Copa Holdings, S.A. (NYSE: CPA), has announced financial results for the third quarter of 2017 (3Q17), the company said.
Copa Holdings reported net income of USUSD 103.8 million for 3Q17 or earnings per share (EPS) of USUSD 2.45, compared to net income of USUSD 74.0 million or earnings per share of USUSD 1.75 in 3Q16.
Excluding special items, the company would have reported an adjusted net income of USUSD 100.8 million, or adjusted EPS of USUSD 2.38, compared to an adjusted net income of USUSD 55.3 million or adjusted EPS of USUSD 1.30 in 3Q16.
Special items include a non-cash gain of USUSD 2.9 million in 3Q17 and USUSD 19.2 million in 3Q16 related to the mark-to-market of fuel hedge contracts.
Operating income for 3Q17 came in at USUSD 119.1 million, representing a 56% increase over operating income of USUSD 76.4 million in 3Q16, as a result of 13% additional capacity, a 2.4% increase in unit revenue per available seat mile (RASM), and a 3.2% decrease in unit costs. Operating margin for 3Q17 came in at 18.1%, compared to an operating margin of 13.4% in 3Q16.
Total revenues for 3Q17 increased 15.6% to USUSD 657.2 million. Yield per passenger mile increased 1.3% to 12.0 cents and RASM came in at 10.6 cents, 2.4% above 3Q16.
For 3Q17, consolidated passenger traffic grew 14.9% while consolidated capacity grew 13.0%. As a result, consolidated load factor for the quarter increased 1.5 percentage points to 85.7%.
Operating cost per available seat mile (CASM) decreased 3.2%, from 8.9 cents in 3Q16 to 8.6 cents in 3Q17. CASM excluding fuel costs decreased 1.2%, from 6.4 in 3Q16 to 6.3 cents 3Q17.
Copa Holdings is a Latin American provider of passenger and cargo services. The company, through its operating subsidiaries, provides service to 75 destinations in 31 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 101 aircraft: 80 Boeing 737NG aircraft and 21 EMBRAER-190s. For more information visit: www.copa.com.