Copa Holdings reported a Q1 2025 net profit of $176.8 million, with increased capacity and reduced operating costs.
Quiver AI Summary
Copa Holdings, S.A. announced its financial results for the first quarter of 2025, reporting a net profit of $176.8 million, or $4.28 per share, which reflects a slight increase from the previous year. The operating profit decreased to $213.8 million with an operating margin of 23.8%, both down modestly compared to 1Q24. Capacity rose by 9.5% year-over-year, while revenue per available seat mile decreased by 8.1%. The company ended the quarter with substantial cash and investments totaling approximately $1.3 billion and maintained a strong adjusted net debt to EBITDA ratio of 0.5 times. Copa Airlines achieved an impressive on-time performance of 90.8%. The Board of Directors also announced a second dividend payment of $1.61 per share to be distributed in June.
Potential Positives
- Net profit of US$176.8 million, an increase from the previous year, indicating strong financial performance.
- Operating profit maintained at US$213.8 million despite a slight decrease, showcasing operational resilience.
- Capacity increased by 9.5% year over year, demonstrating growth in operational capabilities and market presence.
- Successful exercise of options for six additional Boeing 737 MAX-8 aircraft, enhancing the future fleet and operational expansion plans.
Potential Negatives
- Operating profit decreased by 1.0% compared to 1Q24, indicating potential challenges in maintaining profitability.
- Revenue per available seat mile (RASM) decreased by 8.1% compared to 1Q24, suggesting a decline in revenue efficiency.
- There was a significant decrease in cash and cash equivalents from US$613.3 million at the beginning of the quarter to US$164.8 million by the end, indicating potential liquidity concerns.
FAQ
What were Copa Holdings' net profits in 1Q25?
Copa Holdings reported a net profit of US$176.8 million in the first quarter of 2025.
How did operating profit change compared to 1Q24?
The operating profit for 1Q25 was US$213.8 million, a slight decrease of 1.0% from 1Q24.
What was Copa Airlines' on-time performance in 1Q25?
Copa Airlines achieved an on-time performance of 90.8% for the first quarter of 2025.
When is the next dividend payment for Copa Holdings?
The next dividend payment of US$1.61 per share is scheduled for June 13, 2025.
How many total aircraft does Copa Holdings' fleet consist of?
Copa Holdings ended 1Q25 with a consolidated fleet of 112 aircraft.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CPA Hedge Fund Activity
We have seen 94 institutional investors add shares of $CPA stock to their portfolio, and 100 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CAPTRUST FINANCIAL ADVISORS added 529,569 shares (+4063.6%) to their portfolio in Q4 2024, for an estimated $46,538,523
- CITIGROUP INC removed 495,818 shares (-96.3%) from their portfolio in Q4 2024, for an estimated $43,572,485
- CANADA PENSION PLAN INVESTMENT BOARD added 458,702 shares (+inf%) to their portfolio in Q4 2024, for an estimated $40,310,731
- CITADEL ADVISORS LLC removed 396,911 shares (-87.2%) from their portfolio in Q4 2024, for an estimated $34,880,538
- MILLENNIUM MANAGEMENT LLC added 275,726 shares (+568.4%) to their portfolio in Q4 2024, for an estimated $24,230,800
- FMR LLC added 230,653 shares (+18.1%) to their portfolio in Q4 2024, for an estimated $20,269,785
- CAPE ANN ASSET MANAGEMENT LTD removed 229,800 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $21,247,308
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$CPA Analyst Ratings
Wall Street analysts have issued reports on $CPA in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Cowen & Co. issued a "Buy" rating on 02/18/2025
- Morgan Stanley issued a "Overweight" rating on 11/22/2024
To track analyst ratings and price targets for $CPA, check out Quiver Quantitative's $CPA forecast page.
Full Release
PANAMA CITY, May 07, 2025 (GLOBE NEWSWIRE) -- Copa Holdings
1
, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2025 (1Q25). Key highlights include:
Net profit of US$176.8 million or US$4.28 per share, a US$0.7 million increase compared to 1Q24.
Operating profit of US$213.8 million and an operating margin of 23.8%, a 1.0% and 0.4 percentage point decrease, respectively, compared to 1Q24.
Capacity, measured in available seat miles (ASMs), increased by 9.5% year over year.
Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased 4.3% compared to 1Q24 to 5.8 cents.
Revenue per available seat mile (RASM) decreased 8.1% compared to 1Q24 to 11.5 cents.
The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.
The Company closed 1Q25 with total debt, including lease liabilities, of US$1.9 billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
The Company ended the quarter with a consolidated fleet of 112 aircraft: 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 3 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.
Copa Holdings exercised options for six additional Boeing 737 MAX-8 aircraft expected to be delivered in 2028. This increases the Company's firm outstanding order book to 57 aircraft.
Copa Airlines had an on-time performance for the quarter of 90.8% and a flight completion factor of 99.9%, once again positioning itself among the best in the industry.
Subsequent events
On May 7, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on June 13, 2025, to shareholders on record as of May 30, 2025.
Copa Holdings, S. A. and Subsidiaries Consolidated Operating and Financial Statistics | ||||||||||
1Q25 | 1Q24 | % Change | 4Q24 | % Change | ||||||
Revenue Passengers Carried (000s) | 3,512 | 3,272 | 7.4 | % | 3,444 | 2.0 | % | |||
Revenue Passengers OnBoard (000s) | 5,208 | 4,790 | 8.7 | % | 5,168 | 0.8 | % | |||
RPMs (millions) | 6,743 | 6,127 | 10.1 | % | 6,682 | 0.9 | % | |||
ASMs (millions) | 7,801 | 7,121 | 9.5 | % | 7,747 | 0.7 | % | |||
Load Factor | 86.4 | % | 86.0 | % | 0.4 p.p | 86.3 | % | 0.2 p.p | ||
Yield (US$ Cents) | 12.7 | 14.0 | (9.1 | )% | 12.5 | 2.0 | % | |||
PRASM (US$ Cents) | 11.0 | 12.1 | (8.7 | )% | 10.8 | 2.2 | % | |||
RASM (US$ Cents) | 11.5 | 12.5 | (8.1 | )% | 11.3 | 1.6 | % | |||
CASM (US$ Cents) | 8.8 | 9.5 | (7.7 | )% | 8.7 | 0.8 | % | |||
CASM Excl. Fuel (US$ Cents) | 5.8 | 6.1 | (4.3 | )% | 5.9 | (1.2 | )% | |||
Fuel Gallons Consumed (millions) | 91.0 | 84.4 | 7.8 | % | 91.2 | (0.3 | )% | |||
Avg. Price Per Fuel Gallon (US$) | 2.54 | 2.90 | (12.4 | )% | 2.38 | 6.6 | % | |||
Average Length of Haul (miles) | 1,920 | 1,873 | 2.5 | % | 1,940 | (1.1 | )% | |||
Average Stage Length (miles) | 1,260 | 1,246 | 1.1 | % | 1,260 | — | % | |||
Departures | 37,829 | 35,220 | 7.4 | % | 37,596 | 0.6 | % | |||
Block Hours | 121,611 | 112,164 | 8.4 | % | 121,549 | 0.1 | % | |||
Average Aircraft Utilization (hours) | 12.1 | 11.6 | 3.8 | % | 12.0 | 0.9 | % | |||
Operating Revenues (US$ millions) | 899.2 | 893.5 | 0.6 | % | 878.6 | 2.3 | % | |||
Operating Profit (Loss) (US$ millions) | 213.8 | 216.0 | (1.0 | )% | 203.7 | 4.9 | % | |||
Operating Margin | 23.8 | % | 24.2 | % | -0.4 p.p | 23.2 | % | 0.6 p.p | ||
Net Profit (Loss) (US$ millions) | 176.8 | 176.1 | 0.4 | % | 165.8 | 6.6 | % | |||
Basic EPS (US$) | 4.28 | 4.19 | 2.2 | % | 3.98 | 7.7 | % | |||
Shares for calculation of Basic EPS (000s) | 41,292 | 42,052 | (1.8 | )% | 41,696 | (1.0 | )% | |||
Full 1Q25 Earnings Release available for download at:
https://copa.gcs-web.com/financial-information/quarterly-results
1Q25 Earnings Conference Call and Webcast
Date: | May 8, 2025 |
Time: | 11:00 AM US ET (11:00 AM Local Time) |
Join by phone: | https://register-conf.media-server.com/register/BIcb85f85fa26a4d56b9369d66c4fb6a5c |
Webcast (listen-only): | https://copa.gcs-web.com/events-and-presentations |
About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit:
www.copaair.com
.
CONTACT:
Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copaair.com
(IR section)
Cautionary statement regarding forward-looking statements
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
CPA-G
Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands) | |||||||||||||
Unaudited | Unaudited | % | Unaudited | % | |||||||||
1Q25 | 1Q24 | Change | 4Q24 | Change | |||||||||
Operating Revenues | |||||||||||||
Passenger revenue | 859,025 | 858,725 | — | % | 834,758 | 2.9 | % | ||||||
Cargo and mail revenue | 25,694 | 21,910 | 17.3 | % | 28,966 | (11.3 | %) | ||||||
Other operating revenue | 14,462 | 12,831 | 12.7 | % | 14,896 | (2.9 | %) | ||||||
Total Operating Revenue | 899,181 | 893,467 | 0.6 | % | 878,620 | 2.3 | % | ||||||
Operating Expenses | |||||||||||||
Fuel | 232,160 | 245,352 | (5.4 | %) | 219,232 | 5.9 | % | ||||||
Wages, salaries, benefits and other employees' expenses | 117,517 | 114,314 | 2.8 | % | 123,575 | (4.9 | %) | ||||||
Passenger servicing | 25,024 | 29,684 | (15.7 | %) | 25,748 | (2.8 | %) | ||||||
Airport facilities and handling charges | 65,657 | 60,347 | 8.8 | % | 64,655 | 1.5 | % | ||||||
Sales and distribution | 50,261 | 55,494 | (9.4 | %) | 50,548 | (0.6 | %) | ||||||
Maintenance, materials and repairs | 39,434 | 25,627 | 53.9 | % | 34,567 | 14.1 | % | ||||||
Depreciation and amortization | 86,284 | 83,365 | 3.5 | % | 85,085 | 1.4 | % | ||||||
Flight operations | 33,749 | 31,029 | 8.8 | % | 34,675 | (2.7 | %) | ||||||
Other operating and administrative expenses | 35,27 | 32,270 | 9.3 | % | 36,78 | (4.1 | %) | ||||||
Total Operating Expense | 685,360 | 677,482 | 1.2 | % | 674,871 | 1.6 | % | ||||||
Operating Profit/(Loss) | 213,822 | 215,985 | (1.0 | %) | 203,749 | 4.9 | % | ||||||
Non-operating Income (Expense): | |||||||||||||
Finance cost | (23,233 | ) | (18,840 | ) | 23.3 | % | (21,498 | ) | 8.1 | % | |||
Finance income | 15,792 | 13,746 | 14.9 | % | 16,064 | (1.7 | %) | ||||||
Gain (loss) on foreign currency fluctuations | 1,370 | (3,914 | ) | nm | (11,489 | ) | nm | ||||||
Net change in fair value of derivatives | (2,434 | ) | (8 | ) | nm | 2,706 | nm | ||||||
Other non-operating income (expense) | 1,428 | (112 | ) | nm | (501 | ) | nm | ||||||
Total Non-Operating Income/(Expense) | (7,077 | ) | (9,127 | ) | (22.5 | %) | (14,718 | ) | (51.9 | %) | |||
Profit before taxes | 206,744 | 206,858 | (0.1 | %) | 189,031 | 9.4 | % | ||||||
Income tax expense | (29,978 | ) | (30,792 | ) | (2.6 | %) | (23,262 | ) | 28.9 | % | |||
Net Profit/(Loss) | 176,766 | 176,066 | 0.4 | % | 165,769 | 6.6 | % | ||||||
Copa Holdings, S. A. and Subsidiaries Consolidated statement of financial position (In US$ thousands) | |||||
March 2025 | December 2024 | ||||
ASSETS | (Unaudited) | (Audited) | |||
Cash and cash equivalents | 164,820 | 613,313 | |||
Short-term investments | 751,525 | 585,919 | |||
Total cash, cash equivalents and short-term investments | 916,345 | 1,199,232 | |||
Accounts receivable, net | 172,525 | 166,014 | |||
Accounts receivable from related parties | 5,526 | 2,976 | |||
Expendable parts and supplies, net | 145,040 | 132,341 | |||
Prepaid expenses | 51,568 | 42,926 | |||
Prepaid income tax | 4,159 | 11,678 | |||
Other current assets | 26,461 | 21,711 | |||
405,279 | 377,647 | ||||
TOTAL CURRENT ASSETS | 1,321,625 | 1,576,879 | |||
Long-term investments | 425,821 | 248,936 | |||
Long-term prepaid expenses | 7,648 | 8,237 | |||
Property and equipment, net | 3,564,026 | 3,458,261 | |||
Right of use assets | 293,337 | 309,302 | |||
Intangible, net | 97,483 | 96,754 | |||
Net defined benefit assets | 1,513 | 1,058 | |||
Deferred tax assets | 15,695 | 20,749 | |||
Other Non-Current Assets | 20,661 | 22,113 | |||
TOTAL NON-CURRENT ASSETS | 4,426,183 | 4,165,410 | |||
TOTAL ASSETS | 5,747,808 | 5,742,289 | |||
LIABILITIES | |||||
Loans and borrowings | 232,447 | 254,854 | |||
Current portion of lease liability | 60,156 | 59,103 | |||
Accounts payable | 188,886 | 229,104 | |||
Accounts payable to related parties | 1,012 | 1,624 | |||
Air traffic liability | 607,457 | 621,895 | |||
Frequent flyer deferred revenue | 142,773 | 132,064 | |||
Taxes Payable | 60,599 | 55,505 | |||
Accrued expenses payable | 33,074 | 62,673 | |||
Income tax payable | 12,861 | 9,801 | |||
Other Current Liabilities | 1,831 | 1,272 | |||
TOTAL CURRENT LIABILITIES | 1,341,097 | 1,427,895 | |||
Loans and borrowings long-term | 1,390,774 | 1,415,953 | |||
Lease Liability | 255,831 | 270,594 | |||
Deferred tax Liabilities | 48,803 | 37,476 | |||
Other long - term liabilities | 229,921 | 217,626 | |||
TOTAL NON-CURRENT LIABILITIES | 1,925,329 | 1,941,649 | |||
TOTAL LIABILITIES | 3,266,426 | 3,369,544 | |||
EQUITY | |||||
Class A - 34,219,911 issued and 30,232,861 outstanding | 23,271 | 23,244 | |||
Class B - 10,938,125 | 7,466 | 7,466 | |||
Additional Paid-In Capital | 216,435 | 214,542 | |||
Treasury Stock | (294,993 | ) | (291,438 | ) | |
Retained Earnings | 2,368,185 | 1,826,565 | |||
Net profit | 176,766 | 608,114 | |||
Other comprehensive loss | (15,748 | ) | (15,748 | ) | |
TOTAL EQUITY | 2,481,382 | 2,372,745 | |||
TOTAL EQUITY LIABILITIES | 5,747,808 | 5,742,289 | |||
Copa Holdings, S. A. and Subsidiaries Consolidated statement of cash flows For the three months ended (In US$ thousands) | |||||||||||
2025 | 2024 | 2023 | |||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||
Cash flow from operating activities | 205,477 | 200,998 | 203,419 | ||||||||
Cash flow (used in) investing activities | (518,052 | ) | (78,334 | ) | (62,868 | ) | |||||
Cash flow (used in) financing activities | (135,918 | ) | (158,514 | ) | (20,661 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (448,493 | ) | (35,850 | ) | 119,890 | ||||||
Cash and cash equivalents at January 1 | 613,313 | 206,375 | 122,424 | ||||||||
Cash and cash equivalents at March 31 | $ | 164,820 | $ | 170,525 | $ | 242,314 | |||||
Short-term investments | 751,525 | 630,640 | 773,493 | ||||||||
Long-term investments | 425,821 | 301,192 | 166,481 | ||||||||
Total cash and cash equivalents and investments at March 31 | $ | 1,342,166 | $ | 1,102,357 | $ | 1,182,288 | |||||
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
Reconciliation of Operating Costs per ASM | |||||
Excluding Fuel (CASM Excl. Fuel) | 1Q25 | 1Q24 | 4Q24 | ||
Operating Costs per ASM as Reported (in US$ Cents) | 8.8 | 9.5 | 8.7 | ||
Aircraft Fuel Cost per ASM (in US$ Cents) | 3.0 | 3.4 | 2.8 | ||
Operating Costs per ASM excluding fuel (in US$ Cents) | 5.8 | 6.1 | 5.9 | ||
________________________
1
The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, 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 2024 (1Q24).
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
