Copa Airlines Reports First Quarter 2024 Financial Results
May 16, 2024 – Panama City, Panama
– Copa Airlines, S.A. (NYSE: CPA), a leading Latin American airline, today announced its financial results for the first quarter of 2024.Key Highlights
* Net income increased by 32.5% to $123.1 million.
* Total operating revenues increased by 27.6% to $700.8 million.
* Passenger revenue increased by 26.2% to $543.2 million.
* Cargo revenue increased by 32.0% to $70.9 million.
* Total operating expenses increased by 23.7% to $577.7 million.
* Fuel expense increased by 44.3% to $205.2 million.
* Non-fuel expense increased by 13.7% to $372.5 million.
Financial Performance
Copa Airlines reported a strong financial performance in the first quarter of 2024. The company’s net income increased by 32.5% to $123.1 million, compared to $93.0 million in the first quarter of 2023. This increase was primarily driven by a 27.6% increase in total operating revenues.
Total operating revenues increased to $700.8 million in the first quarter of 2024, compared to $549.6 million in the first quarter of 2023. The increase in revenues was primarily driven by a 26.2% increase in passenger revenue, which reached $543.2 million. Cargo revenue also increased by 32.0% to $70.9 million.
Total operating expenses increased by 23.7% to $577.7 million in the first quarter of 2024, compared to $467.5 million in the first quarter of 2023. This increase was primarily driven by a 44.3% increase in fuel expense to $205.2 million. Non-fuel expense increased by 13.7% to $372.5 million.
Outlook
Copa Airlines remains optimistic about the future and expects to continue to grow in the coming quarters. The company is investing in new aircraft and expanding its network to meet the growing demand for air travel in Latin America.
Conference Call and Webcast
Copa Airlines will host a conference call and webcast to discuss its first quarter 2024 financial results on Thursday, May 18, 2024, at 10:00 a.m. Eastern Time. The conference call can be accessed by dialing 1-844-200-6205 (domestic) or 1-929-526-1599 (international) and entering the conference ID: 3702690. The webcast can be accessed at https://copaair.investorroom.com/.
