Copa reports financial results for the second quarter of 2022

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Copa reports financial results for the second quarter of 2022
Source: Copa Airlines
August 04, 2022

Adjusted net income for the second quarter was $13.2 million, or adjusted EPS of $0.32


Copa Holdings, SA (NYSE:  CPA), today announced financial results for the second quarter of 2022 (2Q22). 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). Please see the attached reconciliation of the non-IFRS financial information to the IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the second quarter of 2019 (2Q19) (which the Company believes are more relevant than year-over-year comparisons due to the significant impacts in 2020 and 2021 from the COVID-19 pandemic).

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Copa Holdings' adjusted net income, excluding special items, for 2Q22 was US$13.2 million or US$0.32 per share, compared to adjusted net income of US$50.9 million or earnings per share of US$1 .20 in 2Q19.
  • Copa Holdings reported an operating profit of US$42.3 million for the quarter and an operating margin of 6.1%, compared to an operating profit of US$82.6 million and an operating margin of 12.8% in 2Q19.
  • Total 2Q22 revenues were US$693.4 million, an increase of 7.5% compared to 2Q19 revenues. Passenger revenues for 2Q22 were 5.9% higher than 2Q19, while cargo revenues were 62.4% higher than 2Q19. Yields increased 10.1% to 13.0 cents, while load factors decreased 0.4 percentage points to 84.8%, compared to 2Q19, resulting in Revenue per available seat mile (RASM) of 11.6 cents, or 11.3% more than in 2Q19.
  • Operating cost per available seat mile (CASM) increased 19.9% ​​from 9.1 cents in 2Q19 to 10.9 cents in 2Q22, driven by higher fuel prices. CASM excluding fuel (Ex-fuel CASM) decreased 4.6% in the quarter compared to 2Q19 to 6.0 cents.
  • Capacity for 2Q22, measured in terms of available seat miles (ASM), was 96.6% of capacity flown in 2Q19.
  • Including special items of US$110.9 million, comprised of an unrealized mark-to-market gain related to the Company's convertible notes and an unrealized mark-to-market loss related to changes in the value of financial investments, the Company reported a net income of US$124.1 million for the quarter or US$3.01 per share.
  • The Company ended the quarter with approximately US$1.1 billion in cash, short-term and long-term investments, representing 47% of revenues for the last twelve months.
  • The Company closed the quarter with total debt, including lease liabilities, of $1.6 billion.
  • During the quarter, the Company received a Boeing 737 MAX 9 aircraft.
  • Including three Boeing 737-700 aircraft in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 94 aircraft: 68 Boeing 737-800s, 17 Boeing 737 MAX 9s and 9 Boeing 737-700s.
  • Copa Airlines had a punctuality in the quarter of 85.9% and a flight completion factor of 99.8%.
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