Copa Holdings Reports 31.8 Percent Rise in Quarterly Net Income
Copa Holdings Reports 31.8 Percent Rise in Quarterly Net Income
Copa Holdings, S.A. parent company of Copa Airlines and Copa Airlines Colombia, has announced financial results for the fourth quarter of 2010 and full year 2010. Copa Holdings reported net income of $92.8 million for fourth quarter, or earnings per share (EPS) of $2.11, as compared to net income of $70.4 million, or EPS of $1.60, in the fourth quarter of 2009, an increase of 31.8 percent. Excluding special items, Copa Holdings reported an adjusted net income of $81.2 million, representing a 23.7 percent increase over adjusted net income of $65.7 million in the fourth quarter of 2009.
Net income for full year 2010 reached $212.1 million, or EPS of $4.82, compared to $240.4 million, or EPS of $5.47, for full year 2009. Excluding special items, however, Copa Holdings reported an adjusted net income of $219.2 million compared to $201.7 million for full year 2009, representing an increase of 8.7 percent.
Operating income for the fourth quarter of 2010 came in at $89.0 million, representing an increase of 24 percent over operating income of $71.8 million in the fourth quarter of 2009. Adjusted operating income, which excludes a $4.8 million special fleet charge recorded in the fourth quarter of 2009, increased 16.2 percent from $76.6 million in the fourth quarter of 2009 to $89 million in the fourth quarter of 2010. Operating margin for the fourth quarter of 2010 came in at 21.7 percent,
The company reported operating income of $263 million for full year 2010, representing an increase of 8.3 percent over adjusted operating income of $242.7 million. Operating margin for full year 2010 came in at 18.6 percent as compared to an adjusted operating margin of 19.4 percent in 2009.
Total revenues for the fourth quarter of 2010 increased 19.7 percent to $410.6 million. Yield per passenger mile increased 0.7 percent to 16.5 cents and operating revenue per available seat mile (RASM) came in at 13.7 cents, flat over the fourth quarter of 2009. On a length of haul adjusted basis, yields and RASM increased 3.2 percent and 2.6 percent, respectively.
For the fourth quarter of 2010, consolidated passenger traffic grew 18.6 percent while capacity increased 19.6 percent. As a result, consolidated load factor for the quarter decreased 0.6 percentage points to 78.8 percent. For full year 2010, consolidated load factor came in at 76.9 percent, up 2.2 percentage points over 2009, on 10.5 percent capacity growth.
Operating cost per available seat mile (CASM) decreased 0.8 percent, from 10.9 cents in the fourth quarter of 2009 to 10.8 cents in the fourth quarter of 2010. CASM, excluding fuel costs and special fleet charges for the fourth quarter of 2009, decreased 2.6 percent from 7.6 cents in the fourth quarter of 2009 to 7.4 cents in the fourth quarter of 2010, mostly as a result of the dilution effect of capacity added in the second half of 2010.
