Copa Holdings loses $110.7 million in the first quarter

Copa Airlines' ConnectMiles loyalty program

Copa Holdings, S.A. has announced financial results for the first quarter of 2021 (1Q21).

Photo: Orlando International Airport.


  • Copa Holdings reported a net loss of US$110.7 million for the quarter, or US$2.60 per share.  Excluding special items, the Company would have reported a net loss of US$95.1 million, or US$2.23 per share.  Special items for the quarter include a US$15.7 million unrealized mark-to-market loss related to the Company’s convertible notes.
  • Copa Holdings reported an operating loss of US$77.1 million for the quarter.
  • Cash consumption, defined as cash disbursements less proceeds, excluding extraordinary financing activities and asset sales but including capital expenditures and payment of financial obligations, averaged approximately US$23 million per month during the quarter.
  • The Company ended the quarter with US$1.5 billion of available liquidity, consisting of approximately US$1.2 billion in cash, short-term and long-term investments, and committed and undrawn credit facilities of US$345 million.
  • The Company closed the quarter with total debt, including lease liabilities, of US$1.7 billion.
  • The Company’s flight operations, measured in terms of available seat miles (ASMs), represented approximately 39% of those in the same period in 2019.
  • During the quarter, 4 Embraer 190 aircraft exited the fleet as part of a previously agreed sale to a third party.  As of March 31, 2021, there were 4 remaining Embraer 190 aircraft sold that are expected to leave during the second quarter. 
  • During the quarter, the Company took delivery of 6 Boeing 737 MAX 9.  Excluding the aircraft classified as assets held for sale, and including aircraft in temporary storage, Copa Holdings ended the quarter with a consolidated fleet of 81 aircraft – 68 Boeing 737-800s and 13 Boeing 737 MAX 9s, compared to a total fleet of 102 aircraft at the end of the first quarter of 2020.
  • During the quarter, Copa Airlines had an on-time performance of 95.0% and a flight-completion factor of 99.3%, once again positioning itself among the best in the industry.

Subsequent Events

  • In April, the Company delivered 1 Embraer 190 aircraft, out of 14 that were sold to a third party.

Top Copyright photo: The Embraer 190s are being phase out this year. Copa Airlines Embraer ERJ 190-100 IGW HP-1564CMP (msn 19000100) ( PTY (Andres Meneses). Image: 929692.

Copa Airlines aircraft slide show: