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Copa Holdings (NYSE: CPA) reported its financial results for the first quarter of 2024.
The company achieved a net profit of US$176.1 million, a rise of US$18.3 million from 1Q23. Operating profit was US$216.0 million, with an operating margin of 24.2%, up 1.9 percentage points from last year. Total revenues grew by 3.0% to US$893.5 million, despite a 3.8% drop in passenger yields and a 4.6% decline in revenue per available seat mile (RASM).
Cost per available seat mile (CASM) improved by 6.9%, primarily due to lower jet fuel prices. The company ended the quarter with US$1.1 billion in cash and investments, and total debt stood at US$1.7 billion. Copa executed US$40 million of its US$200 million share repurchase program and announced a US$1.61 per share dividend payment for June 2024.
The fleet expanded to 108 aircraft with the recent acquisition of two Boeing 737 MAX 9. Despite grounding 21 Boeing 737 MAX 9 aircraft in January, the company saw passenger traffic increase by 7.1%.
Copa Holdings (NYSE: CPA) released preliminary passenger traffic statistics for April 2024.
Key metrics include a 9.6% increase in Available Seat Miles (ASM) to 2,421.1 million and an 11.2% rise in Revenue Passenger Miles (RPM) to 2,095.5 million compared to April 2023.
The load factor improved by 1.2 percentage points, reaching 86.6%.
Copa Holdings, a leading Latin American airline, offers passenger and cargo services across North, Central, and South America and the Caribbean.
Copa Holdings, S.A. (NYSE: CPA) has filed its annual report Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission. Shareholders can access the report on Copa's website or request a hard copy. Copa Holdings is a key provider of passenger and cargo services in Latin America.
