Category Archives: Copa Airlines

Copa Airlines takes delivery of its 100th airplane with a special decal

Copa Airlines (Panama City) took delivery of the 100th airplane to join its fleet, a Boeing 737-800 (HP-1852CMP) decorated with a special decal celebrating the airline achieving this important milestone.

The airplane, leased from SMBC Aviation Capital, flew from Seattle to its Panama City home base, where it was welcomed by a special ceremony.

With this new airplane, Copa now has 77 Next-Generation 737s in its fleet. In April, the airline signed an order for 61 737 MAX airplanes.

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Copa Airlines allows passengers to make fast and convenient connections to 74 destinations in 31 countries in North, Central and South America and the Caribbean through its Hub of the Americas in Panama City, the airline hub with the most international connections in Latin America. For the last two consecutive years, FlightStats has recognized Copa as “Best Airline in Latin America” for its on-time performance and quality of service.

Photo: Boeing. Boeing 737-8V3 HP-1852CMP (msn 39968) wears the special “100” logo.

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Copa Holdings reports a larger second quarter net profit

Copa Holdings, S.A. (Copa Airlines) (Panama City) has its announced financial results for the second quarter of 2015 (2Q15).

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OPERATING AND FINANCIAL HIGHLIGHTS:

Copa Holdings reported net income of $64.1 million (all amounts are in US dollars) for 2Q15, or diluted earnings per share (EPS) of $1.46. Excluding special items, Copa Holdings would have reported an adjusted net income of $41.0 million, or $0.93 per share, a 64.7% decrease over adjusted net income of $115.9 million and $2.61 per share for 2Q14.

Operating income for 2Q15 came in at $49.2 million, a 62.5% decrease over operating income of $131.2 million in 2Q14. Operating margin for the period came in at 9.1%, compared to 19.5% in 2Q14, as a result of lower unit revenues partially offset by lower unit costs.

Total revenues decreased 20.1% to $538.4 million. Yield per passenger mile decreased 20.4% to 13.2 cents and operating revenue per available seat mile (RASM) decreased 24.4% to 10.0 cents.

For 2Q15, passenger traffic (RPMs) decreased 0.2% on a 5.8% capacity expansion. As a result, consolidated load factor came in at 72.9%, or 4.3 percentage points below 2Q14.

Operating cost per available seat mile (CASM) decreased 14.7%, from 10.7 cents in 2Q14 to 9.1 cents in 2Q15, mainly due to lower jet fuel costs. CASM excluding fuel decreased 6.3% to 6.2 cents mainly due to lower sales related expenses and lower overhead expenses.

Cash, short-term and long-term investments ended 2Q15 at $1.15 billion, representing 46% of the last twelve months’ revenues. Of this amount, 39%, or $452.2 million, is in Venezuela pending repatriation due to government currency controls.

During the second quarter, Copa Airlines took delivery of two Boeing 737-800 aircraft, and returned a leased Boeing 737-700.

Furthermore, the Company subleased one of its Boeing 737-700s to United Airlines. As a result, Copa Holdings ended the quarter with a consolidated fleet of 98 aircraft.

For 2Q15, Copa Holdings reported consolidated on-time performance of 90.4% and a flight-completion factor of 99.7%, maintaining its position among the best in the industry.

SUBSEQUENT EVENTS

During July 2015, Copa Holdings subleased one more of its Boeing 737-700s to United Airlines.

Copa Holdings will pay its third quarter dividend of US$0.84 per share on September 15, 2015, on all outstanding Class A and Class B shares, to stockholders of record as of August 31, 2015.

Note:

(1) Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 2Q15, 2Q14, and 1Q15 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges, and also exclude charges/gains related to the Venezuelan currency.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Copa Airlines Boeing 737-86N HP-1726CMP (msn 38024) departs from Los Angeles.

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Copa Airlines to add a new route to Belize City

Copa Airlines {Panama City} subsidiary of Copa Holdings, S.A., and member of the Star Alliance global airline network, announced it will begin operating two weekly flights between Belize City and Panama City, Panama, starting on December 8, 2015. With the addition of Belize, Copa Airlines’ route network will total 75 cities in 31 countries in North, Central and South America and the Caribbean, including every Central American country.

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The twice-weekly Copa flight CM 281 will depart Belize City on Tuesdays and Fridays, at 2:17 p.m., arriving at the Hub of the Americas at Tocumen International Airport in Panama City at 5:34 p.m. Flight CM 280 will depart Panama Tuesdays and Fridays at 11:29 a.m., arriving in Belize at 12:52 p.m. All times are local; flight duration is approximately 2 hours, 20 minutes.

Copa Airlines will operate the nonstop flight to Belize using Embraer 190 aircraft, with seating for 94 passengers — 10 in business class and 84 in the main cabin.

Copyright Photo: Tony Storck/AirlinersGallery.com. Embraer ERJ 190-100 IGW HP-1556CMP (msn 19000016) is pictured at San Salvador in El Salvador.

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Route Map:

Copa Airlines 8.2015 Route Map

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Copa Airlines is coming to San Francisco

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Copa Airlines (Panama City) will add a new daily nonstop route to San Francisco starting on September 17, 2015 from Tocumen International Airport in Panama City according to San Francisco International Airport (SFO).

The airport issued this statement:

San Francisco International Airport (SFO) announced Copa Airlines will begin nonstop service between San Francisco International Airport (SFO) and Panama City, Panama this fall.

Copa Airlines officials said the airline plans to launch service at SFO on September 17, 2015, with flights operating seven days per week to the airline’s Hub of the Americas at Tocumen International Airport in Panama City. Copa offers connecting flights to more than 55 cities across Latin America through the airport, the largest and busiest in Central America.

Copa flight 209 will depart San Francisco daily at 11:19 p.m., arriving at Copa’s Hub of the Americas at Tocumen International Airport in Panama at 8:32 a.m. the following day. The return flight 208, will depart Panama at 9:41 a.m., arriving in San Francisco at 2:54 p.m. Copa will operate a Boeing 737-800 Next Generation aircraft on the approximately 6-hour, 45-minute flight, with premium configuration and seating capacity for 16 passengers in Business Class and 138 in the main cabin.

Copyright Photo: Jay Selman/AirlinersGallery.com. Boeing 737-8V3 HP-1723CMP (msn 37959) with APB Split Scimitar Winglets departs from Miami International Airport (MIA).

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Copa Holdings reports first quarter net income of $113.1 million, down 25.3% from $151.4 million

Copa Holdings, S.A. (Copa Airlines and Copa Airlines Colombia) (Panama City) has announced its financial results for the first quarter of 2015 (1Q15):

Copa Holdings reported net income of $113.1 million (all amounts in US dollars) for 1Q15, or diluted earnings per share (EPS) of $2.57. Excluding special items, Copa Holdings would have reported an adjusted net income of $106.0 million, or EPS of $2.41 per share, a 30.4% decrease over adjusted net income of $153.6 million and $3.46 per share for 1Q14.

Operating income for 1Q15 came in at $127.3 million, a 28.1% decrease over operating income of $177.0 million in 1Q14. Operating margin for the period came in at 20.1%, compared to 24.8% in 1Q14, as a result of lower unit revenues partially offset by lower unit costs.

Total revenues decreased 11.5% to $631.8 million. Yield per passenger mile decreased 16.2% to 14.8 cents and operating revenue per available seat mile (RASM) decreased 18.3% to 11.6 cents. Adjusting for an 8.5% increase in length of haul, yields and RASM decreased 12.7% and 14.9%, respectively.

For 1Q14, passenger traffic (RPMs) grew 5.8% on a 8.3% capacity expansion. Consolidated load factor came in at 76.3%, 1.8 percentage points below 1Q14.

Operating cost per available seat mile (CASM) decreased 13.2%, from 10.7 cents in 1Q14 to 9.3 cents in 1Q15 mainly due to lower jet fuel costs. CASM, excluding fuel, decreased 3.4% to 6.3 cents mainly due to lower sales related expenses and lower overhead expenses.

Cash, short-term and long-term investments ended 1Q15 at US$1.16 billion, representing 44% of the last twelve months’ revenues. Of this amount, 41% or US$470.1 million was in Venezuela pending repatriation due to government currency controls.

During the first quarter, Copa Airlines took delivery of one Boeing 737-800 aircraft, and returned a leased Boeing 737-700. As a result, Copa Holdings ended the quarter with a consolidated fleet of 98 aircraft.

On April 10, 2015, Copa Holdings signed an order with Boeing to purchase 61 737-MAX aircraft, worth US$6.6 billion at Boeing list prices. The aircraft are expected to be delivered between 2018 and 2024.

Copyright Photo: TMK Photography/AirlinersGallery.com. Copa Airlines is proud to be the official airline of the “Legend Series,” an annual event arranged by Major League Baseball in conjunction with Panamanian business people and with the support of the Panamanian Government. Copa Airlines decorated this Boeing 737-8V3 registered as HP-1533CMP (msn 35067) as the “Official Airlines of Major League Baseball” showing the logos of the National League on this side. On the other side is the American League teams.

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Copa Airlines orders 61 Boeing 737 MAX 8 and MAX 9 airliners

COPA 737 MAX 8 Artwork

Copa Airlines (Panama City) has entered into a historic landmark order with Boeing (Chicago, Seattle and Charleston) for 61 Boeing 737 MAX 8 and MAX 9 airliners (previously listed as unidentified). Boeing issued this statement and image:

Panama President Juan Carlos Varela Rodriguez and U.S. President Barack Obama witnessed a historic agreement in which Copa Airlines and Boeing announced an order for 61 737 MAX 8 and MAX 9 airplanes. The order, valued at $6.6 billion at list prices, is the largest commercial transaction ever between a Panamanian and a U.S.-based company.

The signing ceremony took place in Panama City as leaders from throughout the Western Hemisphere gathered for the seventh Summit of the Americas.

Presidents Varela and Obama were on hand as Copa Chairman Stanley Motta, Copa CEO Pedro Heilbron and Boeing Chairman and CEO Jim McNerney signed documents recognizing the agreement. The airplanes were previously attributed to an unidentified customer on Boeing’s Orders and Deliveries web site.

Copa Airlines will use the airplanes to replace existing airplanes and support the carrier’s plans for strategic growth. Copa will be the first airline in the region to operate the 737 MAX 9 on deep South American routes. The 737 MAX 9’s range and passenger comfort are ideally suited to Copa’s long-haul route network.

The 737 MAX also features the Boeing Sky Interior, which Copa helped launch in Latin America on its Next-Generation 737 fleet. The sleek interior boasts modern lines, a spacious cabin with more headroom and LED lighting that offers vibrant color options.

To date, the 737 MAX has accumulated 2,715 orders from 57 customers around the world.

Image: Boeing.

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Copa Holdings earnings dip for the fourth quarter and 2014 due to fuel hedges and the devaluation of Venezuelan Bolivar

Copa Holdings, S.A. (Copa Airlines and Copa Airlines Colombia) (Panama City) announced its financial results for the fourth quarter (4Q) of 2014 and the full year 2014.

Copa Holdings reported net income of $35.9 million for the fourth quarter or earnings per share (EPS) of $0.81, as compared to net income of $113.2 million or EPS of $2.55 in 4Q13. Excluding special items, which for 4Q14 includes a non-cash loss of $89.1 million associated with the mark-to-market of fuel hedge contracts, and a $0.4 million loss related to devaluation of the Venezuelan Bolivar, Copa Holdings would have reported adjusted net income of $125.3 million or adjusted EPS of $2.83, compared to adjusted net income of $141.8 million or adjusted EPS of $3.20 in 4Q13.

Net income for full year 2014 reached $371.4 million or EPS of $8.37, compared to $427.5 million or EPS of $9.62 for full year 2013. Excluding special items, which for 2014 includes a non-cash loss of $116.6 million associated with the mark-to-market of fuel hedge contracts, and a $6.6 million loss related to the devaluation of the Venezuelan Bolivar, Copa Holdings would have reported an adjusted net income of $494.6 million or EPS of $11.14, compared to adjusted net income of $467.4 or adjusted EPS of $10.52 for full year 2013.

During the fourth quarter, Copa Airlines took delivery of two Boeing 737-800 aircraft. As a result, Copa Holdings ended the year with a consolidated fleet of 98 aircraft.

For 2014, Copa Holdings reported consolidated on-time performance of 90.3% and a flight-completion factor of 99.8%, maintaining its position among the best in the industry.

Copyright Photo: Bruce Drum/AirlinersGallery.com. Boeing 737-8V3 HP-1714CMP (msn 40891) approaches the runway at Las Vegas.

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