Copa Holdings reported net profit of US$176.1 million in first quarter 2024
Copa Holdings, parent company of Copa Airlines and Wingo, released its financial results for the first quarter of 2024 (1Q24) on Wednesday.
The company reported a net profit of US$176.1 million for 1Q24 or US$4.19 per share, a US$18.3 million increase compared to 1Q23 on an adjusted basis. These results include a negative impact of approximately US$44.0 million related to the grounding of 21 of the Company’s Boeing 737 MAX 9 aircraft in January and exclude any compensation received from Boeing.
The Holdings reported an operating profit of US$216.0 million, an increase of 11.8% compared to 1Q23.
Passenger traffic for 1Q24, measured in terms of revenue passenger miles (RPMs), increased by 7.1% compared to 1Q23 while capacity, measured in available seat miles (ASMs), increased by 8.0%. As a result, the load factor for the quarter decreased by 0.7 percentage points to 86.0% compared to 1Q23.
Total revenues for 1Q24 increased 3.0% to US$893.5 million driven by an increase in passenger traffic.
→ Copa Airlines to operate 31 weekly flights to Buenos Aires, Argentina
The company ended the quarter with approximately US$1.1 billion in cash, short-term and long-term investments, which represent 32% of the last twelve months’ revenues.
By the end of 1Q24, the Company had executed approximately US$40 million of the US$200 million share repurchase program approved by the Board of Directors.
The Holdings closed the quarter with total debt, including lease liabilities, of US$1.7 billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
During the quarter, the company purchased from lessors two Boeing 737-800 NG aircraft, which were part of its current fleet as operating leases.
The company closed the quarter with a consolidated fleet of 106 aircraft between Copa Airlines and Wingo: nine Boeing 737-700s, 67 Boeing 737-800s, 29 Boeing 737 MAX 9s and one Boeing 737-800 cargo aircraft.
In May, Copa Airlines took delivery of two new Boeing 737 MAX 9s, bringing the total holding company fleet to 108 aircraft.
During the first quarter, Cirium recognized Copa Airlines as the carrier with the highest on-time performance in Latin America. In fact, Copa Airlines’ on-time performance averaging above 90% for the quarter was the highest amongst all airlines in the Americas and one of the highest in the world.
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Plataforma Informativa de Aviación Comercial líder en América Latina.