Copa Holdings beats expectations for 4Q and 2009

Copa Holdings (Copa Airlines and AeroRepublica) (Panama City) reported net income of $70.4 million for fourth quarter, as compared to net income of $25.8 million for 4Q08. Excluding special items, which for 4Q09 include a special charge of $4.8 million related to the accrual of costs associated with the retirement of four DC-9-80 (MD-80) aircraft as a result of AeroRepublica’s transition to an all Embraer ERJ 190 fleet and a $9.6 million non-cash gain associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of $65.7 million, compared to an adjusted net income of $65.2 million in 4Q08.

Net income for full year 2009 reached $240.4 million, compared to $118.7 million for full year 2008. Excluding special items, which for 2009 include a special charge of $19.4 million related to the accrual of costs associated with the retirement of four DC-9-80 (MD-80) aircraft as a result of AeroRepublica’s transition to an all Embraer ERJ 190 fleet and a $58.0 million non-cash gain associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of $201.7 million compared to an adjusted net income of $173.5 for full year 2008, representing an increase of 16.3 percent.

Copyright Photo: Bruce Drum. Copa Airlines’ Boeing 737-7V3 HP-1377CMP (msn 30462) taxies to the terminal at Miami.

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About Bruce Drum

I have started the ultimate digital photo library of the fascinating world of airliners and airlines. The goal is to have the complete history of all airlines and the various aircraft operated. I have been photographing airplanes since 1965. Join us in this adventure.