{"id":165299,"date":"2024-05-16T13:30:08","date_gmt":"2024-05-16T13:30:08","guid":{"rendered":"https:\/?p=165299"},"modified":"2024-05-16T15:23:21","modified_gmt":"2024-05-16T15:23:21","slug":"copa-holdings-reported-net-profit-of-us176-1-million-in-first-quarter-2024","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2024\/05\/copa-holdings-reported-net-profit-of-us176-1-million-in-first-quarter-2024.html","title":{"rendered":"Copa Holdings reported net profit of US$176.1 million in first quarter 2024"},"content":{"rendered":"\n

Copa Holdings<\/strong>, parent company of Copa Airlines and Wingo, released its financial results for the first quarter of 2024 (1Q24) on Wednesday.<\/p>\n\n\n\n

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

The Holdings reported an operating profit of US$216.0 million, an increase of 11.8% compared to 1Q23.<\/p>\n\n\n\n

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

Total revenues for 1Q24 increased 3.0% to US$893.5 million driven by an increase in passenger traffic.<\/p>\n\n\n\n

\u2192 Copa Airlines to operate 31 weekly flights to Buenos Aires, Argentina<\/a><\/em><\/strong><\/p>\n\n\n\n

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

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

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

During the quarter, the company purchased from lessors two Boeing 737-800 NG aircraft, which were part of its current fleet as operating leases.<\/p>\n\n\n\n

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

In May, Copa Airlines took delivery of two new Boeing 737 MAX 9s, bringing the total holding company fleet to 108 aircraft.<\/p>\n\n\n\n

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

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