Copa Holdings SA (CPA) posted third quarter net income of US$43.1 million or US$0.99 per share, compared to US$23.0 million or US$0.53 per share in the prior year quarter.
Third quarter 2009 results include a special charge of US$14.6 million related to the accrual of costs associated with the retirement of four MD-80 aircraft as a result of Aero Republica's transition to an all Embraer-190 fleet and a US$5.1 million non-cash gain associated with the mark-to-market of fuel hedge contracts. Excluding the impact of the special items, the company reported net income of US$52.6 million or US$1.20 per share.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share. Analysts' estimates typically exclude special items.
Total revenues reached US$323.7 million, compared to US$349.0 million in the previous year period. Wall Street analysts expected revenues of $320.83 million.
Revenue passenger miles increased to 1.93 billion from 1.78 billion in last year. Available seat miles increased to 2.55 billion from 2.30 billion in the year-ago period. Consolidated load factor decreased 1.5 percentage points to 75.8%.
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