Copa Holdings, S.A., today announced financial results for the first quarter of 2022 (1Q22).
- Copa Holdings reported a net profit of US$19.8 million for the quarter or US$0.47 per share, as compared to a net profit of US$89.4 million or earnings per share of US$2.11 in 1Q19. Excluding special items, the Company would have reported a net profit of US$29.5 million or US$0.70 per share. Special items for the quarter amount to US$9.7 million, comprised of unrealized mark-to-market losses related to the Company’s convertible notes as well as changes in the value of financial investments.
- Copa Holdings reported an operating profit of US$44.8 million for the quarter and a 7.8% operating margin, compared to an operating profit of US$112.9 million in 1Q19.
- Total revenues for 1Q22 came in at US$571.6 million, reaching 85.0% of 1Q19 revenues. Passenger revenue for 1Q22 was 83.4% of 1Q19 levels, while cargo revenue was 40.6% higher than 1Q19. Revenue per Available Seat Mile (RASM) came in at 10.2 cents, or 3.0% lower than 1Q19.
- Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased 1.6% in the quarter vs. 1Q19 to 6.0 cents.
- Capacity for 1Q22, measured in terms of available seat miles (ASMs), was 87.6% of the capacity flown in 1Q19.
- The Company ended the quarter with approximately US$1.2 billion in cash, short-term and long-term investments, which represents 65% of the last twelve months’ revenues.
- The Company closed the quarter with total debt, including lease liabilities, of US$1.6 billion.
- During the quarter, the Company took delivery of 2 Boeing 737 MAX 9 aircraft.
- Including 3 Boeing 737-700 aircraft currently in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 93 aircraft – 68 Boeing 737-800s, 16 Boeing 737 MAX 9s, and 9 Boeing 737-700s, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic.
- Copa Airlines had an on-time performance for the quarter of 91.3% and a flight completion factor of 99.3%, once again positioning the airline among the best in the industry.
- During the quarter, the Company announced two new destinations starting in June 2022 — Santa Marta in Colombia and Barcelona in Venezuela.
| Consolidated Financial & Operating Highlights | 1Q22 | 1Q19 (3) | Variance vs. 1Q19 | 4Q21 | Variance vs. 3Q21 |
| Revenue Passengers Carried (000s) | 2,285 | 2,588 | -11.7% | 2,214 | 3.2% |
| Revenue Passengers OnBoard (000s) | 3,476 | 3,830 | -9.2% | 3,369 | 3.2% |
| RPMs (millions) | 4,585 | 5,345 | -14.2% | 4,265 | 7.5% |
| ASMs (millions) | 5,623 | 6,415 | -12.4% | 5,109 | 10.1% |
| Faktor opterećenja | 81.5% | 83.3% | -1.8 str | 83.5% | -1.9 str |
| Yield (US$ Cents) | 11.8 | 12.1 | -2.7% | 12.7 | -6.9% |
| PRASM (US$ Cents) | 9.6 | 10.1 | -4.8% | 10.6 | -9.0% |
| RASM (US$ Cents) | 10.2 | 10.5 | -3.0% | 11.3 | -9.7% |
| CASM (US$ Cents) | 9.4 | 8.7 | 7.5% | 8.1 | 15.7% |
| Adjusted CASM (US$ Cents) (1) | 9.4 | 8.7 | 7.5% | 9.0 | 4.2% |
| CASM Excl. Fuel (US$ Cents) | 6.0 | 6.1 | -1.6% | 5.2 | 15.2% |
| Adjusted CASM Excl. Fuel (US$ Cents) (1) | 6.0 | 6.1 | -1.6% | 6.1 | -1.7% |
| Fuel Gallons Consumed (millions) | 66.5 | 81.2 | -18.1% | 61.0 | 9.1% |
| Avg. Price Per Fuel Gallon (US$) | 2.87 | 2.09 | 37.4% | 2.43 | 18.0% |
| Average Length of Haul (miles) | 2,007 | 2,065 | -2.8% | 1,926 | 4.2% |
| Average Stage Length (miles) | 1,298 | 1,299 | 0.0% | 1,254 | 3.5% |
| Odlasci | 27,190 | 33,329 | -18.4% | 25,458 | 6.8% |
| Blok Hours | 88,474 | 110,089 | -19.6% | 80,710 | 9.6% |
| Average Aircraft Utilization (hours) (2) | 11.1 | 11.6 | -4.5% | 11.3 | -1.9% |
| Operating Revenues (US$ millions) | 571.6 | 672.2 | -15.0% | 575.0 | -0.6% |
| Operating Profit (Loss) (US$ millions) | 44.8 | 112.9 | -60.3% | 161.3 | -72.2% |
| Adjusted Operating Profit (Loss) (US$ millions) (1) | 44.8 | 112.9 | -60.3% | 115.8 | -61.3% |
| Operativna marža | 7.8% | 16.8% | -9.0 str | 28.1% | -20.2 str |
| Prilagođena operativna marža (1) | 7.8% | 16.8% | -9.0 str | 20.1% | -12.3 str |
| Net Profit (Loss) (US$ millions) | 19.8 | 89.4 | -77.9% | 118.3 | -83.3% |
| Adjusted Net Profit (Loss) (US$ millions) (1) | 29.5 | 89.4 | -67.0% | 81.7 | -63.9% |
| Basic EPS (US$) | 0.47 | 2.11 | -77.7% | 2.78 | -83.1% |
| Adjusted Basic EPS (US$) (1) | 0.70 | 2.11 | -66.7% | 1.92 | -63.4% |
| Shares for calculation of Basic EPS (000s) | 42,006 | 42,478 | -1.1% | 42,533 | -1.2% |
ŠTA UZIMATI IZ OVOG ČLANKA:
- Including 3 Boeing 737-700 aircraft currently in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 93 aircraft – 68 Boeing 737-800s, 16 Boeing 737 MAX 9s, and 9 Boeing 737-700s, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic.
- Excluding special items, the Company would have reported a net profit of US$29.
- Copa Holdings reported a net profit of US$19.
