AAirlines

Copa Holdings reports net income of $518.2 million in 2023

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Copa Holdings reported its fourth quarter (4Q23) and full year 2023 financial results on Wednesday.

The company reported net income of US$191.8 million in 4Q23, or US$4.55 per share. Excluding special items composed of US$3.4 million related to the value of financial investments, Copa would have reported net income of US$188.4 million, or US$4.47 per share.

For the full year 2023, the company reported net income of US$518.2 million or US$12.89 per share. Excluding special items, which comprise a net loss related to the company’s convertible notes, as well as changes in the value of financial investments totaling US$156.9 million, Copa Holdings would have reported adjusted net income of US$675.1 million or US$16.79 per share, compared to US$335.4 million or earnings per share of US$8.26 in 2022.

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Copa Holdings reported operating income of US$218.9 million and an operating margin of 23.9% for the quarter, and US$811.8 million and 23.5% for all of 2023, compared to adjusted operating income of US$450.4 million and an operating margin of 15.2% in 2022.

4Q23 passenger traffic, measured in terms of passenger-miles (RPM), increased by 11.1% compared to 4Q22, in line with capacity, which, measured in available seat-miles (ASM), increased by 11.0%. As a result, the occupancy factor for the quarter increased 0.1 percentage points to 86.7% compared to 4Q22.

Total revenues for 4Q23 increased by 3.0% to $916.9 million, driven mainly by higher capacity, while yields decreased by 7.1% to 14.0 cents. As a result, revenue per available seat mile (RASM) decreased by 7.3% compared to 4Q22 to 12.7 cents.

The company closed the quarter with approximately US$1.2 billion in cash, short- and long-term investments, representing 34% of trailing twelve-month revenues, and total debt, including lease liabilities, of US$1.7 billion, while its adjusted net debt to EBITDA ratio stood at 0.5 times.

During the quarter, the company took delivery of three Boeing 737 MAX 9 aircraft, ending the year with a consolidated fleet of 106 aircraft: 9 Boeing 737-700s, 67 Boeing 737-800s, 29 Boeing 737 MAX 9s and 1 Boeing 737-800 freighter.

Copa Airlines had an on-time performance in the last quarter of last year of 83.8% and a flight completion factor of 99.8%.

In January, Copa Airlines was recognized by Cirium for the ninth time as the most on-time airline in Latin America in 2023. Copa Airlines’ on-time performance of 89.5% for the year was the highest of any carrier in the Americas.

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