Copa Holdings, S.A. (CPA) reported solid traffic numbers for July 2024 on the back of upbeat air-travel demand. Driven by high passenger volumes, revenue passenger miles (a measure of traffic) rose in double digits in July on a year-over-year basis. To match the demand swell, CPA is increasing its capacity. In July, available seat miles (a measure of capacity) increased 11.3% year over year. Revenue passenger miles increased 9.5% from the year-ago quarter. Although traffic improved on a year-over-year basis ...

PANAMA CITY, Aug. 12, 2024 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA) today released preliminary passenger traffic statistics for July 2024: | --- | --- | --- | --- | |------------------------------|------------|-------------|-------------| | | | | | | Operating Data | July 2024 | July 2023 | % Change | | Copa Holdings (Consolidated) | | | | | ASM (mm) (1) | 2,684.7 | 2,412.411.3 | % | | RPM (mm) (2) | 2,350.8 | 2,147.29.5 | % | | Load Factor (3) | 87.6 | %89.0 | % -1.4 p.p. | 1. Available seat miles - ...

Financial Data and Key Metrics Changes - Copa Holdings reported a net profit of $120.3 million or $2.88 per share for Q2 2024, with an operating profit of $159.5 million and an operating margin of 19.5%, marking the second-best Q2 results in the company's history [9][4] - Passenger traffic grew by 10.6% year-over-year, while capacity increased by 9.7%, resulting in a load factor of 86.8%, a 0.7 percentage point increase compared to Q2 2023 [4][9] - Unit costs excluding fuel (CASM) decreased to $0.089, a 2.1% reduction year-over-year, while CASM excluding fuel came in at $0.56, a 5.8% decrease compared to Q2 2023 [10][5] Business Line Data and Key Metrics Changes - Passenger yield decreased by 8.7% to $0.121, primarily due to a revision of the unredeemed ticket revenue provision for tickets sold in 2024 [9][10] - Unit revenues (RASM) fell to $0.11, a 7.7% decrease compared to Q2 2023; excluding the adjustment related to unredeemed ticket revenues, RASM would have decreased by 3.8% [10][9] Market Data and Key Metrics Changes - The Venezuelan government temporarily suspended commercial flights between Venezuela and several countries, including Panama, leading to flight cancellations effective July 31 [7][8] - The company expects to return to full capacity by December 2024, with a ramp-up occurring between September and December [16][19] Company Strategy and Development Direction - Copa Holdings continues to focus on cost efficiency initiatives and expects to deliver lower year-over-year unit costs for 2024, aiming for industry-leading margins [7][8] - The company is expanding its network, now serving 85 destinations across 32 countries, reinforcing Panama's position as a leading hub for international travel in Latin America [6][8] - The management believes the business model remains robust, with Panama as the best connecting hub in Latin America [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of weaker currencies, particularly in Brazil, affecting demand, but noted that overall demand remains stable despite industry capacity growth [18][24] - The company is prepared for potential challenges in the market, emphasizing a conservative approach to growth and capacity management [47][39] Other Important Information - The company announced a dividend payment of $1.61 per share on September 13, 2024, to shareholders of record as of August 30 [14] - The average cost of debt is currently around 3.6%, with approximately 70% of the debt being fixed [11] Q&A Session Summary Question: Impact of Venezuela flight suspension - Management confirmed that the impact of the Venezuela suspension is included in the guidance, with expectations to ramp up capacity by December [16][19] Question: Demand impact from currency devaluation - Management noted that while demand is stable, the weaker currency in Brazil is a concern, affecting overall revenue [18] Question: Unredeemed ticket revenue provision changes - The revision reflects a lower expected percentage of tickets expiring, impacting revenue guidance for the second half of the year [20][21] Question: Competitive landscape in Colombia - Management highlighted the intense competition in the Colombian market, with Wingo adjusting capacity in response to market conditions [39] Question: Share repurchase activity - The company was active in its share repurchase program, buying approximately $10 million worth of shares during the quarter [41] Question: Future growth opportunities - Management emphasized a conservative approach to growth, focusing on organic expansion rather than acquisitions [47]

Exhibit 99.1 Copa Holdings Reports Financial Results for the Second Quarter of 2024 Panama City, Panama --- August 7, 2024. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2024 (2Q24). 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 financi ...

Copa Holdings, S.A. (CPA) second-quarter 2024 earnings per share of $2.88 surpassed the Zacks Consensus Estimate of $2.77 but declined 26.5% year over year. Revenues of $819.4 million lagged the Zacks Consensus Estimate of $841 million but rose 1.3% year over year on the back of upbeat passenger revenues. Passenger revenues (which contributed 95.4% to the top line) increased 1% from second-quarter 2023, owing to a 10.6% year-over-year increase in passenger traffic, partly offset by an 8.7% decrease in passe ...

Copa Holdings (CPA) reported $819.4 million in revenue for the quarter ended June 2024, representing a yearover-year increase of 1.3%. EPS of $2.88 for the same period compares to $3.92 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $841.01 million, representing a surprise of -2.57%. The company delivered an EPS surprise of +3.97%, with the consensus EPS estimate being $2.77. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

Copa Holdings (CPA) came out with quarterly earnings of $2.88 per share, beating the Zacks Consensus Estimate of $2.77 per share. This compares to earnings of $3.92 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 3.97%. A quarter ago, it was expected that this holding company for Panama's national airline would post earnings of $3.27 per share when it actually produced earnings of $4.19, delivering a surprise of 28.13%. Over ...

PANAMA CITY, Aug. 7, 2024 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2024 (2Q24). 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 sect ...

Investors consider the aviation industry a relatively risky form of investment. This is due to a number of factors, including the fact that it requires a large amount of cash for operations, the industry is cyclical, with some parts of the year being better for passenger travel than others, and it is a very competitive market. The airline industry is also subject to issues regarding travel delays. On July 19, there was an IT outage in which CrowdStrike (NYSE:CRWD) was performing a mass software update. A fa ...

Thomas Barwick The global airline industry has struggled despite record-high travel trends and strong US consumer spending. The US Global Jets ETF (JETS) has underperformed the S&P 500 ETF (SPY) by more than 30 percentage points in the past year. It comes following rather poor execution among various airline management teams, evidenced by soft revenue per available seat mile (RASM) trends as reported by major players during the current reporting period. I have a buy rating, however, on shares of Copa Holdin ...