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01/11 05:01
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Despite positive financial performance, including increased passenger traffic and revenues, concerns about regulatory uncertainty, inflationary pressures, and rising costs balance out the positive sentiment. The lack of clear guidance on international expansion and the potential impact of the ongoing MDP negotiations further contribute to a neutral outlook. The market cap indicates moderate sensitivity to these mixed signals, suggesting a neutral stock price movement.
Passenger Traffic 7.6 million passengers, an 8% increase year-over-year. Domestic passenger traffic grew by 7%, driven by Monterrey Airport and specific routes. International passenger traffic increased by 11%, driven by Monterrey, San Luis Potosi, and Tampico routes.
Aeronautical Revenues Increased 11% year-over-year, with aeronautical revenue per passenger rising 3%. Growth attributed to increased passenger traffic and higher aeronautical yields.
Commercial Revenues Grew by 7% year-over-year, with commercial revenue per passenger at MXN 60. Growth driven by parking (9.4%), restaurants (9.8%), VIP lounges (9.9%), and retail (8.2%), mainly due to higher passenger traffic and new/replaced outlets.
Diversification Revenues Increased 8% year-over-year, with Industrial Services contributing most of the growth (53%) due to additional square meters leased and contractual rent increases.
Adjusted EBITDA Increased 9% year-over-year to MXN 2.7 billion, with a margin of 74.8%. Growth driven by higher revenues across segments.
Total Revenues Aeronautical and non-aeronautical revenues grew 9.8% year-over-year to MXN 3.5 billion.
Construction Revenues Amounted to MXN 382 million in the third quarter.
Costs and Expenses Increased 14.4% year-over-year, driven by payroll (10.7%), IT-related requirements, transportation services, security and cleaning services (16.4%), and minor maintenance (19.8%).
Consolidated Net Income MXN 1.5 billion, an increase of 9.1% year-over-year, driven by higher revenues and operational efficiencies.
Cash Position Cash generated from operating activities was MXN 1.9 billion. Cash position at the end of the quarter stood at MXN 4.4 billion.
Debt Total debt amounted to MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x.
Domestic passenger traffic growth: Increased by 7%, driven by Monterrey Airport with significant growth on routes to Toluca Airport, Bajio, Puerto Vallarta, Mérida, and Querétaro, adding over 300,000 passengers.
International passenger traffic growth: Increased by 11%, driven by Monterrey (route to San Francisco), San Luis Potosi (routes to Atlanta and Dallas), and Tampico (route to Dallas), adding over 47,000 passengers.
Aeronautical revenue growth: Increased by 11%, with revenue per passenger rising 3%.
Commercial revenue growth: Grew by 7%, driven by parking, restaurants, VIP lounges, and retail, with commercial revenue per passenger at MXN 60.
Diversification revenue growth: Increased by 8%, mainly due to additional square meters leased in the industrial park and contractual rent increases.
Adjusted EBITDA: Increased by 9% to MXN 2.7 billion, with a margin of 74.8%.
Capital expenditures: Total investments were MXN 472 million, including MDP investments, major maintenance, and strategic investments.
Master Development Program (MDP) negotiation: Submitted proposed MDP for 2026-2030 period; discussions with AFAC are ongoing, with expectations for final resolution in December. Investment levels are expected to remain similar to the 2021-2025 MDP.
Regulatory Uncertainty: The negotiation process for the next Master Development Program (MDP) with AFAC is ongoing, with technical observations still being addressed. This creates uncertainty around the final resolution and publication of results, which could impact investment planning and execution.
Inflationary Pressures: Contracted services expenses rose due to inflationary pressures, particularly in security and cleaning services. This could lead to higher operational costs and reduced margins.
Labor Market Conditions: Tight labor market conditions in Mexico have contributed to increased payroll expenses and higher costs for contracted services, potentially impacting profitability.
Higher IT and Transportation Costs: Other costs and expenses increased by 22%, driven by higher IT-related requirements and transportation services, which could strain operational budgets.
Debt Levels and Interest Expenses: Financing expenses increased by 9.8% due to higher average debt levels, which could affect financial flexibility and increase vulnerability to interest rate changes.
Master Development Program (MDP) for 2026-2030: The company has submitted its proposed Master Development Program for the 2026-2030 period and expects the final resolution and publication of results during December. Investment levels are expected to remain similar in real terms to the 2021-2025 MDP, with maximum tariff increases in the low single digits.
The selected topic was not discussed during the call.
Despite positive financial performance, including increased passenger traffic and revenues, concerns about regulatory uncertainty, inflationary pressures, and rising costs balance out the positive sentiment. The lack of clear guidance on international expansion and the potential impact of the ongoing MDP negotiations further contribute to a neutral outlook. The market cap indicates moderate sensitivity to these mixed signals, suggesting a neutral stock price movement.
The earnings call reflects strong financial performance with an 11% increase in passenger traffic and a 17% rise in aeronautical revenues. Despite some uncertainties in the Q&A, such as reduced airline capacity, the overall sentiment is positive due to strong growth metrics, high EBITDA margins, and a stable dividend policy. The market cap of over 3 billion suggests moderate volatility, leading to a positive stock price movement prediction of 2% to 8% over the next two weeks.
The earnings call reveals mixed results: strong financial performance with revenue growth and a declared cash dividend, but also challenges like regulatory issues, supply chain problems, and increased expenses. The Q&A section highlights cautious management regarding demand and capacity, with no new partnerships or strategic moves that might boost sentiment. The market cap suggests a moderate reaction, leading to a neutral prediction.
The earnings call reveals several negative factors: increased concession taxes, rising operational costs, and a decline in passenger traffic and aeronautical revenue. The Q&A section highlights a lack of clear guidance, particularly concerning future traffic and CapEx plans. Although non-aeronautical revenue growth and a slight net income increase are positives, they are overshadowed by broader financial and operational challenges. Given the market cap, these factors are likely to result in a stock price decline of -2% to -8% over the next two weeks.
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