Copa Holdings Reports First-Quarter Financial Results

Core Viewpoint Copa Holdings reported its financial results for the first quarter of 2025, showing a slight increase in net profit and a decrease in operating margin, while maintaining a strong cash position and operational performance. Financial Performance - Net profit for 1Q25 was US$176.8 million, or US$4.28 per share, reflecting a US$0.7 million increase compared to 1Q24 [3][4] - Operating profit was US$213.8 million with an operating margin of 23.8%, down 1.0% and 0.4 percentage points respectively from 1Q24 [3][4] - Operating revenues totaled US$899.2 million, a 0.6% increase from 1Q24 [2][8] Operational Metrics - Revenue passengers carried increased by 7.4% year-over-year to 3,512,000 [2] - Revenue passenger miles (RPMs) rose by 10.1% to 6,743 million [2] - Load factor improved to 86.4%, up 0.4 percentage points from 1Q24 [2] Cost and Efficiency - Operating cost per available seat mile (CASM) decreased by 7.7% to 8.8 cents, while CASM excluding fuel fell by 4.3% to 5.8 cents [3][9] - Average price per fuel gallon dropped by 12.4% to US$2.54 [2] Cash and Debt Position - The company ended the quarter with approximately US$1.3 billion in cash and investments, representing 39% of the last twelve months' revenues [3] - Total debt, including lease liabilities, stood at US$1.9 billion, with an Adjusted Net Debt to EBITDA ratio of 0.5 times [3] Fleet and Future Plans - Copa Holdings has a consolidated fleet of 112 aircraft and has exercised options for six additional Boeing 737 MAX-8 aircraft, increasing its firm order book to 57 aircraft [3][4] - The company achieved an on-time performance of 90.8% and a flight completion factor of 99.9% [3]