Copa Holdings operating profit up 35% in 2Q2013, adjusts FY CASM excl fuel outlook

Copa Holdings revenue up 15% -financial highlights for three months ended 30-Jun-2013:

• Total operating revenue: USD592.0 million, +14.8% year-on-year;
• • Passenger: USD569.0 million, +14.9%;
  • Cargo: USD23.0 million, +10.7%;
• Total operating costs: USD494.3 million, +11.5%;
• • Fuel: USD184.8 million, +6.6%;
  • Labour: USD66.1 million, +8.2%;
• Operating profit: USD97.7 million, +34.5%;
• Net profit: USD74.4 million, +132.6%;
• Passenger numbers: 1.9 million, +12.2%;
• Load factor: 75.3%, +1.7 ppt;
• Breakeven load factor: 61.6%, -1.4 ppt;
• Yield: USD 16.4 cents, -4.6%;
• Passenger revenue per ASM: USD 12.3 cents, -2.3%;
• Revenue per ASM: USD 12.8 cents, -2.5%;
• Cost per ASM: USD 10.7 cents, -5.2%;
• Cost per ASM excl fuel: USD 6.7 cents, -2.6%;
• Total assets: USD3674 million;
• Cash and cash equivalents: USD327.4 million;
• Total liabilities: USD1949 million;
• 2013 outlook:
• • Capacity: +14%;
  • Average load factor: 76%;
  • Revenue per ASM: +13.6%;
  • Cost per ASM excl fuel: +6.7%, compared to previous guidance of +6.6%;
  • Operating margin: 19% to 21%. [more - original PR] [more - original PR - II]

Copa Holdings: "For 2013, the Company is updating its full year guidance to reflect a slight increase in CASM ex-fuel, from 6.6 cents to 6.7 cents. Guidance in terms of capacity growth, load factor, unit revenues (RASM) and operating margin remain unchanged. Factored into the current guidance is an estimated effective price per gallon of jet fuel, including the effect of current hedge contracts and into-plane costs, of USD3.20 per gallon." Source: Company statement, 07-Aug-2013.