Copa Holdings SA (CPA) saw a significant after-hours plunge of 5.49% on Wednesday, following the release of its financial results for the third quarter of 2024.
The Panamanian airline reported a 22.1% year-over-year decline in net profit to $146 million for Q3 2024, missing analysts' expectations. The decline was primarily driven by higher operating costs, including a 263.6% increase in other non-operating expenses and a 101% decrease in net fair value changes related to derivatives.
While Copa Holdings saw an improvement in revenue and passenger traffic during the quarter, the company faced headwinds from rising fuel costs and unfavorable currency fluctuations. The airline's operating costs per available seat mile (CASM) excluding fuel increased by 5.7 cents, reflecting the impact of these challenges.
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