05:11 PM EST, 11/04/2024 (MT Newswires) -- Cargojet ( CGJTF ) after trade Monday said its third-quarter adjusted earnings and revenue rose year-over-year.

The airfreight carrier said its adjusted earnings, excluding most one-time items, rose to $23.6 million, or $1.48 per share, in the period, up from $2.6 million, or $0.15, in the year-prior quarter. The result surpassed the consensus analyst estimate for an adjusted profit of $1.12 per share, according to Capital IQ.

The company said its direct expenses rose 1.5% to $183.2 million from $180.5 million.

Revenue also rose nearly 15%, to $245.6 million from $214 million. Analysts polled by Capital IQ expected $247.5 million.

Co-Chief Executive Jamie Porteous said that the company is focused on creating sustainable revenue streams amid geopolitical challenges impacting the overall transportation industry. "Yet, Cargojet ( CGJTF ) is not immune to the headwinds of significant cost increases facing the aviation and the supply chain sectors."

The company's shares closed up $0.53 to $138.80 on the Toronto Stock Exchange.