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The revenues were hit by increased fuel charges, the weakness of the Brazilian and Argentinian currencies as well as increased competition and lower fares. Yield per passenger mile decreased 3.3% to 11.6 cents and RASM came in at 10.1 cents, or 4.2% below last years numbers. Operating cost per available seat mile (CASM) increased 4.3% from 8.6 cents in the same period of 2017 to 9.0 cents in third-quarter, driven by a 31.6% increase in the effective price of jet fuel. CASM excluding fuel costs decreased 5.5% from 6.3 cents in last year to 6.0 cents in this period, mainly as a result of timing of expenses, fewer operational disruptions and cost reduction efforts.
Copa ended the quarter with a consolidated fleet of 102 aircraft – 1 Boeing 737 MAX9, 68 Boeing 737-800s, 14 Boeing 737-700s, and 19 Embraer-190s (pictured).
Consolidated Financial
& Operating Highlights |
3Q18
|
3Q17*
|
Variance
vs. 3Q17 |
2Q18
|
Variance
vs. 2Q18 |
Revenue Passengers Carried ('000)
|
2,591
|
2,518
|
2.9%
|
2,458
|
5.4%
|
RPMs (mm)
|
5,587
|
5,330
|
4.8%
|
5,384
|
3.8%
|
ASMs (mm)
|
6,629
|
6,221
|
6.6%
|
6,446
|
2.8%
|
Load Factor
|
84.3%
|
85.7%
|
-1.4 p.p.
|
83.5%
|
0.7 p.p.
|
Yield
|
11.6
|
12.0
|
-3.3%
|
11.4
|
2.3%
|
PRASM (US$ Cents)
|
9.8
|
10.3
|
-4.8%
|
9.5
|
3.2%
|
RASM (US$ Cents)
|
10.1
|
10.6
|
-4.2%
|
9.8
|
3.1%
|
CASM (US$ Cents)
|
9.0
|
8.6
|
4.3%
|
9.0
|
0.8%
|
CASM Excl. Fuel (US$ Cents)
|
6.0
|
6.3
|
-5.5%
|
6.0
|
-0.1%
|
Fuel Gallons Consumed (Millions)
|
84.2
|
80.0
|
5.3%
|
81.7
|
3.2%
|
Avg. Price Per Fuel Gallon (US$ Dollars)
|
2.40
|
1.82
|
31.6%
|
2.35
|
2.3%
|
Average Length of Haul (Miles)
|
2,156
|
2,117
|
1.9%
|
2,190
|
-1.6%
|
Average Stage Length (Miles)
|
1,331
|
1,300
|
2.4%
|
1,331
|
-0.1%
|
Departures
|
33,775
|
32,593
|
3.6%
|
32,843
|
2.8%
|
Block Hours
|
114,009
|
108,916
|
4.7%
|
110,893
|
2.8%
|
Average Aircraft Utilization (Hours)
|
12.3
|
11.7
|
4.4%
|
12.1
|
1.6%
|
Operating Revenues (US$ mm)
|
672.4
|
658.7
|
2.1%
|
634.1
|
6.0%
|
Operating Income (US$ mm)
|
74.3
|
120.7
|
-38.4%
|
57.1
|
30.2%
|
Operating Margin
|
11.0%
|
18.3%
|
-7.3 p.p.
|
9.0%
|
2.0 p.p.
|
Net Income (US$ mm)
|
57.7
|
105.3
|
-45.2%
|
49.9
|
15.7%
|
Adjusted Net Income (US$ mm) (1)
|
57.7
|
102.4
|
-43.6%
|
49.9
|
15.7%
|
EPS - Basic and Diluted (US$)
|
1.36
|
2.48
|
-45.2%
|
1.18
|
15.7%
|
Adjusted EPS - Basic and Diluted (US$) (1)
|
1.36
|
2.41
|
-43.6%
|
1.18
|
15.7%
|
# of Shares - Basic and Diluted ('000)
|
42,469
|
42,430
|
0.1%
|
42,447
|
0.1%
|
(1)Adjusted Net Income and Adjusted EPS for 3Q17 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges. * Restated for retrospective adoption of IFRS 15.
Copa Holdings reports a drop of nearly 39% in net income during the third quarter
(image Copa Airlines)