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Copa Holdings net profit drops from $89.4 million to $19.8 million

 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
1Q221Q19 (3)Variance vs. 1Q194Q21Variance vs. 3Q21
Revenue Passengers Carried (000s)2,2852,588-11.7%2,2143.2%
Revenue Passengers OnBoard (000s)3,4763,830-9.2%3,3693.2%
RPMs (millions) 4,5855,345-14.2%4,2657.5%
ASMs (millions) 5,6236,415-12.4%5,10910.1%
Load Factor 81.5%83.3%-1.8 p.p.83.5%-1.9 p.p.
Yield (US$ Cents) 11.812.1-2.7%12.7-6.9%
PRASM (US$ Cents) 9.610.1-4.8%10.6-9.0%
RASM (US$ Cents) 10.210.5-3.0%11.3-9.7%
CASM (US$ Cents) 9.48.77.5%8.115.7%
Adjusted CASM (US$ Cents) (1)9.48.77.5%9.04.2%
CASM Excl. Fuel (US$ Cents) 6.06.1-1.6%5.215.2%
Adjusted CASM Excl. Fuel (US$ Cents) (1)6.06.1-1.6%6.1-1.7%
Fuel Gallons Consumed (millions) 66.581.2-18.1%61.09.1%
Avg. Price Per Fuel Gallon (US$)2.872.0937.4%2.4318.0%
Average Length of Haul (miles)2,0072,065-2.8%1,9264.2%
Average Stage Length (miles)1,2981,2990.0%1,2543.5%
Departures27,19033,329-18.4%25,4586.8%
Block Hours88,474110,089-19.6%80,7109.6%
Average Aircraft Utilization (hours) (2)11.111.6-4.5%11.3-1.9%
Operating Revenues (US$ millions) 571.6672.2-15.0%575.0-0.6%
Operating Profit (Loss) (US$ millions)44.8112.9-60.3%161.3-72.2%
Adjusted Operating Profit (Loss) (US$ millions) (1)44.8112.9-60.3%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)19.889.4-77.9%118.3-83.3%
Adjusted Net Profit (Loss) (US$ millions) (1)29.589.4-67.0%81.7-63.9%
Basic EPS (US$)0.472.11-77.7%2.78-83.1%
Adjusted Basic EPS (US$) (1)0.702.11-66.7%1.92-63.4%
Shares  for calculation of Basic EPS (000s) 42,00642,478-1.1%42,533-1.2%

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About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for mroe than 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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