CPA - Why Copa Flew Higher This Week
2023-05-12 11:16:16 ET
Copa (NYSE: CPA) reported better-than-expected quarterly results on strong travel demand and stringent cost controls. Investors are excited to go along for the ride, sending Copa shares up as much as 16% for the week, according to data provided by S&P Global Market Intelligence .
Panamanian airline Copa is benefiting from a surge in demand for travel. The company earned $3.99 per share in the first quarter on revenue of $867.3 million, topping Wall Street expectations for $3.40 per share in earnings on sales of $838 million.
Copa's operating profit for the quarter was $193.2 million, generating a 22.3% operating margin. That's compared to a $112.9 million profit at a margin of 16.8% in the first quarter of 2019, prior to the pandemic. Passenger traffic was up 7.1% compared to the 2019 quarter, while total revenue was up 29%.
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Why Copa Flew Higher This Week