Copa Holdings, S.A. (NYSE:CPA) Q1 2024 Earnings Conference Call May 16, 2024 11:00 AM ET

Company Participants

Daniel Tapia - Director, IR
Pedro Heilbron - CEO
José Montero - CFO

Conference Call Participants

Savi Syth - Raymond James
Duane Pfennigwerth - Evercore
Rogerio Araujo - Bank of America
Helane Becker - TD Cowen
Alberto Valerio - UBS
Michael Linenberg - Deutsche Bank
Pablo Monsivais - Copa Barclays
Jay Singh - Citi

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Copa Holdings First Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we'll conduct a question-and-answer session. [Operator Instructions] As a reminder, this call is being webcast and recorded on Mau 16, 2024.

Now, I will turn the conference over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

Daniel Tapia

Thank you, Marlin, and welcome, everyone, to our first quarter earnings call. Joining us today are Pedro Heilbron, CEO of Copa Holdings; and José Montero, our CFO. First, Pedro will start by going over our first quarter highlights, followed by José, who will discuss our financial results. Immediately after, we will open the call for questions from analysts.

Copa Holdings financial reports have been prepared in accordance with International Financial Reporting Standards. In today's call, we will discuss non-IFRS financial measures. A reconciliation of the non-IFRS to IFRS financial measures can be found in our earnings release, which has been posted on the company's website, copaair.com.

Our discussion today will also contain forward-looking statements, not limited to historical facts that reflect the company's current beliefs, expectations and/or intentions regarding future events and results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially and are based on assumptions subject to change. Many of these are discussed in our Annual Report filed with the SEC.

Now, I'd like to turn the call over to our CEO, Mr. Pedro Heilbron.

Pedro Heilbron

Thank you, Daniel. Good morning to all, and thanks for participating in our first quarter earnings call. Before we begin, I would like to extend my sincere gratitude to all our co-workers for their commitment to the company, their continuous efforts and dedication have kept Copa at the forefront of Latin American aviation. To them, as always, my highest regards and admiration.

Once again, we're pleased to report strong financial results. Despite facing a significant headwind in January with the partial grounding of our 737 MAX 9 fleet, we were able to deliver once more industry-leading operating margins, while growing capacity year-over-year. These results were driven by a continued robust demand environment in the region, and our ability to maintain low ex-fuel unit costs.