- Global Crossing Airlines (JET) has released an update on the fourth quarter of 2021 and its outlook for 2022
- In Q4, the company’s actual hours sold was 280 per cent higher than the 378 hours sold in Q3
- The company has signed multiple LOIs for aircraft that will be delivered in the first quarter, later in the year, and into 2023
- GlobalX expects its capacity to increase by 41 per cent in Q1 2022 compared to Q4 2021
- Global Crossing Airlines is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft
- Shares in Global Crossing Airlines Group Inc. (JET) are up 9.55 per cent, trading at $1.95 per share
Global Crossing Airlines (JET) has released an update on the fourth quarter of 2021 and its outlook for 2022.
In the fourth quarter, the company’s actual hours sold was 280 per cent higher than the 378 hours sold in Q3.
“Q4 was an excellent quarter with over 1,400 block hours sold,” said GlobalX CEO and Chair Ed Wegel.
“Our government business remained strong, and we added several new clients with football bowl game flying and continued expansion of our Havana flying,” he added. “We continue to be very excited about the enthusiasm for our product offering and our growing portfolio of customers.”
Looking forward to 2022, GlobalX expects strong demand for its products and increased block hours in the first quarter.
In addition to the delivery of two additional passenger aircraft in the first quarter, GlobalX’s first two A321 freighters will enter conversion in January and February, on time for a Q3 delivery.
The company has signed an additional letter of intent for two more A321 freighters that will be delivered in 2023, bringing its total number of A321Fs to 11.
In the fourth quarter of 2021, GlobalX sold 85 per cent of its available capacity and expects to continue to sell capacity at that rate in 2022.
GlobalX expects its capacity to increase by 41 per cent in Q1 2022 compared to Q4 2021, and expected capacity in Q4 2022 is projected to be 2.3 times greater than available capacity in Q4 2021.
Global Crossing Airlines is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft.
The company flies as a passenger ACMI and charter airline serving the US, Caribbean, and Latin American markets.
Shares in Global Crossing Airlines Group Inc. (JET) are up 9.55 per cent, trading at $1.95 per share as of 3:07 pm EST.