Copa Holdings Reports Financial Results For The Third Quarter Of 2024
Copa Holdings Reports Financial Results For The Third Quarter Of 2024 . (MENAFN - GlobeNewsWire - Nasdaq) PANAMA CITY, Panama, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2024 (3Q24). The ...
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(MENAFN- GlobeNewsWire - Nasdaq) PANAMA CITY, Panama, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA), today announced results for the third quarter of 2024 (3Q24). The terms“Copa Holdings” and the“Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2023 (3Q23). OPERATING AND FINANCIAL HIGHLIGHTS

Copa Holdings reported a net profit of US$146.0 million for 3Q24 or US$3.50 per share, a US$28.4 million decrease compared to 3Q23 on an adjusted basis. The Company reported an operating profit 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 (ASMs), increased by 9.5% in the quarter compared to 3Q23.

Passenger traffic for the quarter, measured in terms of revenue passenger miles (RPMs), increased by 7.6% compared to 3Q23.

The Company reported an 86.2% load factor in 3Q24, a 1.6 percentage-point decrease compared to 3Q23.

Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased by 1.6% in the quarter to 5.7 cents when compared to 3Q23.

Revenue per available seat mile (RASM) decreased by 10.1% to 11.0 cents compared to 3Q23, driven by a decrease of 8.7% in passenger yields and 1.6 percentage points in load factor.

The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, which represent 36% of the last twelve months' revenues.

The Company closed the quarter with total debt, including lease liabilities, of US$1.9 billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.6 times.

During the quarter, the Company took delivery of one Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated 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. Copa Airlines had an on-time performance for the quarter of 87.3% and a flight completion factor of 99.6%, once again positioning itself among the best in the industry. Subsequent Events Copa Holdings will make its third dividend payment of the year of US$1.61 per share on December 13, 2024, to all Class A and Class B shareholders on record as of December 2, 2024.



Consolidated Financial

& Operating Highlights 3Q24 3Q23 Variance

Vs 3Q23 2Q24 Variance

Vs 2Q24 Revenue Passengers Carried (000s) 3,449 3,272 5.4 % 3,303 4.4 % Revenue Passengers OnBoard (000s) 5,187 4,873 6.4 % 4,970 4.4 % RPMs (millions) 6,711 6,239 7.6 % 6,446 4.1 % ASMs (millions) 7,785 7,109 9.5 % 7,424 4.9 % Load Factor 86.2 % 87.8 % -1.6 p.p 86.8 % -0.6 p.p Yield (US$ Cents) 12.2 13.4 (8.7 )% 12.1 0.6 % PRASM (US$ Cents) 10.5 11.7 (10.3 )% 10.5 (0.1 )% RASM (US$ Cents) 11.0 12.2 (10.1 )% 11.0 (0.5 )% CASM (US$ Cents) 8.7 9.3 (6.2 )% 8.9 (1.6 )% CASM Excl. Fuel (US$ Cents) 5.7 5.8 (1.6 )% 5.6 1.9 % Fuel Gallons Consumed (millions) 91.3 83.9 8.8 % 87.6 4.3 % Avg. Price Per Fuel Gallon (US$) 2.60 3.00 (13.3 )% 2.79 (6.9 )% Average Length of Haul (miles) 1,946 1,907 2.0 % 1,952 (0.3 )% Average Stage Length (miles) 1,267 1,238 2.4 % 1,253 1.2 % Departures 37,478 35,468 5.7 % 36,313 3.2 % Block Hours 120,975 112,114 7.9 % 116,062 4.2 % Average Aircraft Utilization (hours) 12.0 11.9 0.1 % 11.9 0.9 % Operating Revenues (US$ millions) 854.7 867.7 (1.5 )% 819.4 4.3 % Operating Profit (Loss) (US$ millions) 173.7 205.0 (15.3 )% 159.5 8.9 % Operating Margin 20.3 % 23.6 % -3.3 p.p 19.5 % 0.9 p.p Net Profit (Loss) (US$ millions) 146.0 187.4 (22.1 )% 120.3 21.4 % Adjusted Net Profit (Loss) (US$ millions) (1) 146.0 174.4 (16.3 )% 120.3 21.4 % Basic EPS (US$) 3.50 4.72 (25.8 )% 2.88 21.4 % Adjusted Basic EPS (US$) (1) 3.50 4.39 (20.3 )% 2.88 21.4 % Shares for calculation of Basic EPS (000s) 41,728 39,730 5.0 % 41,715 - %

(1) Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.







FULL 3Q24 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:

3Q24 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST



Date: November 21, 2024 Time: 11:00 AM US ET (11:00 AM Local Time) Join by phone: Webcast (listen-only): Speakers: Pedro Heilbron, Chief Executive Officer José Montero, Chief Financial Officer





About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information visit: .

CONTACT: Copa Holdings S.A.

Investor Relations:

Ph: 011 507 304-2774

(IR section)

This release includes“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management's expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings' filed disclosure documents and are, therefore, subject to change without prior notice.

CPA-G





Copa Holdings, S. A. and Subsidiaries

Consolidated statement of profit or loss

(In US$ thousands)



Unaudited Unaudited % Unaudited % 3Q24 3Q23 Change 2Q24 Change Operating Revenues Passenger revenue 818,381 833,306 (1.8 %) 781,497 4.7 % Cargo and mail revenue 24,446 23,431 4.3 % 25,184 (2.9 %) Other operating revenue 11,881 10,973 8.3 % 12,722 (6.6 %) Total Operating Revenue 854,708 867,711 (1.5 %) 819,403 4.3 % Operating Expenses Fuel 238,714 252,077 (5.3 %) 246,011 (3.0 %) Wages, salaries, benefits and other employees' expenses 117,877 108,416 8.7 % 114,878 2.6 % Passenger servicing 26,232 23,147 13.3 % 27,579 (4.9 %) Airport facilities and handling charges 65,029 58,243 11.7 % 62,768 3.6 % Sales and distribution 49,716 54,058 (8.0 %) 52,210 (4.8 %) Maintenance, materials and repairs 34,860 29,528 18.1 % 10,883 220.3 % Depreciation and amortization 82,797 78,359 5.7 % 79,462 4.2 % Flight operations 31,901 29,476 8.2 % 31,914 - % Other operating and administrative expenses 33,871 29,394 15.2 % 34,190 (0.9 %) Total Operating Expense 680,998 662,697 2.8 % 659,896 3.2 % Operating Profit/(Loss) 173,710 205,014 (15.3 %) 159,507 8.9 % Non-operating Income (Expense): Finance cost (23,523 ) (82,926 ) (71.6 %) (20,632 ) 14.0 % Finance income 15,565 15,108 3.0 % 13,537 15.0 % Gain (loss) on foreign currency fluctuations (2,491 ) (1,566 ) 59.1 % (16,097 ) (84.5 %) Net change in fair value of derivatives (762 ) 77,058 (101.0 %) 2,533 (130.1 %) Other non-operating income (expense) 6,787 1,867 263.6 % 1,766 284.4 % Total Non-Operating Income/(Expense) (4,425 ) 9,540 (146.4 %) (18,892 ) (76.6 %) Profit before taxes 169,285 214,555 (21.1 %) 140,615 20.4 % Income tax expense (23,259 ) (27,179 ) (14.4 %) (20,362 ) 14.2 % Net Profit/(Loss) 146,026 187,375 (22.1 %) 120,253 21.4 %





Copa Holdings, S. A. and Subsidiaries

Consolidated statement of financial position

(In US$ thousands)



September 2024 December 2023 ASSETS (Unaudited) (Audited) Cash and cash equivalents 275,245 206,375 Short-term investments 758,560 708,809 Total cash, cash equivalents and short-term investments 1,033,805 915,184 Accounts receivable, net 201,327 156,720 Accounts receivable from related parties 2,782 2,527 Expendable parts and supplies, net 123,571 116,604 Prepaid expenses 40,422 44,635 Prepaid income tax 5,802 66 Other current assets 23,708 32,227 397,612 352,780 TOTAL CURRENT ASSETS 1,431,416 1,267,963 Long-term investments 219,731 258,934 Long-term prepaid expenses 8,849 9,633 Property and equipment, net 3,363,353 3,238,632 Right of use assets 337,684 281,146 Intangible, net 94,097 87,986 Net defined benefit assets 6,442 5,346 Deferred tax assets 22,729 30,148 Other Non-Current Assets 24,053 17,048 TOTAL NON-CURRENT ASSETS 4,076,938 3,928,872 TOTAL ASSETS 5,508,354 5,196,836 LIABILITIES Loans and borrowings 205,144 222,430 Current portion of lease liability 59,779 68,304 Accounts payable 175,443 182,303 Accounts payable to related parties 1,312 1,228 Air traffic liability 639,211 611,856 Frequent flyer deferred revenue 136,520 124,815 Taxes Payable 41,535 44,210 Accrued expenses payable 50,085 64,940 Income tax payable 7,331 26,741 Other Current Liabilities 1,320 1,403 TOTAL CURRENT LIABILITIES 1,317,680 1,348,229 Loans and borrowings long-term 1,298,106 1,240,261 Lease Liability 295,777 215,353 Deferred tax Liabilities 57,297 36,369 Other long-term liabilities 223,541 234,474 TOTAL NON-CURRENT LIABILITIES 1,874,721 1,726,457 TOTAL LIABILITIES 3,192,400 3,074,685 EQUITY Class A - 34,195,954 issued and 30,654,831 outstanding 23,244 23,201 Class B - 10,938,125 7,466 7,466 Additional Paid-In Capital 212,877 209,102 Treasury Stock (254,532 ) (204,130 ) Retained Earnings 1,893,880 1,581,739 Net profit 442,345 514,098 Other comprehensive loss (9,326 ) (9,326 ) TOTAL EQUITY 2,315,953 2,122,150 TOTAL EQUITY LIABILITIES 5,508,354 5,196,836





Copa Holdings, S. A. and Subsidiaries

Consolidated statement of cash flows

For the nine months ended

(In US$ thousands)



2024 2023 2022 (Unaudited) (Unaudited) (Unaudited) Cash flow from operating activities 659,392 764,586 543,471 Cash flow (used in) investing activities (322,575 ) (274,166 ) (387,334 ) Cash flow (used in) financing activities (267,947 ) (375,966 ) (168,474 ) Net increase (decrease) in cash and cash equivalents 68,870 114,454 (12,337 ) Cash and cash equivalents on January 1 206,375 122,424 211,081 Cash and cash equivalents at September 30 $ 275,245 $ 236,878 $ 198,744 Short-term investments 758,560 754,799 752,812 Long-term investments 219,731 177,835 168,114 Total cash and cash equivalents and investments at September 30 $ 1,253,536 $ 1,169,512 $ 1,119,670





Copa Holdings, S.A.

NON-IFRS FINANCIAL MEASURE RECONCILIATION

This press release includes the following non-IFRS financial measures: Adjusted Net Profit, Adjusted Basic EPS, and Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit, and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:



Reconciliation of Adjusted Net Profit 3Q24 3Q23 2Q24 Net Profit as Reported $ 146,026 $ 187,375 $ 120,253 Interest expense related to the settlement of the convertible notes $ - $ 64,894 $ - Net change in fair value of derivatives $ - $ (77,058 ) $ - Net change in fair value of financial investments $ - $ (810 ) $ - Adjusted Net Profit $ 146,026 $ 174,401 $ 120,253 Reconciliation of Adjusted Basic EPS 3Q24 3Q23 2Q24 Adjusted Net Profit $ 146,026 $ 174,401 $ 120,253 Shares used for calculation of Basic EPS 41,728 39,730 41,715 Adjusted Basic Earnings per share (Adjusted Basic EPS) $ 3.50 $ 4.39 $ 2.88 Reconciliation of Operating Costs per ASM Excluding Fuel (CASM Excl. Fuel) 3Q24 3Q23 2Q24 Operating Costs per ASM as Reported (in US$ Cents) 8.7 9.3 8.9 Aircraft Fuel Cost per ASM (in US$ Cents) 3.1 3.5 3.3 Operating Costs per ASM excluding fuel (in US$ Cents) 5.7 5.8 5.6
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(MENAFN - GlobeNewsWire - Nasdaq) PANAMA CITY, Panama, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2024 (3Q24). The ...
Copa Holdings Reports Financial Results For The Third Quarter Of 2024