PANAMA CITY, Panama, May 15, 2024 /PRNewswire/ -- Copa Holdings, S.A. (NYSE:CPA), today announced financial results for the first quarter of 2024 (1Q24). 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 2023 (1Q23). OPERATING AND FINANCIAL HIGHLIGHTS Copa Holdings reported a net profit of US$176.1 million for 1Q24 or US$4.19 per share, a US$18.3 million increase compared to 1Q23 on an adjusted basis. These results include a negative impact of approximately US$44.0 million related to the grounding of 21 of the Company's Boeing 737 MAX 9 aircraft in January and exclude any compensation received from Boeing. Copa Holdings reported an operating profit of US$216.0 million and an operating margin of 24.2%, an increase of 11.8% and 1.9 percentage points, respectively, compared to 1Q23. Passenger traffic for 1Q24, measured in terms of revenue passenger miles (RPMs), increased by 7.1% compared to 1Q23 while capacity, measured in available seat miles (ASMs), increased by 8.0%. As a result, the load factor for the quarter decreased by 0.7 percentage points to 86.0% compared to 1Q23. Total revenues for 1Q24 increased 3.0% to US$893.5 million driven by an increase in passenger traffic. During the quarter, compared to 1Q23, passenger yields decreased by 3.8% to 14.0 cents, and revenue per available seat mile (RASM) decreased by 4.6% to 12.5 cents. Operating cost per available seat mile (CASM) decreased by 6.9% from 10.2 cents in 1Q23 to 9.5 cents in 1Q24, mainly driven by a decrease of 13.9% in the price of jet fuel, a decrease in maintenance, materials and repairs costs, and lower sales and distribution costs. CASM excluding fuel (Ex-fuel CASM) decreased by 2.0% in the quarter to 6.1 cents, when compared to 1Q23. Excluding the negative impact on costs and capacity of the partial grounding of the Company's 737 MAX 9 fleet in January, Copa Holdings would have reported an Ex-fuel CASM of approximately 5.8 cents for the quarter. The Company ended the quarter with approximately US$1.1 billion in cash, short-term and long-term investments, which represent 32% of the last twelve months' revenues. By the end of 1Q24, the Company had executed approximately US$40 million of the US$200 million share repurchase program approved by the Board of Directors. The Company closed the quarter with total debt, including lease liabilities, of US$1.7 billion, while our Adjusted Net Debt to EBITDA ratio ended at 0.5 times. During the quarter, the Company purchased from lessors two Boeing 737-800 NG aircraft, which were part of its current fleet as operating leases. The Company ended the quarter with a consolidated fleet of 106 aircraft – 67 Boeing 737-800s, 29 Boeing 737 MAX 9s, 9 Boeing 737-700s, and 1 Boeing 737-800 freighter. During the first quarter, Cirium recognized Copa Airlines as the carrier with the highest on-time performance in Latin America. In fact, Copa Airlines' on-time performance averaging above 90% for the quarter was the highest amongst all airlines in the Americas and one of the highest in the world. Subsequent Events In April, the Company signed a confidential resolution with Boeing to cover the impact of the partial grounding of its Boeing 737 MAX 9 fleet in January. The value will be amortized through the depreciation and amortization line of our Income Statement. In May, the Company took delivery of two Boeing 737 MAX 9 aircraft, increasing its total fleet to 108 aircraft. Copa Holdings will make its second dividend payment of the year of US$1.61 per share on June 14, 2024, to all Class A and Class B shareholders on record as of May 31, 2024.   Consolidated Financial & Operating Highlights 1Q24 1Q23 Variance vs.1Q23 4Q23 Variance vs. 4Q23 Revenue Passengers Carried (000s) 3,272 2,881 13.6 % 3,310 (1.1) % Revenue Passengers OnBoard (000s) 4,790 4,295 11.5 % 4,930 (2.8) % RPMs (millions) 6,127 5,723 7.1 % 6,263 (2.2) % ASMs (millions) 7,121 6,596 8.0 % 7,228 (1.5) % Load Factor 86.0 % 86.8 % -0.7 p.p 86.7 % -0.6 p.p Yield (US$ Cents) 14.0 14.6 (3.8) % 14.0 0.3 % PRASM (US$ Cents) 12.1 12.6 (4.6) % 12.1 (0.4) % RASM (US$ Cents) 12.5 13.1 (4.6) % 12.6 (0.7) % CASM (US$ Cents) 9.5 10.2 (6.9) % 9.7 (1.6) % CASM Excl. Fuel (US$ Cents) 6.1 6.2 (2.0) % 6.0 1.0 % Fuel Gallons Consumed (millions) 84.4 78.2 7.9 % 85.6 (1.5) % Avg. Price Per Fuel Gallon (US$) 2.90 3.36 (13.9) % 3.08 (5.8) % Average Length of Haul (miles) 1,873 1,987 (5.8) % 1,892 (1.0) % Average Stage Length (miles) 1,246 1,281 (2.8) % 1,229 1.4 % Departures 35,220 31,984 10.1 % 36,207 (2.7) % Block Hours 112,164 104,626 7.2 % 115,118 (2.6) % Average Aircraft Utilization (hours) 11.6 11.9 (2.1) % 11.9 (2.6) % Operating Revenues (US$ millions) 893.5 867.3 3.0 % 912.8 (2.1) % Operating Profit (Loss) (US$ millions) 216.0 193.2 11.8 % 214.3 0.8 % Operating Margin 24.2 % 22.3 % 1.9 p.p 23.5 % 0.7 p.p Net Profit (Loss) (US$ millions) 176.1 121.5 44.9 % 187.7 (6.2) % Adjusted Net Profit (Loss) (US$ millions)(1) 176.1 157.8 11.6 % 184.3 (4.5) % Basic EPS (US$) 4.19 3.07 36.3 % 4.45 (6.0) % Adjusted Basic EPS (US$) (1) 4.19 3.99 5.0 % 4.37 (4.3) % Shares for calculation of Basic EPS (000s) 42,052 39,565 6.3 % 42,150 (0.2) % (1)  Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures. FULL 1Q24 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: https://copa.gcs-web.com/financial-information/quarterly-results 1Q24 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST Date: May 16, 2024 Time: 11:00 AM US ET (11:00 AM Local Time) Join by phone:  https://register.vevent.com/register/BIeac58d3f3e4f4841995aa07d6c718112 Webcast (listen-only): https://copa.gcs-web.com/events-and-presentations 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 countries in North, Central, and South America and the Caribbean. For more information visit: www.copaair.com.  CONTACT: Copa Holdings S.A. Investor Relations: Ph: 011 507 304-2774 www.copaair.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 several 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. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands) Unaudited Unaudited % Audited % 1Q24 1Q23 Change