Category Archives: Copa Holdings

Copa Holdings reports a 2Q net profit of $32.0 million

Copa Holdings (Copa Airlines and Copa Airlines Colombia) (Panama City) reported net income of $32.0 million in the second quarter. Here is the full report by the company:

OPERATING AND FINANCIAL HIGHLIGHTS

  • Copa Holdings reported net income of US$32.0 million for 2Q12, or diluted earnings per share (EPS) of US$0.72.  Excluding special items,Copa Holdings would have reported adjusted net income of $58.6 million, or $1.32 per share, a 3.6% increase over adjusted net income ofUS$56.6 million and US$1.28 per share for 2Q11.
  • Operating income for 2Q12 came in at US72.6 million, a 2.7% decrease over operating income of US$74.6 million in 2Q11.  Operating margin for the period came in at 14.1%, compared to 17.4% in 2Q11, as a result of a 3.3% decline in unit revenues and a 2.7% increase in the effective price of jet fuel.
  • Total revenues increased 20.6% to US$515.8 million.  Yield per passenger mile increased 1.2% to 17.2 cents and operating revenue per available seat mile (RASM) decreased 3.3% to 13.1 cents.   However, adjusting for a 9.6% increase in average length of haul, adjusted yields and adjusted RASM increased 5.9% and 1.2%, respectively.
  • For 2Q12, passenger traffic (RPMs) grew 20.3% on a 24.8% capacity expansion, resulting in a consolidated load factor of 73.5%, or 2.8 percentage points below 2Q11.
  • Operating cost per available seat mile (CASM) increased 0.6%, from 11.2 cents in 2Q11 to 11.3 cents in 2Q12.  However, CASM excluding fuel costs remained flat year over year at 6.9 cents.
  • Cash, short term and long term investments ended 2Q12 at US$718.2 million, representing 35% of the last twelve months’ revenues.
  • During the second quarter, Copa Airlines took delivery of five Boeing 737-800 aircraft and returned two leased 737-700 aircraft.  As a result,Copa Holdings ended the quarter with a consolidated fleet of 80 aircraft.
  • In June, Copa Airlines launched service to four new destinations: Las Vegas (USA), Recife (Brazil), Liberia (Costa Rica) and Willemstad(Curacao).  Also, on July 14, the airline launched service to Iquitos (Peru).  As a result. Copa Airlines’ network now provides service to 64 destinations in 29 countries in North, Central and South America and the Caribbean.
  • On June 21, Copa Airlines officially joined the Star Alliance, the largest and most important global airline network. Entry into Star Alliancestrengthens the airlines’ successful alliance with United Airlines, as well as the Hub of the Americas’ position as the major connection center in the Americas.
  • For 2Q12, Copa Holdings reported consolidated on-time performance of 83.7% and a flight-completion factor of 99.4%.
Consolidated Financial & Operating Highlights 2Q12 2Q11 % Change  1Q12 % Change 
Revenue Passengers Carried (‘000) 1,658 1,511 9.8% 1,714 -3.2%
RPMs (mm) 2,886 2,400 20.3% 2,954 -2.3%
ASMs (mm) 3,923 3,145 24.8% 3,829 2.5%
Load Factor 73.5% 76.3% -2.8 p.p. 77.2% -3.6 p.p.
Yield 17.2 17.0 1.2% 17.7 -3.2%
PRASM (US$ Cents) 12.6 12.9 -2.5% 13.7 -7.8%
RASM (US$ Cents) 13.1 13.6 -3.3% 14.2 -7.3%
CASM (US$ Cents) 11.3 11.2 0.6% 11.3 0.2%
CASM Excl. Fuel (US$ Cents) 6.9 6.9 -0.1% 6.8 1.0%
Breakeven Load Factor (1) 63.0% 58.5% 4.5 p.p. 61.2% 1.8 p.p.
Fuel Gallons Consumed (Millions) 52.1 42.2 23.6% 51.3 1.7%
Avg. Price Per Fuel Gallon (US$ Dollars) 3.32 3.24 2.7% 3.33 -0.2%
Average Length of Haul (Miles) 1,740 1,588 9.6% 1,724 0.9%
Average Stage Length (Miles) 1,063 973 9.2% 1,066 -0.3%
Departures 27,005 24,694 9.4% 26,647 1.3%
Block Hours 74,841 61,240 22.2% 73,480 1.9%
Average Aircraft Utilization (Hours) 10.6 10.2 3.5% 11.0 -3.6%
Operating Revenues (US$ mm) 515.8 427.7 20.6% 543.3 -5.0%
Operating Income (US$ mm) 72.6 74.6 -2.7% 111.6 -34.9%
Operating Margin 14.1% 17.4% -3.4 p.p. 20.5% -6.5 p.p.
Net Income (US$ mm) 32.0 41.3 -22.4% 95.9 -66.6%
Adjusted Net Income (US$ mm) (1) 58.6 56.6 3.6% 90.6 -35.3%
EPS – Basic and Diluted (US$) 0.72 0.93 -22.5% 2.16 -66.6%
Adjusted EPS – Basic and Diluted (US$) (1) 1.32 1.28 3.5% 2.04 -35.3%
# of Shares – Basic and Diluted (‘000) 44,354 44,316 0.1% 44,341 0.0%

(1Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 2Q12, 2Q11, and 1Q12 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges.

Copyright Photo: Marcelo F. De Biasi. Boeing 737-8V3 HP-1730CMP at Sao Paulo (Guarulhos) in the new style titles.

The new font titles and updated logo: 

Copa Airlines: 

Copa Holdings reports net income of $104.4 million for 4Q and $310.4 million for 2011

Copa Holdings (Panama City) reported net income of $104.4 million for 4Q11 or earnings per share (EPS) of $2.36, as compared to net income of $94.4 million or EPS of $2.15 in 4Q10.

Excluding special items, Copa Holdings reported an adjusted net income of $85.3 million, representing a 3.1% increase over adjusted net income of $82.8 million in 4Q10.

Net income for full year 2011 reached $310.4 million or EPS of $6.98 , compared to $241.1 million or EPS of $5.48 for full year 2010.

Excluding special items, however, Copa Holdings would have reported an adjusted net income of $314.1 million compared to $248.2 for full year 2010, representing an increase of 26.5%.

Operating income for 4Q11 came in at $106.1 million, representing an increase of 13.0% over operating income of $93.9 million in 4Q10.

Operating margin for 4Q11 came in at 21.0%, or 1.8p.p. below 4Q10.

The Company reported operating income of $384.7 million for full year 2011, representing an increase of 32.8% over operating income of $289.7 million in 2010.

Operating margin for full year 2011 came in at 21.0%, as compared to an operating margin of 20.5% in 2010.

Total revenues for 4Q11 increased 22.7% to $504.6 million. Yield per passenger mile increased 7.4% to 17.7 cents and operating revenue per available seat mile (RASM) came in at 13.9 cents, or 0.8% over 4Q10.

For 4Q11 consolidated passenger traffic grew 15.6%, led by international traffic growth which expanded a robust 21.0%. At the same time consolidated capacity grew 21.7%, led by a 28.3% increase in international capacity. As a result, consolidated load factor for the quarter decreased 3.9 percentage points to 74.9%.

For full year 2011, consolidated load factor came in at 76.4%, down 0.5 percentage points over 2010, on 21.9% capacity growth.

Operating cost per available seat mile (CASM) increased 3.2%, from 10.6 cents in 4Q10 to 11.0 cents in 4Q11. CASM, excluding fuel costs, decreased 4.6% from 7.2 cents in 4Q10 to 6.9 cents in 4Q11, mostly as a result of the dilution effect of additional capacity and a longer average length of haul.

Cash, short term and long term investments ended 2011 at US$611.0 million, representing 33% of the last twelve months’ revenues.

During the fourth quarter, Copa Airlines took delivery of two Boeing 737-800s. As a result, Copa Holdings ended the year with a consolidated fleet of 73 aircraft, composed of 20 Boeing 737-700s, 27 Boeing 737-800s and 26 Embraer-190s.

For 2011, Copa Holdings reported on-time performance of 89.5% and a flight-completion factor of 99.6%, maintaining its position among the best in the industry.

Copyright Photo: Rurik Enriquez. Please click on the photo for additional information.

Copa Airlines Photo Gallery: CLICK HERE

Routes from the Panama City hub:

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Copa Holdings reports net income of $70.3 million for the third quarter

Copa Holdings, S.A. (Panama City) announced its financial results for the third quarter.

Copa Holdings reported net income of $70.3 million for 3Q11, or diluted earnings per share (EPS) of US$1.59. Excluding special items, Copa Holdings would have reported an adjusted net income of $90.1 million, or $2.03 per share, a 44.3% increase over adjusted net income of $62.5 million and US$1.42 per share for 3Q10.

Copyright Photo: Bruce Drum.

Copa Airlines Slide Show: CLICK HERE

Copa Holdings reports net income of $41.3 million (US) for the second quarter of 2011

Copa Holdings (Panama City) reported net income of $41.3 million (US) for the second quarter (2Q11), or diluted earnings per share (EPS) of US$0.93. Excluding special items, Copa Holdings would have reported an adjusted net income of $56.6 million, or $1.28 per share, a 52.9% increase over adjusted net income of US$37.0 million and US$0.84 per share for 2Q10.

During the second quarter, Copa Airlines took delivery of one Boeing 737-800 aircraft. As a result, Copa Holdings ended the quarter with a consolidated fleet of 66 aircraft. During the second half of 2011, Copa Airlines expects to take delivery of an additional seven Boeing 737-800 aircraft to end the year with a consolidated fleet of 73 aircraft.

Copa Holdings’ operating subsidiaries are Copa Airlines (Panama) and Copa Airlines Colombia.

Copa Airlines Slide Show: CLICK HERE

Copyright Photo: Bruce Drum. Please click on the photo for the aircraft information.

Copa Holdings reports a net profit of $94.4 million in the first quarter

Copa Holdings (Panama City) reported net income of $94.4 million (US) for 1Q11, or diluted earnings per share (EPS) of $2.14 (US). Excluding special items, Copa Holdings would have reported an adjusted net income of $82.0 million, or $1.86 per share, a 30.9% increase over adjusted net income of US$62.7 million and $1.42 (US) per share for 1Q10.

Copyright Photo: Bruce Drum. Please click on the photo for additional information.

Copa Airlines Slide Show: CLICK HERE

Copa Holdings secures financing for purchase of five Boeing 737-800s

Copa Holdings, S.A. (Panama City) has announced that J.P. Morgan has been secured by Copa Airlines to provide Export-Import Bank of the United States (Ex-Im Bank) guaranteed funding for five 737-800 aircraft scheduled to be delivered in 2011.

The financing totals $178.5 million and includes 12-year financing terms at very competitive rates and will finance all direct Boeing purchases scheduled for delivery to Copa Airlines in 2011. J.P. Morgan will act as the sole arranger and facility agent for the Term Loan Facility, which is available on delivery of the aircraft on either a floating or fixed rate basis. COPA will also have the option to effect a conversion, subject to Ex-Im Bank’s approval, of the floating rate term facility into a fixed rate term facility.

Copyright Photo: Rurik Enriquez. Please click on the photo for additional information on this special color scheme.

Copa Holdings has a profitable fourth quarter and 2010

Copa Holdings (parent company of Copa Airlines and Copa Airlines Colombia) (Panama City) reported net income of US$92.8 million for 4Q10 or earnings per share (EPS) of US$2.11, as compared to net income of US$ 70.4 million or EPS of US$1.60 in 4Q09. Excluding special items, Copa Holdings reported an adjusted net income of US$81.2 million, representing a 23.7% increase over adjusted net income of US$65.7 million in 4Q09.

Net income for full year 2010 reached US$212.1 million or EPS of US$4.82, compared to US$240.4 million or EPS of US$5.47 for full year 2009. Excluding special items, however, Copa Holdings reported an adjusted net income of US$219.2 million compared to US$201.7 for full year 2009, representing an increase of 8.7%.

Copyright Photo: Bruce Drum. Please click on photo for aircraft details.

Copa Holdings 3Q profits rises by 48%

Copa Holdings, S.A. (Panama City), parent company of Copa Airlines (Panama) and Copa Airlines Colombia, reported net income of $63.9 million for the third quarter, or earnings per share (EPS) of $1.45. Excluding special items, Copa Holdings would have reported an adjusted net income of $54.9 million, or $1.25 per share, compared to an adjusted net income of $52.5 million or $1.20 per share for 3Q09.

Copyright Photo: Nick Dean. Please click on this photo for additional information about this new aircraft and fleet details.

Copa Holdings reports a 2Q net profit of $18.6 million

Copa Holdings, S.A. (Panama City), parent company of Copa Airlines (Panama City) and AeroRepublica (Bogota), announced financial results for the second quarter of 2010 (2Q10).

Copa Holdings reported net income of US$18.6 million for 2Q10, or earnings per share (EPS) of US$0.42. Excluding special items, Copa Holdings would have reported an adjusted net income of $26.3 million, or $0.60 per share, compared to an adjusted net income of US$28.1 million or US$0.64 per share for 2Q09.

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

Copa Holdings reports 2Q $55.2 m net profit

Copa Holdings (Copa Airlines and AeroRepublica) (Panama City) reported a net profit of $55.2 million for the second quarter.

Press release:

finance.yahoo.com/news/Copa-Holdings-Reports-Net-prnews-3543937115.html?x=0&.v=29