Voya Financial (VOYA) Q3 Earnings and Revenues Top Estimates

A month has gone by since the last earnings report for Copa Holdings (CPA). Shares have lost about 5.1% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Copa Holdings due for a breakout? 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 catalysts.

Copa Holdings Beats on Q4 Earnings

Copa Holdings’ fourth-quarter 2022 results wherein earnings and revenues surpassed the Zacks Consensus Estimate.

Quarterly earnings of $4.49 per share surpassed the Zacks Consensus Estimate of $4.09 and rose more than 100% year over year. Revenues of $890.6 million beat the Zacks Consensus Estimate of $883.8 million but improved year over year on the back of passenger revenues.

Passenger revenues (contributed 95.6% to the top line) increased 29.5%, owing to higher yields (up 12.1%). Cargo and mail revenues jumped 69% to $27.09 million, owing to higher cargo volumes and yields. Other operating revenues improved 41.1% to $11.22 million, owing to revenues from non-air ConnectMiles partners.

Below, we present all comparisons (in % terms) with third-quarter 2019 levels (pre-coronavirus).

On a consolidated basis, traffic (measured in revenue passenger miles) grew 7.5% and capacity (measured in available seat miles) increased by 5.9%. As a result, the load factor increased 1.4 percentage points to 86.6% in the reported quarter.

Passenger revenue per available seat miles increased 22.4% to 13.1 cents. Additionally, revenue per available seat mile increased 23.4% to 13.7 cents. Cost per available seat mile decreased 4.6%. Excluding fuel, the metric dipped 23.9%. The average fuel price per liter soared 63.1% to $3.52.

Total operating expenses increased 1% to $670.95 million due to the 59.9% increase in fuel costs. Expenses on wages, salaries and other employee benefits fell 8.7% on reduced headcount. Sales and distribution costs increased 15.5% due to higher sales. Passenger servicing costs dropped 21.3%. Flight operation costs increased 3%.

Copa Holdings exited the fourth quarter with cash and cash equivalents of $122.42 million compared with $198.74 million at the end of September 2022. Total debt, including lease liabilities, was $1.7 billion, flat sequentially.

CPA exited 2022 with a consolidated fleet of 97 aircraft, which comprises 67 Boeing 737-800s, 20 Boeing 737 MAX 9s, 9 Boeing 737-700s and 1 Boeing 737-800 freighter. During the fourth quarter of 2022, the carrier took delivery of two Boeing 737 MAX 9 aircraft.

In January, CPA further took delivery of one Boeing 737 MAX 9 and anticipates receiving one additional aircraft by the end of the first quarter.

How Have Estimates Been Moving Since Then?

It turns out, estimates review flatlined during the past month.

VGM Scores

Currently, Copa Holdings has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren’t focused on one strategy, this score is the one you should be interested in.


Copa Holdings has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

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