Corporación América Airports S.A. Reports December 2023 Passenger Traffic

Rhea-AI Summary

Corporación América Airports S.A. (NYSE: CAAP) reported a 10.3% YoY increase in passenger traffic in December 2023, reaching 96.2% of December 2019 levels. The company's full-year 2023 passenger traffic was at 96.4% of 2019 levels. International passenger traffic surpassed pre-pandemic levels of December 2019 by 4.6%, while domestic traffic stood at 94.1% of December 2019 levels. The company also saw increases in cargo volume and aircraft movements.

Insights

Market Research Analyst

The reported increase in passenger traffic for Corporación América Airports S.A. indicates a positive trend in the aviation sector, which could be a sign of growing consumer confidence and economic recovery post-pandemic. The near return to pre-pandemic levels, especially in international passenger traffic, suggests that the company is well-positioned to capitalize on the global travel resurgence. The data showing a 10.3% increase in December 2023 compared to December 2022 and an overall passenger traffic at 96.4% of 2019, could be interpreted as a strong recovery signal.

From an operational standpoint, the increase in cargo volume by 11.0% year-over-year and total aircraft movements rising by 3.9% year-over-year in December 2023 are indicative of robustness in both passenger and freight sectors. This balanced growth is particularly important for diversified revenue streams and could mitigate risks associated with passenger volume fluctuations.

Financial Analyst

For investors, the performance of Corporación América Airports S.A. is a key indicator of the company's financial health and future profitability. The uptick in passenger numbers and cargo volumes suggests potential for increased revenue and margins, assuming cost control measures are effectively in place. The fact that certain regions such as Armenia and Ecuador have surpassed pre-pandemic levels is noteworthy, as it may point to market-specific strengths and opportunities for targeted investment and expansion.

However, the 12.8% decrease in cargo volume compared to 2019 levels could be a concern, potentially reflecting broader economic trends or competitive pressures. As cargo services often provide higher margins than passenger services, this could impact the company's bottom line. Investors should monitor whether this is a temporary setback or part of a longer-term trend.

Economist

The data released by Corporación América Airports S.A. is a microcosm of the broader economic recovery, particularly in the travel and transportation sectors. The varying recovery rates among different countries—such as the slower recovery in Brazil and Italy—highlight the uneven economic impacts of the pandemic and may reflect local economic conditions, travel restrictions and consumer behavior patterns.

Moreover, the increase in international passengers surpassing pre-pandemic levels could signal a shift in global mobility patterns and a rebound in international trade and tourism, which are crucial drivers of economic growth. This recovery trajectory, if sustained, could contribute positively to the GDP of countries where CAAP operates, through direct and indirect economic activities related to airport operations.

Total passenger traffic up 10.3% YoY, reaching 96.2% of December 2019 levels

Full Year 2023 passenger traffic at 96.4% of 2019

LUXEMBOURG--(BUSINESS WIRE)-- Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”), one of the leading private airport operators in the world, reported today a 10.3% year-on-year (YoY) increase in passenger traffic in December 2023, reaching 96.2% of December 2019 levels.

2-Year Passenger Traffic Monthly Performance (vs. 2019) (Graphic: Business Wire)

Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2023 vs. 2022)
Statistics	Dec'23	Dec'22	% Var.		2023	2022	% Var.
Domestic Passengers (thousands)	3,854	3,480	10.7%		45,679	37,791	20.9%
International Passengers (thousands)	2,293	1,976	16.1%		28,362	21,334	32.9%
Transit Passengers (thousands)	600	658	-8.8%		7,106	6,451	10.1%
Total Passengers (thousands)	6,747	6,114	10.3%		81,147	65,576	23.7%
Cargo Volume (thousand tons)	36.1	32.5	11.0%		370.2	343.1	7.9%
Total Aircraft Movements (thousands)	71.5	68.8	3.9%		849.5	738.2	15.1%
Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2023 vs. 2019)
Statistics	Dec'23	Dec'19	% Var.		2023	2019(1)(2)	% Var.
Domestic Passengers (thousands)	3,854	4,093	-5.9%		45,679	47,589	-4.0%
International Passengers (thousands)	2,293	2,193	4.6%		28,362	28,216	0.5%
Transit Passengers (thousands)	600	729	-17.7%		7,106	8,353	-14.9%
Total Passengers (thousands)	6,747	7,016	-3.8%		81,147	84,158	-3.6%
Cargo Volume (thousand tons)	36.1	36.4	-0.8%		370.2	424.8	-12.8%
Total Aircraft Movements (thousands)	71.5	71.5	0.0%		849.5	857.9	-1.0%

(1)

Note that preliminary passenger traffic figures for 2019, as well as January 2020 for Ezeiza Airport, in Argentina, were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

(2)

Cargo volumes in Uruguay were rectified from January 2019 to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

Passenger Traffic Overview

Total passenger traffic grew 10.3% compared to the same month of 2022, supported by the ongoing recovery in travel demand after the Covid-19 pandemic and the gradual resumption of routes and frequencies across all countries of operations. Overall passenger traffic reached 96.2% of December 2019 levels, with all countries except Brazil, Italy and Uruguay above pre-pandemic. International passenger traffic surpassed pre-pandemic levels of December 2019 by 4.6%, while domestic traffic stood at 94.1% of December 2019 levels.

In Argentina, total passenger traffic continued to recover in December, increasing by 14.9% year-over-year (YoY) and surpassing pre-pandemic volumes by 5.7%. Domestic traffic was 9.9% higher than the levels in December 2019, while International traffic continued to recover month after month and reached 97.7% of pre-pandemic levels.

In Italy, passenger traffic grew by 11.3% compared to the same month in 2022, reaching 95.0% of December 2019 levels, up from the 92.7% recorded in November. International passenger traffic, which accounted for over 75% of the total traffic, was at December 2019 levels, while domestic passenger traffic was 18.1% below pre-pandemic levels. Although total traffic is still below pre-pandemic levels, Florence airport exceeded December 2019 traffic volumes.

In Brazil, total passenger traffic increased slightly by 0.1% YoY, reaching 84.4% of December 2019 levels, down from the 85.2% recorded in November. Domestic traffic, which accounted for over 60% of the total traffic, reached 87.4% of pre-pandemic levels, while transit passengers stood at 78.1% of December 2019 levels, a decrease from the 85.4% recorded in November. Traffic in Brazil remained impacted by financial and aircraft constraints in some local airlines.

In Uruguay, total passenger traffic, which is largely international, continued to recover and increased 23.2% YoY, reaching 97.3% of pre-pandemic levels of December 2019. However, passenger traffic increased sequentially on an absolute basis.

In Ecuador, passenger traffic increased 6.4% YoY and surpassed slightly pre-pandemic volumes by 0.5%. While domestic passenger traffic exceeded pre-pandemic levels by 2.0%, International traffic reached 99.4% of December 2019 levels.

In Armenia, passenger traffic continued its solid recovery trend, increasing by 8.2% YoY and surpassing the pre-pandemic levels of December 2019 by 59.9%.

Cargo Volume and Aircraft Movements

Cargo volume increased 11.0% YoY and reached 99.2% of December 2019 levels, or exceeded by 0.6% when adjusting for the discontinuation of operations in Peru. Cargo volumes in Armenia, Ecuador and Uruguay were above pre-pandemic levels, whereas Argentina stood at 99.1%, Italy at 91.5%, and Brazil at 78.7%. Around 70% of cargo volume originated in Argentina, Ecuador and Uruguay.

Aircraft movements increased 3.9% YoY, reaching December 2019 levels, or exceeding by 3.7% when adjusting for the discontinuation of operations in Peru. Aircraft movements were above pre-pandemic levels in Armenia, Uruguay and Argentina, while it stood at 95.6% in Italy, 91.2% in Brazil, and 91.5% in Ecuador.

Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2023 vs. 2022)

	Dec'23	Dec'22	% Var.		2023	2022	% Var.
Passenger Traffic (thousands)
Argentina(1)	3,822	3,327	14.9%		43,672	33,773	29.3%
Italy	491	441	11.3%		8,162	6,696	21.9%
Brazil	1,487	1,486	0.1%		17,101	15,749	8.6%
Uruguay	185	150	23.2%		1,951	1,437	35.8%
Ecuador	382	359	6.4%		4,840	4,229	14.5%
Armenia	381	352	8.2%		5,421	3,692	46.8%
TOTAL	6,747	6,114	10.3%		81,147	65,576	23.7%

(1)	See Footnote 1 in previous table. (2) See Footnote 2 in previous table.

Cargo Volume (tons)
Argentina	18,844	16,197	16.3%		191,815	181,667	5.6%
Italy	1,059	1,256	-15.7%		12,939	14,911	-13.2%
Brazil	6,442	6,468	-0.4%		66,634	57,839	15.2%
Uruguay(2)	2,721	2,561	6.2%		31,180	32,114	-2.9%
Ecuador	3,567	2,641	35.1%		33,812	33,259	1.7%
Armenia	3,454	3,394	1.8%		33,852	23,338	45.0%
TOTAL	36,087	32,517	11.0%		370,232	343,128	7.9%
Aircraft Movements
Argentina	40,212	37,308	7.8%		458,594	384,732	19.2%
Italy	4,796	4,358	10.1%		77,929	68,893	13.1%
Brazil	13,257	13,708	-3.3%		158,408	144,611	9.5%
Uruguay	3,612	3,427	5.4%		31,986	27,871	14.8%
Ecuador	6,500	6,652	-2.3%		78,483	76,952	2.0%
Armenia	3,102	3,341	-7.2%		44,073	35,152	25.4%
TOTAL	71,479	68,794	3.9%		849,473	738,211	15.1%

Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2023 vs. 2019)

	Dec'23	Dec'19	% Var.		2023	2019	% Var.
Passenger Traffic (thousands)
Argentina(1)	3,822	3,614	5.7%		43,672	43,405	0.6%
Italy	491	517	-5.0%		8,162	8,239	-0.9%
Brazil	1,487	1,761	-15.6%		17,101	19,059	-10.3%
Uruguay	185	190	-2.7%		1,951	2,182	-10.6%
Ecuador	382	380	0.5%		4,840	4,497	7.6%
Armenia	381	238	59.9%		5,421	3,196	69.6%
Peru		316	-		-	3,579	-
TOTAL	6,747	7,016	-3.8%		81,147	84,158	-3.6%

(1)	See Footnote 1 in previous table. (2) See Footnote 2 in previous table.

Cargo Volume (tons)
Argentina	18,844	19,011	-0.9%		191,815	227,970	-15.9%
Italy	1,059	1,158	-8.5%		12,939	13,192	-1.9%
Brazil	6,442	8,180	-21.3%		66,634	91,241	-27.0%
Uruguay(2)	2,721	2,582	5.4%		31,180	29,132	7.0%
Ecuador	3,567	3,043	17.2%		33,812	38,006	-11.0%
Armenia	3,454	1,906	81.2%		33,852	20,065	68.7%
Peru	-	509	-		-	5,164	-
TOTAL	36,087	36,388	-0.8%		370,232	424,769	-12.8%
Aircraft Movements
Argentina	40,212	36,875	9.0%		458,594	447,247	2.5%
Italy	4,796	5,016	-4.4%		77,929	78,952	-1.3%
Brazil	13,257	14,541	-8.8%		158,408	161,775	-2.1%
Uruguay	3,612	3,136	15.2%		31,986	29,662	7.8%
Ecuador	6,500	7,101	-8.5%		78,483	82,374	-4.7%
Armenia	3,102	2,244	38.2%		44,073	27,430	60.7%
Peru	-	2,572	-		-	30,473	-
TOTAL	71,479	71,485	0.0%		849,473	857,913	-1.0%

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 53 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2023, Corporación América Airports served 81.1 million passengers, 23.7% above the 65.6 million passengers served in 2022 and 3.6% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240117663881/en/

Investor Relations Contact

Patricio Iñaki Esnaola

Email: patricio.esnaola@caairports.com

Phone: +5411 4899-6716

Source: Corporación América Airports

FAQ

What is the ticker symbol for Corporación América Airports S.A. on NYSE?

The ticker symbol for Corporación América Airports S.A. on NYSE is CAAP.

What was the YoY increase in passenger traffic for December 2023?

The YoY increase in passenger traffic for December 2023 was 10.3%.

What was the percentage of total passenger traffic in December 2023 compared to December 2019?

Total passenger traffic in December 2023 reached 96.2% of December 2019 levels.

What was the percentage of international passenger traffic compared to December 2019?

International passenger traffic surpassed pre-pandemic levels of December 2019 by 4.6%.

What was the percentage of domestic passenger traffic compared to December 2019?

Domestic traffic stood at 94.1% of December 2019 levels.

Did the company see increases in cargo volume and aircraft movements?

Yes, the company saw increases in cargo volume and aircraft movements.