PANAMA CITY (AP) — PANAMA CITY (AP) — Copa Holdings SA (CPA) on Wednesday reported first-quarter net income of $121.5 million.

The Panama City-based company said it had profit of $3.07 per share. Earnings, adjusted for non-recurring costs, came to $3.99 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.34 per share.

The holding company for Panama's national airline posted revenue of $867.3 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $839.1 million.

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