Copa Holdings, S.A. (
Copa Airlines
and Copa Airlines Colombia) (Panama City) has announced its financial
results for the fourth quarter of 2012 and the full year of 2012.
- Copa
Holdings reported net income of US$86.6 million for 4Q12 or earnings
per share (EPS) of US$1.95, as compared to net income of US$104.4
million or EPS of US$2.36 in 4Q11. Excluding special items, Copa
Holdings reported an adjusted net income of US$89.3 million or adjusted
EPS of $2.01, compared to adjusted net income of US$85.3 million or
adjusted EPS of $1.93 in 4Q11.
- Net
income for full year 2012 reached US$326.5 million or EPS of US$7.35,
compared to US$310.4 million or EPS of US$6.98 for full year 2011.
Excluding special items, however, Copa Holdings would have reported an
adjusted net income of US$336.1 million or EPS of US$7.57, compared to
adjusted net income of US$314.1 or adjusted EPS of $7.06 for full year
2011.
- Operating
income for 4Q12 came in at US$104.3 million, representing a 6.5%
decline from operating income of US$111.5 million in 4Q11, mainly as a
result of a 3.7% drop in unit operating revenue per available seat mile
(RASM) and a 6.3% increase in the all-in price of jet fuel. As a
result, operating margin for 4Q12 came in at 17.4%, or 4.5 percentage
points below 4Q11.
- The
Company reported operating income of US$402.5 million for full year
2012, representing an increase of 4.6% over operating income of US$385.0
million in 2011. Operating margin for full year 2012 came in at 17.9%,
as compared to an operating margin of 21.0% in 2011.
- Total
revenues for 4Q12 increased 17.7% to US$599.8 million. Yield per
passenger mile decreased 4.1% to 17.1 cents and RASM came in at 13.5
cents, or 3.7% below 4Q11. However, on a quarter over quarter basis,
both yields and RASM remained relatively flat over our third quarter
high season, declining only 0.9% and 0.2%, respectively.
- For
4Q12 consolidated passenger traffic grew 23.7%, led by international
traffic growth which expanded a robust 26.0%. At the same time,
consolidated capacity grew 22.3%, led by a 24.4% increase in
international capacity. As a result, consolidated load factor for the
quarter increased 0.8 percentage points to 75.7%. For full year 2012,
consolidated load factor came in at 75.4%, down 0.9 percentage points
from 2011, on 24.1% capacity growth.
- Operating
cost per available seat mile (CASM) increased 1.8%, from 11.0 cents in
4Q11 to 11.1 cents in 4Q12 as a result of an increase in the all-in
price of jet fuel. However, CASM excluding fuel cost decreased 1.3%
from 6.9 cents in 4Q11 to 6.8 cents in 4Q12, as a result of lower labor,
maintenance and distribution unit costs, which were partly offset
mainly by higher passenger servicing costs and other administrative
expenses.
- Cash, short term and long term investments ended 2012 at US$720.5 million, representing 32% of the last twelve months' revenues.
- During
the fourth quarter, Copa Airlines took delivery of two Boeing 737-800s
and returned one leased Boeing 737-800 aircraft. As a result, Copa
Holdings ended the year with a consolidated fleet of 83 aircraft,
composed of 18 Boeing 737-700s, 39 Boeing 737-800s and 26 Embraer-190s.
- During
the fourth quarter, Copa Holdings and Boeing agreed to reschedule four
future B737-800 aircraft deliveries (2 firm and 2 options). As a
result, the company now has eight firm deliveries of Boeing 737-800
aircraft and four lease expirations of B737-700 aircraft for 2014.
- For
2012, Copa Holdings reported on-time performance of 85.5% and a
flight-completion factor of 99.6%, maintaining its position among the
best in the industry
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