Market News

Copa Holdings Posts Q3 Beat; Shares Gain 3.1% After-Hours

Shares of Copa Holdings, S.A. (CPA) jumped 3.1% during Wednesday’s extended trading session after the airlines company delivered stronger-than-expected third-quarter results.

Q3 Performance

Notably, adjusted earnings of $0.70 per share significantly beat analysts’ expectations of $0.11 per share, and an adjusted loss of $0.38 per share in the same quarter last year. See Copa Holdings stock charts on TipRanks)

Further, revenues jumped 46.3% sequentially to $445 million, exceeding consensus estimates of $371.6 million. Notably, revenues were down 37% against the corresponding pre-pandemic period in 2019.

Measured in available seat miles (ASMs), flight operations came in at 68.9% of the capacity flown during the same period in 2019.

Three new destinations were added during the quarter and are expected to start operations in December 2021. These are Atlanta in the U.S., Armenia, and Cucuta in Colombia

Analysts Recommendation

The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys. The average Copa Holdings price target of $102.50 implies 42.8% downside potential to current levels.

Bloggers Weigh In

TipRanks data shows that financial blogger opinions are 100% Bullish on CPA, compared to a sector average of 68%.

Related News:
Uber Restarts Shared Rides; Shares Rise 5%
Qualcomm Posts New Long-Term Growth Targets and Guidance
HP Inc. Raises Quarterly Dividend by 28.2%

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