News

Copa Holdings, the parent of Copa Airlines and Wingo, reported revenue of $809 million in the third quarter, a 14% increase from the pre-pandemic period in 2019, according to the company’s latest filings.

The results are the latest indication that Panama is bouncing back from the pandemic, with air travel increasing and interest in Panama and the region remaining strong.

“After the losses related to the COVID-19 pandemic, we have seen a constant improvement in our financial results,” the group reported in its quarterly report.

Last August the company reported the first increase in RPM — revenue passenger miles— since the start of the pandemic, a key indicator used in the aviation industry to measure the real demand of an airline or revenue per passenger.

Perhaps the really big news was buried further down in the report: by 2023, the company expects to increase its capacity by approximately 15% compared to the data for 2022. That translates to more flight availability around the world, which will expose more people to this great country while making home ownership in Panama even more attractive.

For the quarter, Copa’s earnings per share of $2.91 solidly beat Zacks estimate of $2.63 per share, despite higher fuel prices