{"id":147907,"date":"2024-02-08T12:00:51","date_gmt":"2024-02-08T12:00:51","guid":{"rendered":"https:\/?p=147907"},"modified":"2024-02-08T20:44:14","modified_gmt":"2024-02-08T20:44:14","slug":"copa-holdings-reports-net-income-of-518-2-million-in-2023","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2024\/02\/copa-holdings-reports-net-income-of-518-2-million-in-2023.html","title":{"rendered":"Copa Holdings reports net income of $518.2 million in 2023"},"content":{"rendered":"\n

Copa Holdings<\/a><\/strong> reported its fourth quarter (4Q23) and full year 2023 financial results on Wednesday.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\u2192 Copa Airlines and its ALAS aviation academy graduate 21 new pilots<\/a><\/em><\/strong><\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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%.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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