Corporacion America Airports ( (CAAP) ) has released its Q3 earnings. Here is a breakdown of the information Corporacion America Airports presented to its investors.
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Corporación América Airports S.A., a leading private airport operator worldwide, manages a diverse portfolio of airports across multiple regions, with a significant presence in Argentina, Italy, and Brazil. Despite facing challenges in Argentina due to economic headwinds, the company maintains a strong financial position and continues to pursue strategic opportunities globally.
In the third quarter of 2024, Corporación América Airports experienced a 4.2% decline in consolidated revenues, driven by reduced commercial and aeronautical revenues. The company reported a net income attributable to owners of $14.7 million, down from $46.5 million in the previous year, primarily due to lower operating income and increased income tax expenses. A strong cash position of $511 million and a reduced net debt leverage of 0.9x reflect the company’s robust financial health.
Key performance metrics for the quarter showed a 3.9% decrease in passenger traffic, with a notable 4.4% increase in cargo volume. Adjusted EBITDA saw a decline of 15.9% to $145.4 million, as Argentina’s challenging macroeconomic conditions impacted domestic travel demand and operating costs. However, regions such as Uruguay, Brazil, and Italy demonstrated resilience with strong growth in international traffic and commercial revenues.
The company continues to focus on capital expenditures, with significant investments made in Argentina and Uruguay. It is advancing strategic projects such as the Capex program in Armenia and the master plan for Florence Airport in Italy. Additionally, enhancements in commercial revenues are underway, including a new parking facility in Uruguay and the expansion of duty-free areas in Argentina.
Looking ahead, Corporación América Airports is optimistic about stabilizing macroeconomic conditions and recent regulatory changes in Argentina that may bolster revenues. The company remains committed to its long-term strategy of disciplined capital deployment to drive growth and explore acquisition opportunities, leveraging its diverse airport portfolio to navigate challenges and capitalize on emerging opportunities.
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Publish date : 2024-11-21 18:18:00
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Author : theamericannews
Publish date : 2024-11-22 07:26:21
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