales rise [Video]

The co-CEO of Cargojet Inc. says rising e-commerce demand will fuel major business gains in the second half of the year after boosting revenues last quarter.

Jamie Porteous, co-chief executive at the air freight company, told analysts Wednesday the remainder of 2024 will be “much stronger” than the first six months due to resurgent online sales.

“We’ve seen sequential quarter-over-quarter, year-over-year growth for all of our customers and in all three segments, largely driven by e-commerce growth,” he told analysts on a conference call.

Revenues in the quarter ended June 30 rose roughly 10 per cent year-over-year to $230.8 million, the company reported.

Business from Amazon has spiked, particularly during the e-commerce giant’s popular “Prime days” promotions, Porteous said.

“We had a very successful Prime week,” he said, referring to the mid-July bargain hunt.

Amazon has also asked Cargojet for “dedicated capacity” via charter flights for the online retailer’s sales …