Copa Holdings (CPA) Up 5.2% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for Copa Holdings (CPA). Shares have added about 5.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Copa Holdings due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Copa Holdings Beats on Q1 Earnings & Revenues
Copa Holdings first-quarter 2023 earnings (excluding 92 cents from non-recurring items) of $3.99 per share surpassed the Zacks Consensus Estimate of $3.34 and rose more than 100% year over year. Revenues of $867.3 million beat the Zacks Consensus Estimate of $839.1 million and improved 51.7% year over year on the back of passenger revenues.
Passenger revenues (contributed 96.2% to the top line) increased 28.5% from first-quarter 2019 levels, owing to higher yields (up 20%). Cargo and mail revenues jumped 51.8% from first-quarter 2019 actuals to $23.25 million, owing to higher cargo volumes and yields. Other operating revenues improved 24% to $10 million, owing to revenues from non-air ConnectMiles partners.