Tag Archives: Copa Airlines

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 Airlines is coming to Tampa

Copa Airlines (Panama City), a subsidiary of Copa Holdings, S.A., today announced it will begin nonstop service four times a week from Panama City, Panama to Tampa, Florida, starting on December 16, 2013. Tampa will be Copa Airlines’ ninth U.S. destination and its 66^th destination overall.

Copa will operate a Boeing 737-700 Next Generation with 12 business class seats and 112 economy seats on the flights to Panama. The flight will depart Panama on Mondays, Wednesdays, Fridays and Sundays at 6:34 p.m. (1834), arriving in Tampa at 9:53 p.m. (2153). The return flight will depart Tampa at 7:02 a.m. (0702) on Mondays, Tuesdays, Thursdays and Saturdays, arriving at Copa’s Hub of the Americas in Panama at 10:12 a.m. (1012).

From its Hub of the Americas in Panama, Copa offers flights to more international destinations than any other airline from any other hub in the Latin American region. In-transit passengers making connections do not have immigration/customs waits and baggage is checked to the final destination.

Copyright Photo: Marcelo F. De Biasi/AirlinersGallery.com. Boeing 737-7V3 WL HP-1521CMP (msn 33708) departs from Sao Paulo (Guarulhos).

Copa Airlines:

Copa Holidings reports a 1Q net profit of $113.8 million

Copa Holdings, S.A. (Copa Airlines) (Panama City) has announced financial results for the first quarter of 2013 (1Q13). The terms “Copa Holdings” or “the Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2012 (1Q12).

OPERATING AND FINANCIAL HIGHLIGHTS

Copa Holdings reported net income of US$113.8 million for 1Q13, or diluted earnings per share (EPS) of US$2.56. Excluding special items, Copa Holdings would have reported an adjusted net income of $124.4 million, or $2.80 per share, a 37.3% increase over adjusted net income of US$90.6 million and US$2.04 per share for 1Q12.
Operating income for 1Q13 came in at US$142.6 million, a 27.9% increase over operating income of US$111.6 million in 1Q12. Operating margin for the period came in at 22.2%, compared to 20.5% in 1Q12, as a result of lower unit costs.
Total revenues increased 18.0% to US$641.3 million. Yield per passenger mile decreased 0.8% to 17.6 cents and operating revenue per available seat mile (RASM) decreased 1.5% to 14.0 cents. However, adjusting for a 6.3% increase in length of haul, yields and RASM increased 2.2% and 1.5%, respectively.
For 1Q13, robust demand trends resulted in passenger traffic (RPMs) growth of 19.5% on a 19.9% capacity expansion. Consolidated load factor came in at 76.9%, or 0.3 percentage points below 1Q12.
Operating cost per available seat mile (CASM) decreased 3.6%, from 11.3 cents in 1Q12 to 10.9 cents in 1Q13. CASM, excluding fuel, decreased 4.7% to 6.5 cents.
Cash, short term and long term investments ended 1Q13 at US$733.4 million, representing 31.2% of the last twelve months’ revenues.
During the first quarter, Copa Airlines took delivery of two Boeing 737-800 aircraft. As a result, Copa Holdings ended the quarter with a consolidated fleet of 85 aircraft.
For 1Q13, Copa Holdings reported consolidated on-time performance of 90.0% and a flight-completion factor of 99.7%, maintaining its position among the best in the industry.

Consolidated Financial & Operating Highlights	1Q13	1Q12	% Change	4Q12	% Change
Revenue Passengers Carried (‘000)	1,926	1,714	12.4%	1,899	1.4%
RPMs (mm)	3,529	2,954	19.5%	3,366	4.8%
ASMs (mm)	4,590	3,829	19.9%	4,447	3.2%
Load Factor	76.9%	77.2%	-0.3 p.p.	75.7%	1.2 p.p.
Yield	17.6	17.7	-0.8%	17.1	2.8%
PRASM (US$ Cents)	13.5	13.7	-1.2%	12.9	4.4%
RASM (US$ Cents)	14.0	14.2	-1.5%	13.5	3.6%
CASM (US$ Cents)	10.9	11.3	-3.6%	11.1	-2.5%
CASM Excl. Fuel (US$ Cents)	6.5	6.8	-4.7%	6.8	-4.1%
Breakeven Load Factor ⁽¹⁾	58.7%	61.2%	-2.5 p.p.	61.6%	-2.9 p.p.
Fuel Gallons Consumed (Millions)	60.1	51.3	17.1%	58.4	2.9%
Avg. Price Per Fuel Gallon (US$ Dollars)	3.34	3.33	0.4%	3.34	0.1%
Average Length of Haul (Miles)	1,832	1,724	6.3%	1,772	3.4%
Average Stage Length (Miles)	1,123	1,066	5.4%	1,090	3.1%
Departures	29,428	26,647	10.4%	29,555	-0.4%
Block Hours	84,490	73,394	15.1%	83,146	1.6%
Average Aircraft Utilization (Hours)	11.3	10.9	3.1%	11.0	2.7%
Operating Revenues (US$ mm)	641.3	543.3	18.0%	599.8	6.9%
Operating Income (US$ mm)	142.6	111.6	27.9%	104.3	36.8%
Operating Margin	22.2%	20.5%	1.7 p.p.	17.4%	4.9 p.p.
Net Income (US$ mm)	113.8	95.9	18.7%	86.6	31.4%
Adjusted Net Income (US$ mm) ⁽¹⁾	124.4	90.6	37.3%	89.3	39.3%
EPS – Basic and Diluted (US$)	2.56	2.16	18.5%	1.95	31.5%
Adjusted EPS – Basic and Diluted (US$) ⁽¹⁾	2.80	2.04	37.1%	2.01	39.4%
# of Shares – Basic and Diluted (‘000)	44,387	44,341	0.1%	44,409	0.0%

⁽¹⁾ Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 1Q13, 1Q12, and 4Q12 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.
Note: Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 737-86N WL HP-1826CMP (msn 38031) approaches the runway for landing at Los Angeles International Airport.

Copa Airlines:

Copa Holdings reports 4Q net income of $86.6 million, $326.5 million for 2012

Copa Holdings, S.A. (Copa Airlines and Copa Airlines Colombia) (Panama City) has announced its financial results for the fourth quarter of 2012 and the full year of 2012.

Copa Holdings reported net income of US$86.6 million for 4Q12 or earnings per share (EPS) of US$1.95, as compared to net income of US$104.4 million or EPS of US$2.36 in 4Q11. Excluding special items, Copa Holdings reported an adjusted net income of US$89.3 million or adjusted EPS of $2.01, compared to adjusted net income of US$85.3 million or adjusted EPS of $1.93 in 4Q11.
Net income for full year 2012 reached US$326.5 million or EPS of US$7.35, compared to US$310.4 million or EPS of US$6.98 for full year 2011. Excluding special items, however, Copa Holdings would have reported an adjusted net income of US$336.1 million or EPS of US$7.57, compared to adjusted net income of US$314.1 or adjusted EPS of $7.06 for full year 2011.
Operating income for 4Q12 came in at US$104.3 million, representing a 6.5% decline from operating income of US$111.5 million in 4Q11, mainly as a result of a 3.7% drop in unit operating revenue per available seat mile (RASM) and a 6.3% increase in the all-in price of jet fuel. As a result, operating margin for 4Q12 came in at 17.4%, or 4.5 percentage points below 4Q11.
The Company reported operating income of US$402.5 million for full year 2012, representing an increase of 4.6% over operating income of US$385.0 million in 2011. Operating margin for full year 2012 came in at 17.9%, as compared to an operating margin of 21.0% in 2011.
Total revenues for 4Q12 increased 17.7% to US$599.8 million. Yield per passenger mile decreased 4.1% to 17.1 cents and RASM came in at 13.5 cents, or 3.7% below 4Q11. However, on a quarter over quarter basis, both yields and RASM remained relatively flat over our third quarter high season, declining only 0.9% and 0.2%, respectively.
For 4Q12 consolidated passenger traffic grew 23.7%, led by international traffic growth which expanded a robust 26.0%. At the same time, consolidated capacity grew 22.3%, led by a 24.4% increase in international capacity. As a result, consolidated load factor for the quarter increased 0.8 percentage points to 75.7%. For full year 2012, consolidated load factor came in at 75.4%, down 0.9 percentage points from 2011, on 24.1% capacity growth.
Operating cost per available seat mile (CASM) increased 1.8%, from 11.0 cents in 4Q11 to 11.1 cents in 4Q12 as a result of an increase in the all-in price of jet fuel. However, CASM excluding fuel cost decreased 1.3% from 6.9 cents in 4Q11 to 6.8 cents in 4Q12, as a result of lower labor, maintenance and distribution unit costs, which were partly offset mainly by higher passenger servicing costs and other administrative expenses.
Cash, short term and long term investments ended 2012 at US$720.5 million, representing 32% of the last twelve months’ revenues.
During the fourth quarter, Copa Airlines took delivery of two Boeing 737-800s and returned one leased Boeing 737-800 aircraft. As a result, Copa Holdings ended the year with a consolidated fleet of 83 aircraft, composed of 18 Boeing 737-700s, 39 Boeing 737-800s and 26 Embraer-190s.
During the fourth quarter, Copa Holdings and Boeing agreed to reschedule four future B737-800 aircraft deliveries (2 firm and 2 options). As a result, the company now has eight firm deliveries of Boeing 737-800 aircraft and four lease expirations of B737-700 aircraft for 2014.
For 2012, Copa Holdings reported on-time performance of 85.5% and a flight-completion factor of 99.6%, maintaining its position among the best in the industry.

Copyright Photo: Tony Storck. Boeing 737-7V3 HP-1524CMP (msn 33705) arrives at Miami International Airport, its original destination in North America.

Copa Airlines:

Copa Airlines is coming to Boston

Copa Airlines (Panama City) will the new destination of Boston and the Panama City-Boston route starting on July 10. The new spoke route will operate daily with Boeing 737-700 aircraft according to a report by Airline Route.

Copa Airlines:

Route Map:

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Copa Airlines introduces a new Boeing 737-800 “Biomuseo” logojet

Copa Airlines (Panama City) last month introduced this striking new “Biomuseo” logojet. The airline issued this statement:

Copa Airlines and Biomuseo presented on October 11, 2012 this aircraft that will carry Panama’s name to new heights: one of Copa’s Boeing 737-800 Next Generation airplanes, whose exterior painting now displays a colorful design alluding to Panama’s Biomuseo, designed by Frank Gehry.

The design is inspired by the dynamism and colorful ceilings of the Biomuseo and represents Panama’s biodiversity and cultural multiplicity. Through this initiative, the plane will carry the Biomuseo’s emblem throughout the American continent, conveying the importance influence that the rise of the Isthmus of Panama has had in the Planet’s natural history.

The sketch embodied on the aircraft was developed by the project’s graphic designer Joyce Shin.The presentation of the new aircraft took place at the North Pier of the Tocumen International Airport, which brought together government officials, managers and executives of the Panamanian airline, as well as the Amador Foundation’s board of directors, the organization that manages the Biomuseo. Also present were the representatives of the national tourism sector, who witnessed the unveiling of the aircraft that will project internationally the value of Panama’s national heritage among the more than 6 million passengers that annually travel with Copa Airlines.

Pedro Heilbron, CEO of Copa Airlines, stated that “as the official airline of the museum, it honors us greatly to add to our fleet this new aircraft, which will promote Panama’s biological wealth throughout the entire continent.”

“This aircraft will not only allow to share how proud Panamanians are of the rich natural history of our country, but it will also serve as an invitation to the world traveler to visit Panama, an ideal and privileged center for the exploration, knowledge and protection of biodiversity” Heilbron added.

“At Biomuseo, we will continue stimulating Panamanians’ awareness of biodiversity, teaching them about the fundamental value that is already being generated around this project, which is intended to provide an experience that impacts and educates people about the vast biodiversity that exists in Panama, as a result of the rise of Isthmus,” said Dr. Alejandro Ferrer, President of the Amador Foundation.

Copa Airlines is also the sponsor of the ‘human footprint’ exhibit, one of the eight galleries that make up the Biomuseo’s permanent exhibition, which will present the story of the migration of people across the isthmus, as the vital bridge of exchange between the Americas. This view of Panama’s role is strengthened by the operation of Copa Airlines, which exploits the country’s strategic geographical position to enhance the connectivity of the continent through its Hub of the Americas at Tocumen International Airport.

This initiative subscribes to the view the Panamanian airline shares with the Government and the Biomuseo to continuously support actions that help position the country as a unique and valuable tourist destination, besides being an excellent connection and commercial center.

The new Boeing 737-800 Next Generation with the Biomuseo image will cross the skies of the Americas from the present date. The Biomuseo, scheduled to open in 2013, is the first building designed by renowned Canadian architect Frank Gehry in Latin America.

Copyright Photo: James Helbock. Boeing 737-8V3 HP-1825CMP (msn 40780), delivered on September 10, 2012, prepares to land at Los Angeles International Airport.

Copa Airlines:

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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.

The new font titles and updated logo:

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

Copa Airlines Boeing 737-8V3 WL HP-1534CMP (msn 35125) (visitpanama.com) CUN (Rurik Enriquez), originally uploaded by Airliners Gallery.

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.

Copa Airlines Photo Gallery: CLICK HERE

Routes from the Panama City hub:

Please click on the map to expand.

Copa Airlines is coming to Las Vegas, Curacao and Liberia

Copa Airlines Boeing 737-8V3 WL HP-1534CMP (msn 35125) (visitpanama.com) CUN (Rurik Enriquez), originally uploaded by Airliners Gallery.

Copa Airlines (Panama City) is spreading its wings by adding three new destinations from its Panama City hub in June per Airline Route: Curacao (June 10), Las Vegas (June 27) and Liberia, Costa Rica (June 24).

Copa Airlines Slide Show: CLICK HERE