PANAMA CITY (AP) _ Copa Holdings SA (CPA) on Wednesday reported fourth-quarter net income of $2.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Panama City-based company said it had profit of 6 cents. Earnings, adjusted for asset impairment costs, were $2.17 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.98 per share.
The holding company for Panama's national airline posted revenue of $681.9 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $666.9 million.
For the year, the company reported profit of $247 million, or $5.81 per share. Revenue was reported as $2.71 billion.
Copa Holdings shares have dropped nearly 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $107.24, a climb of 15% in the last 12 months.