Copa Holdings Reports Q3 2024 Financial Results with Increased Assets and Cost Efficiency

Copa Holdings, S.A. has released its financial results for the third quarter of 2024, highlighting a net profit of $146,026,000, a 22.1% decrease compared to the same period in 2023. The company's total assets increased to $5,508,354,000 as of September 2024, up from $5,196,836,000 in December 2023. Total liabilities also rose to $3,192,400,000 from $3,074,685,000 in the same period.

The company reported cash and cash equivalents of $275,245,000 as of September 30, 2024, showing an increase from $206,375,000 at the beginning of the year. Copa Holdings also noted a significant increase in total cash, cash equivalents, and short-term investments, which amounted to $1,033,805,000, up from $915,184,000 in December 2023.

Operating cash flow for the nine months ended September 30, 2024, was $659,392,000, a decrease from $764,586,000 in 2023. The airline's adjusted net profit for the third quarter of 2024 was $146,026,000, consistent with the reported net profit, after accounting for adjustments related to interest expense and changes in the fair value of derivatives and financial investments.

Copa Holdings' operating costs per available seat mile (ASM) excluding fuel were reported at 5.7 US cents in the third quarter of 2024, a slight decrease from 5.8 US cents in the same quarter of 2023. The company continues to focus on maintaining cost efficiency and improving operational performance.