Copa Holdings, S.A. (NYSE:CPA) Q2 2024 Earnings Conference Call August 8, 2024 11:00 AM ET

Company Participants

Daniel Tapia - Director-Investor Relations
Pedro Heilbron - Chief Executive Officer
Jose Montero - Chief Financial Officer

Conference Call Participants

Savi Syth - Raymond James
Duane Pfennigwerth - Evercore ISI
Guilherme Mendes - JPMorgan
Stephen Trent - Citi
Joao Fritz - Goldman Sachs
Michael Linenberg - Deutsche Bank
Alberto Valerio - UBS
Daniel McKenzie - Seaport Global
Tom Fitzgerald - TD Cowen

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings Second Quarter Earnings Call. [Operator Instructions] As a reminder, this call is being webcast and recorded on August 8, 2024.

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

Daniel Tapia

Thank you Gee and welcome everyone to our second quarter earnings call. Joining us today are Pedro Heilbron, CEO of Copa Holdings; and Jose Montero, our CFO.

First, Pedro will start by going over our second quarter highlights, followed by Jose 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 second-quarter earnings call. Before we begin, I would like to extend my sincere gratitude to all our coworkers 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 industry-leading financial results for the quarter. As stated in our earnings release yesterday, our 19.5% Q2 operating margin represents the second-best Q2 results in the Company's history. Among the main highlights for the quarter, passenger traffic grew 10.6% compared to the same period in 2023, while capacity increased by 9.7%, resulting in a 0.7 percentage point increase in load factor to 86.8%.