Copa Holdings (CPA) Incurs Narrower-Than-Expected Loss in Q1 Zacks.com 2 days ago
Copa Holdings CPA incurred a loss (excluding 37 cents from non-recurring items) of $2.23 per share in the first quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $2.25. In the year-ago period, the company reported earnings of $1.75. Results were hurt by coronavirus-induced limited flight operations. The company’s flight operations were only 39% of the 2019 (pre-pandemic) level in the quarter.
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Operational Statistics
On a consolidated basis, traffic (measured in revenue passenger miles or RPMs) fell 61.6% and capacity (measured in available seat miles/ASMs) declined 54.8%. As traffic decline was more than the amount of capacity contraction, load factor (% of seats filled with passengers) contracted 12.3 percentage points to 69.2% in the reported quarter. Passenger revenue per available seat miles decreased 33.3% year over year to 7 cents. Additionally, t