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$1.6 billion.
- During the quarter, the Company took delivery of 2 Boeing 737 MAX 9 aircraft.
- Including 3 Boeing 737-700 aircraft currently in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 93 aircraft – 68 Boeing 737-800s, 16 Boeing 737 MAX 9s, and 9 Boeing 737-700s, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic.
- Copa Airlines had an on-time performance for the quarter of 91.3% and a flight completion factor of 99.3%, once again positioning the airline among the best in the industry.
- During the quarter, the Company announced two new destinations starting in June 2022 — Santa Marta in Colombia and Barcelona in Venezuela.
& Operating Highlights
|1Q22||1Q19 (3)||Variance vs. 1Q19||4Q21||Variance vs. 3Q21|
|Revenue Passengers Carried (000s)||2,285||2,588||-11.7%||2,214||3.2%|
|Revenue Passengers OnBoard (000s)||3,476||3,830||-9.2%||3,369||3.2%|
|Load Factor||81.5%||83.3%||-1.8 p.p.||83.5%||-1.9 p.p.|
|Yield (US$ 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$)||2.87||2.09||37.4%||2.43||18.0%|
|Average Length of Haul (miles)||2,007||2,065||-2.8%||1,926||4.2%|
|Average Stage Length (miles)||1,298||1,299||0.0%||1,254||3.5%|
|Average Aircraft Utilization (hours) (2)||11.1||11.6||-4.5%||11.3||-1.9%|
|Operating Revenues (US$ 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%|
|Operating Margin||7.8%||16.8%||-9.0 p.p.||28.1%||-20.2 p.p.|
|Adjusted Operating Margin (1)||7.8%||16.8%||-9.0 p.p.||20.1%||-12.3 p.p.|
|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%|