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Copa Holdings reports 2Q net income of $74.4 million

Copa Holdings, S.A. (Copa Airlines and Copa Colombia) has announced financial results for the second quarter of 2013:

OPERATING AND FINANCIAL HIGHLIGHTS

Copa Holdings reported net income of US$74.4 million for 2Q13, or diluted earnings per share (EPS) of US$1.68. Excluding special items, Copa Holdings would have reported an adjusted net income of $85.0 million, or $1.92 per share, a 45.3% increase over adjusted net income of US$58.5 million and US$1.32 per share for 2Q12.
Operating income for 2Q13 came in at US$97.7 million, a 34.5% increase over operating income of US$72.6 million in 2Q12. Operating margin for the period came in at 16.5%, compared to 14.1% in 2Q12, as a result of lower unit costs.
Total revenues increased 14.8% to US$592.0 million. Yield per passenger mile decreased 4.6% to 16.4 cents and operating revenue per available seat mile (RASM) decreased 2.5% to 12.8 cents. However, adjusting for a 7.3% increase in length of haul, yields decreased 1.2% and RASM increased 1.0%.
For 2Q13, passenger traffic (RPMs) grew 20.4% on a 17.7% capacity expansion. Consolidated load factor came in at 75.3%, or 1.7 percentage points above 2Q12.
Operating cost per available seat mile (CASM) decreased 5.2%, from 11.3 cents in 2Q12 to 10.7 cents in 2Q13. CASM, excluding fuel costs, decreased 2.6% to 6.7 cents.
Cash, short term and long term investments ended 2Q13 at US$848.7 million, representing 35.0% of the last twelve months’ revenues.
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 86 aircraft.
For 2Q13, Copa Holdings reported consolidated on-time performance of 89.3% and a flight-completion factor of 99.7%, maintaining its position among the best in the industry.

SUBSEQUENT EVENTS

On July 17, 2013, Copa Airlines announced it will begin nonstop service four times a week from Panama to Tampa, Fla., on December 16, 2013. Tampa will be Copa Airlines’ ninth U.S. destination and its 66th destination overall.
On August 7, 2013, the Board of Directors of Copa Holdings resolved to change the Company’s dividend policy to increase the annual distribution to an amount equal to 40% of the prior years’ annual consolidated net income. In addition, dividends going forward will be distributed in equal quarterly installments during the months of March, June, September and December, subject to board approval each quarter. On August 7, 2013, the Board of Directors also approved dividend payments payable at the end of both 3Q13 and 4Q13, in amounts equal to 10% of the consolidated net income of 2012.

Consolidated Financial & Operating Highlights	2Q13	2Q12	% Change	1Q13	% Change
Revenue Passengers Carried (‘000)	1,861	1,658	12.2%	1,899	-2.0%
RPMs (mm)	3,475	2,886	20.4%	3,529	-1.5%
ASMs (mm)	4,618	3,923	17.7%	4,590	0.6%
Load Factor	75.3%	73.5%	1.7 p.p.	76.9%	-1.6 p.p.
Yield	16.4	17.2	-4.6%	17.6	-6.9%
PRASM (US$ Cents)	12.3	12.6	-2.3%	13.5	-8.9%
RASM (US$ Cents)	12.8	13.1	-2.5%	14.0	-8.2%
CASM (US$ Cents)	10.7	11.3	-5.2%	10.9	-1.5%
CASM Excl. Fuel (US$ Cents)	6.7	6.9	-2.6%	6.5	3.3%
Breakeven Load Factor ⁽¹⁾	61.6%	63.0%	-1.4 p.p.	58.7%	2.9 p.p.
Fuel Gallons Consumed (Millions)	60.0	52.1	15.0%	60.1	-0.2%
Avg. Price Per Fuel Gallon (US$ Dollars)	3.08	3.32	-7.3%	3.34	-7.8%
Average Length of Haul (Miles)	1,868	1,740	7.3%	1,859	0.5%
Average Stage Length (Miles)	1,126	1,063	6.0%	1,123	0.2%
Departures	29,357	27,005	8.7%	29,428	-0.2%
Block Hours	84,985	74,678	13.8%	84,490	0.6%
Average Aircraft Utilization (Hours)	10.9	10.6	3.1%	11.3	-3.5%
Operating Revenues (US$ mm)	592.0	515.8	14.8%	641.3	-7.7%
Operating Income (US$ mm)	97.7	72.6	34.5%	142.6	-31.5%
Operating Margin	16.5%	14.1%	2.4 p.p.	22.2%	-5.7 p.p.
Net Income (US$ mm)	74.4	32.0	132.6%	113.8	-34.6%
Adjusted Net Income (US$ mm) ⁽¹⁾	85.0	58.5	45.3%	124.4	-31.6%
EPS – Basic and Diluted (US$)	1.68	0.72	132.4%	2.56	-34.6%
Adjusted EPS – Basic and Diluted (US$) ⁽¹⁾	1.92	1.32	45.2%	2.80	-31.6%
# of Shares – Basic and Diluted (‘000)	44,387	44,354	0.1%	44,387	0.0%

⁽¹⁾Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 2Q13, 2Q12, and 1Q13 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges. Additionally, for 1Q13 excludes a US$13.9 million charge related to the devaluation of the Venezuelan currency.

Copyright Photo: Jay Selman/AirlinersGallery.com. Boeing 737-8V3 WL HP-1721CMP (msn 40362) prepares to touch down in Miami.

Copa Airlines:

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%

⁽¹⁾Breakeven 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.

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Copa Airlines:

Copa Airlines joins the Star Alliance

Copa Airlines (Panama City) yesterday (June 21) officially joined Star Alliance.

Copa Airlines’ entry into Star Alliance provides its passengers access to 64 destinations throughout the Americas and the Caribbean through its Hub of the Americas, Latin America’s premier hub, increasing travel options and connectivity.

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