Copa Holdings Q3 Profit Tops Estimate

(RTTNews) - Copa Holdings, S.A. (CPA) reported net income for the third quarter of US$66.0 million or US$1.49 per share, compared to US$126.0 million or US$2.84 per share for the year-ago quarter.

Excluding special items, adjusted net income for the third quarter was US$99.8 million or US$2.25 per share, compared to US$116.2 million and US$2.62 per share in the prior year quarter.

Total revenues for the third quarter fell 2% to US$663.7 million from US$677.3 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn US$1.99 per share on revenue of US$686.78 million for the third quarter. Analyst' estimates typically exclude special items.

The company also said that its board of directors has approved a US$250 million share repurchase program.