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 Holdingsย reported net income ofย US$32.0 millionย for 2Q12, or diluted earnings per share (EPS) ofย US$0.72.ย Excluding special items,Copa Holdingsย would have reported adjusted net income ofย $58.6 million, orย $1.32ย per share, a 3.6% increase over adjusted net income ofUS$56.6 millionย andย US$1.28ย per share for 2Q11.
- Operating income for 2Q12 came in at US72.6 million, a 2.7% decrease over operating income ofย US$74.6 millionย in 2Q11.ย 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% toย US$515.8 million.ย Yield per passenger mile increased 1.2% toย 17.2 centsย and operating revenue per available seat mile (RASM) decreased 3.3% toย 13.1 cents. ย ย 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%, fromย 11.2 centsย in 2Q11 toย 11.3 centsย in 2Q12.ย However, CASM excluding fuel costs remained flat year over year atย 6.9 cents.
- Cash, short term and long term investments ended 2Q12 atย US$718.2 million, representing 35% of the last twelve months’ revenues.
- During the second quarter,ย Copa Airlinesย took delivery of five Boeing 737-800 aircraft and returned two leased 737-700 aircraft.ย As a result,Copa Holdingsย ended the quarter with a consolidated fleet of 80 aircraft.
- In June,ย Copa Airlinesย launched service to four new destinations:ย Las Vegasย (USA),ย Recifeย (Brazil),ย Liberiaย (Costa Rica) andย Willemstad(Curacao).ย Also, onย July 14, the airline launched service to Iquitos (Peru).ย As a result. Copa Airlines’ network now provides service to 64 destinations in 29 countries in North, Central andย South Americaย and theย Caribbean.
- Onย June 21,ย Copa Airlinesย officially joined theย Star Alliance, the largest and most important global airline network. Entry intoย Star Alliancestrengthens the airlines’ successful alliance with United Airlines, as well as the Hub of theย Americas’ position as the major connection center in theย Americas.
- For 2Q12,ย Copa Holdingsย reported consolidated on-time performance of 83.7% and a flight-completion factor of 99.4%.
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| Consolidated Financial & Operating Highlights |
2Q12 |
2Q11 |
% Changeย |
1Q12 |
% Changeย |
| Revenue Passengers Carried (‘000) |
1,658 |
1,511 |
9.8% |
1,714 |
-3.2% |
| RPMs (mm) |
2,886 |
2,400 |
20.3% |
2,954 |
-2.3% |
| ASMs (mm) |
3,923 |
3,145 |
24.8% |
3,829 |
2.5% |
| Load Factor |
73.5% |
76.3% |
-2.8 p.p. |
77.2% |
-3.6 p.p. |
| Yield |
17.2 |
17.0 |
1.2% |
17.7 |
-3.2% |
| PRASM (US$ 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 Factorย (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)ย (1) |
58.6 |
56.6 |
3.6% |
90.6 |
-35.3% |
| EPS – Basic and Diluted (US$) |
0.72 |
0.93 |
-22.5% |
2.16 |
-66.6% |
| Adjusted EPS – Basic and Diluted (US$)ย (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)ย 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.
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:ย 
Copa Airlines:ย 
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