Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2018 (1Q18). 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 section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2017 (1Q17).
OPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings reported net income of US$136.5 million for 1Q18 or earnings per share (EPS) of US$3.22, as compared to net income of US$101.0 million or earnings per share of US$2.38 in 1Q17.
Operating income for 1Q18 came in at US$143.4 million, representing a 23.4% increase over operating income of US$116.2 million in 1Q17, as a result of a 7.2% increase in unit revenues (RASM), which outpaced the 5.6% oil-driven increase in unit costs (CASM). Operating margin for 1Q18 came in at a strong 20.1%, compared to an operating margin of 18.9% in 1Q17.
For 1Q18, consolidated passenger traffic grew 10.4% while consolidated capacity grew 8.4%. As a result, consolidated load factor for the quarter increased 1.5 percentage points to 83.0%.
Total revenues for 1Q18 increased 16.2% to US$715.0 million. Yield per passenger mile increased 5.3% to 13.3 cents and RASM came in at 11.4 cents, or 7.2% above 1Q17…
