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Ryder System, Inc. (R) - free report >>
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Ryder System, Inc. (R) - free report >>
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Copa Holdings (CPA) September Traffic Rises From 2022 Levels
Copa Holdings, S.A. (CPA - Free Report) reported highly impressive traffic numbers for September 2023 on the back of upbeat air travel demand. Driven by high passenger volumes, revenue passenger miles (a measure of traffic) rose to double digits in September on a year-over-year basis.
To match the demand swell, CPA is increasing its capacity. In July, available seat miles (a measure of capacity) expanded 13.6% year over year. Revenue passenger miles climbed 14.1%. With traffic growth outpacing capacity expansion, load factor (percentage of seats filled by passengers) improved to 87.3% from 86.9% in September 2022.
For 2023, Copa Holdings expects consolidated capacity or ASMs to register 12-13% growth over 2022. Operating margin is projected to be between 22% and 24%. Load factor is now forecast to be around 86% (prior view: 85%).
Copa Holdings currently carries a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks for investors interested in the Zacks Transportation sector are FedEx Corporation (FDX - Free Report) and Ryder System (R - Free Report) .
FDX’s consistent efforts to reward shareholders through dividends and buybacks are encouraging. It presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FedEx's liquidity position is also impressive. To navigate the weaker-than-expected business environment, FDX is cutting costs.
Ryder, which currently carries a Zacks Rank #2, is benefiting from its consistent efforts to reward shareholders through dividends and share repurchases.
Despite weak market conditions, Ryder reported better-than-expected second-quarter 2023 earnings. In fact, the company has an impressive earnings surprise history. R surpassed the Zacks Consensus Estimate in three of the last four quarters (missing the mark once), the average beat being 11.2%.