Copa Holdings reported net income of US$146 million in third quarter of 2024
Copa Holdings, parent company of Copa Airlines and Wingo, released its third quarter 2024 (3Q24) financial results on Wednesday.
The company reported net income of US$146.0 million for 3Q24, a decrease of US$28.4 million compared to the same period of 2023, and recorded operating income of US$173.7 million and an operating margin of 20.3%, a decrease of US$31.3 million and 3.3 percentage points, respectively, compared to 3Q23.
Consolidated capacity, measured in available seat miles (MBA), increased 9.5% in the quarter compared to 3Q23.
Passenger traffic for the quarter, measured in terms of passenger miles per passenger (RPM), increased 7.6% compared to the same period in 2023.
In 3Q24, the company recorded a load factor of 86.2%, a decrease of 1.6 percentage points compared to 3Q23.
→ Copa Airlines to temporarily suspend 4 routes starting in January
Operating cost per available non-fuel seat mile (Ex-fuel CASM) decreased by 1.6% in the quarter, to 5.7 cents, compared to the third quarter of 2023.
Revenue per available seat mile (RASM) decreased 10.1% to 11.0 cents compared to 3Q23, driven by an 8.7% decline in passenger yield and a 1.6 percentage point decline in occupancy factor.
The company closed the quarter with approximately US$1.3 billion in cash, short- and long-term investments, representing 36% of revenues for the last twelve months.
Copa Holdings closed the quarter with total debt, including capital lease liabilities, of US$1.9 billion, while the adjusted net debt to EBITDA ratio stood at 0.6 times.
During the quarter, the company took delivery of its first Boeing 737 MAX 8, ending the period with a fleet of 110 aircraft: 67 Boeing 737-800s, 32 Boeing 737 MAX 9s, 9 Boeing 737-700s, 1 Boeing 737 MAX 8 and 1 Boeing 737-800 freighter.
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