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09.05.2018 22:45:00
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Copa Holdings Reports Net Income of $136.5 million and EPS of $3.22 for the First Quarter of 2018
PANAMA CITY, May 9, 2018 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2018 (1Q18). The terms "Copa Holdings" and "the Company" refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2017 (1Q17).
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported net income of US$136.5 million for 1Q18 or earnings per share (EPS) of US$3.22, as compared to net income of US$101.0 million or earnings per share of US$2.38 in 1Q17.
- Operating income for 1Q18 came in at US$143.4 million, representing a 23.4% increase over operating income of US$116.2 million in 1Q17, as a result of a 7.2% increase in unit revenues (RASM), which outpaced the 5.6% oil-driven increase in unit costs (CASM). Operating margin for 1Q18 came in at a strong 20.1%, compared to an operating margin of 18.9% in 1Q17.
- For 1Q18, consolidated passenger traffic grew 10.4% while consolidated capacity grew 8.4%. As a result, consolidated load factor for the quarter increased 1.5 percentage points to 83.0%.
- Total revenues for 1Q18 increased 16.2% to US$715.0 million. Yield per passenger mile increased 5.3% to 13.3 cents and RASM came in at 11.4 cents, or 7.2% above 1Q17.
- Operating cost per available seat mile (CASM) increased 5.6%, from 8.6 cents in 1Q17 to 9.1 cents in 1Q18. CASM excluding fuel costs increased 1.1% from 6.2 cents in 1Q17 to 6.3 cents in 1Q18, mainly as a result of maintenance events related to an aircraft lease return.
- Cash, short-term and long-term investments ended the quarter slightly over US$1.0 billion, representing 38% of the last twelve months' revenues.
- Copa Holdings ended the quarter with a consolidated fleet of 100 aircraft – 67 Boeing 737-800s, 14 Boeing 737-700s, and 19 Embraer-190s.
- For 1Q18, Copa Airlines had an on-time performance of 91.3% and a flight-completion factor of 99.8%, maintaining its position among the best in the industry.
Subsequent Events
- In April 2018, the company took delivery of one Boeing 737-800, increasing the consolidated fleet to 101 aircraft.
- Copa Holdings will pay its second quarterly dividend of $0.87 per share on June 15, to all Class A and Class B shareholders on record as of May 31, 2018.
Consolidated Financial 1Q18 1Q17* Variance vs. 1Q17 4Q17* Variance vs. 4Q17 Revenue Passengers Carried ('000) 2,465 2,264 8.9% 2,460 0.2% RPMs (mm) 5,223 4,732 10.4% 5,086 2.7% ASMs (mm) 6,297 5,808 8.4% 6,111 3.0% Load Factor 83.0% 81.5% 1.5 p.p. 83.2% -0.3 p.p. Yield 13.3 12.6 5.3% 12.7 4.5% PRASM (US$ Cents) 11.0 10.3 7.2% 10.6 4.1% RASM (US$ Cents) 11.4 10.6 7.2% 11.0 3.7% CASM (US$ Cents) 9.1 8.6 5.6% 9.1 -0.1% CASM Excl. Fuel (US$ Cents) 6.3 6.2 1.1% 6.5 -2.4% Fuel Gallons Consumed (Millions) 80.1 74.2 8.0% 78.7 1.8% Avg. Price Per Fuel Gallon (US$ Dollars) 2.16 1.84 17.6% 2.03 6.7% Average Length of Haul (Miles) 2,119 2,090 1.4% 2,067 2.5% Average Stage Length (Miles) 1,322 1,275 3.7% 1,292 2.3% Departures 32,339 31,095 4.0% 32,183 0.5% Block Hours 108,635 101,495 7.0% 106,750 1.8% Average Aircraft Utilization (Hours) 12.0 11.3 6.1% 11.6 3.3% Operating Revenues (US$ mm) 715.0 615.3 16.2% 669.3 6.8% Operating Income (US$ mm) 143.4 116.2 23.4% 114.1 25.7% Operating Margin 20.1% 18.9% 1.2 p.p. 17.1% 3.0 p.p. Net Income (US$ mm) 136.5 101.0 35.1% 94.6 44.3% Adjusted Net Income (US$ mm) (1) 136.5 101.9 34.0% 94.0 45.1% EPS - Basic and Diluted (US$) 3.22 2.38 35.0% 2.23 44.3% Adjusted EPS - Basic and Diluted (US$) (1) 3.22 2.40 33.8% 2.22 45.1% # of Shares - Basic and Diluted ('000) 42,439 42,396 0.1% 42,430 0.0% (1)Adjusted Net Income and Adjusted EPS for 1Q17, and 4Q17 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges. * Restated for retrospective adoption of IFRS15. Note: Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
& Operating Highlights
FULL 1Q18 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: http://investor.shareholder.com/copa/results.cfm
1Q18 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
Date: | May 10, 2018 |
Time: | 11:00 AM US ET (10:00 AM Local Time) |
Conference telephone number: | 877-293-5456 (US Domestic Callers) |
707-287-9357 (International Callers) | |
Webcast: | |
Speakers: | Pedro Heilbron, Chief Executive Officer |
José Montero, Chief Financial Officer |
About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to 78 destinations in 32 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 101 aircraft: 82 Boeing 737NG aircraft and 19 EMBRAER-190s. For more information visit: www.copa.com.
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copa.com (IR section)
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings' filed disclosure documents and are, therefore, subject to change without prior notice.
CPA-G
Copa Holdings, S.A. | ||||||||||
Income Statement - IFRS | ||||||||||
(US$ Thousands) | ||||||||||
Unaudited | Unaudited | % | Unaudited | % | ||||||
1Q18 | 1Q17* | Change | 4Q17* | Change | ||||||
Operating Revenues | ||||||||||
Passenger revenue | 694,912 | 597,736 | 16.3% | 647,776 | 7.3% | |||||
Cargo and mail revenue | 14,337 | 12,856 | 11.5% | 14,841 | -3.4% | |||||
Other operating revenue | 5,775 | 4,665 | 23.8% | 6,665 | -13.4% | |||||
Total Operating Revenue | 715,024 | 615,257 | 16.2% | 669,282 | 6.8% | |||||
Operating Expenses | ||||||||||
Fuel | 173,957 | 136,343 | 27.6% | 159,556 | 9.0% | |||||
Wages, salaries, benefits and other employees' expenses | 110,630 | 100,817 | 9.7% | 110,952 | -0.3% | |||||
Passenger servicing | 25,462 | 23,074 | 10.3% | 26,481 | -3.8% | |||||
Airport facilities and handling charges | 44,547 | 40,966 | 8.7% | 42,238 | 5.5% | |||||
Sales and distribution | 53,779 | 49,760 | 8.1% | 51,452 | 4.5% | |||||
Maintenance, materials and repairs | 31,724 | 25,596 | 23.9% | 31,932 | -0.7% | |||||
Depreciation and amortization | 41,909 | 39,775 | 5.4% | 42,151 | -0.6% | |||||
Flight operations | 27,664 | 24,031 | 15.1% | 25,082 | 10.3% | |||||
Aircraft rentals and other rentals | 33,330 | 34,231 | -2.6% | 33,313 | 0.1% | |||||
Cargo and courier expenses | 2,047 | 1,464 | 39.8% | 2,218 | -7.7% | |||||
Other operating and administrative expenses | 26,579 | 23,001 | 15.6% | 29,790 | -10.8% | |||||
Total Operating Expense | 571,628 | 499,059 | 14.5% | 555,165 | 3.0% | |||||
Operating Profit | 143,396 | 116,198 | 23.4% | 114,117 | 25.7% | |||||
Non-operating Income (Expense): | ||||||||||
Finance cost | (8,564) | (8,921) | -4.0% | (8,725) | -1.8% | |||||
Finance income | 5,248 | 3,446 | 52.3% | 5,443 | -3.6% | |||||
Gain (loss) on foreign currency fluctuations | 7,723 | 2,723 | 183.7% | (5,676) | n/m | |||||
Net change in fair value of derivatives | - | (860) | n/m | 540 | n/m | |||||
Other non-operating income (expense) | 496 | (615) | n/m | (916) | n/m | |||||
Total Non-Operating Income/(Expense) | 4,902 | (4,227) | n/m | (9,334) | n/m | |||||
Profit before taxes | 148,298 | 111,971 | 32.4% | 104,783 | 41.5% | |||||
Income tax expense | 11,825 | 10,971 | 7.8% | 10,212 | 15.8% | |||||
Net Profit | 136,473 | 101,000 | 35.1% | 94,571 | 44.3% | |||||
EPS - Basic and Diluted | 3.22 | 2.38 | 35.0% | 2.23 | 44.3% | |||||
Shares - Basic and Diluted | 42,438,748 | 42,395,784 | 0.1% | 42,429,821 | 0.0% | |||||
* Restated for retrospective adoption of IFRS 15 | ||||||||||
Copa Holdings, S. A. and subsidiaries | ||
Balance Sheet - IFRS | ||
(US$ Thousands) | March | December 31 |
2018 | 2017 | |
(Unaudited) | (Restated) * | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | 196,584 | 238,792 |
Restricted cash and cash equivalents | - | - |
Short-term investments | 650,110 | 705,108 |
Total cash, cash equivalents and short-term investments | 846,694 | 943,900 |
Accounts receivable, net | 148,900 | 115,323 |
Accounts receivable from related parties | 1,499 | 318 |
Expendable parts and supplies, net | 84,849 | 81,825 |
Prepaid expenses | 51,538 | 45,421 |
Other current assets | 11,843 | 11,701 |
TOTAL CURRENT ASSETS | 1,145,323 | 1,198,488 |
Long-term investments | 155,313 | 65,953 |
Long-term accounts receivable | 2,365 | 2,444 |
Long-term prepaid expenses | 25,714 | 26,130 |
Property and equipment, net | 2,863,901 | 2,825,904 |
Intangible, net | 84,951 | 81,115 |
Net pension asset | 3,561 | 3,185 |
Deferred tax assets | 17,592 | 18,572 |
Other Non-Current Assets | 31,285 | 31,140 |
TOTAL NON-CURRENT ASSETS | 3,184,682 | 3,054,443 |
TOTAL ASSETS | 4,330,005 | 4,252,931 |
LIABILITIES AND EQUITY | ||
Current Liabilities: | ||
Current maturities of long-term debt | 253,944 | 298,462 |
Accounts payable | 118,200 | 116,554 |
Accounts payable to related parties | 14,405 | 12,880 |
Air traffic liability | 485,199 | 477,168 |
Frequent flyer deferred revenue | 54,959 | 50,312 |
Taxes and interest payable | 89,058 | 81,440 |
Accrued expenses payable | 38,616 | 60,321 |
Income tax payable | 6,522 | 3,700 |
Other Current Liabilities | 1,444 | 1,156 |
TOTAL CURRENT LIABILITIES | 1,062,347 | 1,101,993 |
Long-term debt | 889,011 | 876,119 |
Other long - term liabilities | 130,834 | 123,182 |
Deferred tax Liabilities | 45,268 | 50,628 |
TOTAL NON-CURRENT LIABILITIES | 1,065,113 | 1,049,929 |
TOTAL LIABILITIES | 2,127,460 | 2,151,922 |
EQUITY | ||
Issued Capital | ||
Class A - 33,796,272 issued and 31,243,732 outstanding | 21,078 | 21,038 |
Class B - 10,938,125 shares issued and outstanding | 7,466 | 7,466 |
Additional Paid-In Capital | 74,871 | 72,945 |
Treasury Stock | (136,388) | (136,388) |
Retained Earnings | 2,102,933 | 1,775,426 |
Net Income | 136,473 | 364,410 |
Other Comprehensive Income | (3,888) | (3,888) |
TOTAL EQUITY | 2,202,545 | 2,101,009 |
TOTAL LIABILITIES AND EQUITY | 4,330,005 | 4,252,931 |
* Restated for retrospective adoption of IFRS 15 | ||
Copa Holdings, S. A. and subsidiaries | |||||||||||||
Consolidated Statement of Cash Flows | |||||||||||||
For the three months ended March 31, | |||||||||||||
(In US$ thousands) | |||||||||||||
2018 | 2017 | 2016 | |||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
Cash flow from operating activities | 145,019 | 132,752 | 118,934 | ||||||||||
Cash flow used in investing activities | (74,198) | (74,800) | (42,044) | ||||||||||
Cash flow used in financing activities | (113,029) | (119,743) | (71,652) | ||||||||||
Net (decrease) increase in cash and cash equivalents | (42,208) | (61,791) | 5,238 | ||||||||||
Cash and cash equivalents at January 1 | 238,792 | 331,687 | 204,715 | ||||||||||
Cash and cash equivalents at March 31 | $ 196,584 | $ 269,896 | $ 209,953 | ||||||||||
Short-term investments | 650,110 | 570,497 | 457,505 | ||||||||||
Long-term investments | 155,313 | 954 | 864 | ||||||||||
Restricted cash and cash equivalents | - | - | 55,611 | ||||||||||
Total cash and cash equivalents and investments at March 31 | $ 1,002,007 | $ 841,347 | $ 723,933 | ||||||||||
* Restricted cash corresponds to margin calls to secure derivative financial instruments transactions. | |||||||||||||
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non IFRS financial measures: CASM Excluding Fuel, Adjusted Net Income and Adjusted EPS. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation, and should be considered together with comparable IFRS measures, in particular operating income and net income. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
Reconciliation of Adjusted Net Income | ||||||
and Adjusted EPS | 1Q18 | 1Q17* | 4Q17* | |||
Net profit as Reported | $ 136,473 | $ 101,000 | $ 94,571 | |||
Special Items (adjustments): | ||||||
Net change in fair value of derivatives | $ 860 | $ (540) | ||||
Adjusted Net Income | $ 136,473 | $ 101,860 | $ 94,031 | |||
Shares used for Computation (in thousands) | ||||||
Basic and Diluted | $ 42,439 | $ 42,396 | $ 42,430 | |||
Adjusted earnings per share - Basic and Diluted | $ 3.22 | $ 2.40 | $ 2.22 | |||
Reconciliation of Operating Costs per ASM | ||||||
Excluding Fuel (CASM Excl. Fuel) | 1Q18 | 1Q17* | 4Q17* | |||
Operating Costs per ASM as Reported (in US$ Cents) | 9.1 | 8.6 | 9.1 | |||
Aircraft fuel per ASM (in US$ Cents) | (2.8) | (2.3) | (2.6) | |||
Operating Costs per ASM excluding fuel (in US$ Cents) | 6.3 | 6.2 | 6.5 | |||
* Restated for retrospective adoption of IFRS 15 |
View original content:http://www.prnewswire.com/news-releases/copa-holdings-reports-net-income-of-136-5-million-and-eps-of-3-22-for-the-first-quarter-of-2018--300645626.html
SOURCE Copa Holdings, S.A.
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