Daniel Shvartsman

Grupo Aeroportuario del Pacifico SAB De CV ADR reported Thursday that the third quarter beat analyst forecasts, and that revenue exceeded expectations.

GAP ADR declared earnings per ADS Share of $1.71 on revenues of $262.14M. Investing.com polled analyst to predict EPS of $1.3 on revenue $252.96M.

As a result, total and aeronautical revenue grew 72.5% and 121% respectively between the years prior and 2020. The recovery was even more evident in Q3 2019. Total revenue increased 22.6% over the previous year, with EBITDA increasing 27% from 2019, and EBITDA margin rising to 71.3% from just 69.5% in 2019, indicating that there is still a lot of demand for travel after 2020.

Grupo Aeroportuario del Pacífico pointed out that passenger traffic is still down 16.1% from 2019 as there are continued restrictions to international travel, but cited Canada reopening to non-essential travel in September and the U.S.A. “gradually reopening land-border crossings to fully vaccinated individuals,” which could help the company’s cross-border Tijuana airport.

In Q3, the company purchased back 1,151.3M shares and paid Ps 1.5B debt reduction from proceeds of a Q2 debt offering.

Grupo aeroportuario el Sureste SAB de CV ADR and Grupo aeroportuario el Centro Norte SAB de CV also reported earnings. ASR was less affected by tourism than PAC and saw passengers drop 1.4% between Q3 2019 and Q3. However, air traffic from San Juan to Puerto Rico grew 16.3% compared with pre-pandemic levels. ASR’s revenue rose 18.5% vs. 2019, or 11.2% if excluding construction revenues, and the company’s EBITDA rose 17.7% from 2019. Since its inception, ASR’s stock has been mostly flat. earnings

OMAB is more dependent on the inter-Americas and industrial sectors. It saw its revenues increase 10.3% over Q3, 2019, but only.2% if we exclude construction revenues. OMAB’s earnings per ADS were $81/share, down from $.89 in 2019, though EBITDA was up 1.6%. OMAB’s shares traded down .5% yesterday after the report.

Aena SME SA MC:, which is 5% of GAP’s owners, will report earnings on Friday at 13:30 Central European Time. According to investing.com, analysts expect a share price of.57 per share and a revenue of 870.58M. Aena exceeded revenue expectations due to the pandemic. It also beat earnings last quarter.