Copa Holdings reports net income of $94.4 million for first quarter 2011

Copa Holdings reported net income of $94.4 million for 1Q11. Excluding special items, Copa Holdings would have reported an adjusted net income of $82.0 million a 30.9% increase over adjusted net income of $62.7 million for 1Q10. Operating income for 1Q11 came in at $101.0 million, a 29.2% increase over operating income of $78.1 million in 1Q10. Operating margin for the period came in at 23.9%, compared to 23.0% in 1Q10, despite a 24% increase in the effective price of jet fuel. Total revenues increased 24.7% to $423.1 million, outpacing a strong capacity expansion.