Grupo Aeroportuario Del Pacifico Reports in May 2024 a Passenger Traffic Decrease of 2.3% Compared to 2023
Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) reported a 2.3% decrease in total terminal passenger traffic in May 2024 compared to May 2023. Specific airports experienced varied changes: Puerto Vallarta saw a 3.2% increase, while Tijuana, Guadalajara, and Los Cabos saw decreases of 5.2%, 2.7%, and 1.7% respectively. Montego Bay also saw a minor decrease of 0.3%.
On a year-to-date basis from January to May, overall passenger traffic decreased by 1.9%. The number of available seats dropped by 7.2% year-over-year, but load factors improved from 78.8% to 82.9%. New routes were launched including Guadalajara to Vancouver by Flair Airlines and Los Cabos to Phoenix by Frontier.
Domestic and international passenger traffic at various airports showed mixed results, with some increases and notable declines. Guadalajara and Tijuana saw significant declines in both domestic and international traffic.
- Puerto Vallarta airport saw a 3.2% increase in passenger traffic in May 2024.
- Load factors improved from 78.8% in May 2023 to 82.9% in May 2024.
- New airline routes were introduced, including Guadalajara to Vancouver and Los Cabos to Phoenix.
- Total terminal passenger traffic decreased by 2.3% in May 2024 compared to May 2023.
- Guadalajara airport experienced a 2.7% drop in passenger traffic.
- Tijuana airport saw a 5.2% decrease in passenger traffic.
- Los Cabos airport reported a 1.7% decline in passenger traffic.
- Total year-to-date passenger traffic fell by 1.9% from January to May 2024.
- Seats available during May 2024 decreased by 7.2% compared to May 2023.
- Mexicali experienced a significant 39.6% drop in total terminal passenger traffic.
Insights
The reported 2.3% decline in passenger traffic for May 2024 compared to May 2023 is a significant metric, indicating a potential slowdown in GAP's operational performance. This reduction, encompassing both domestic and international passengers, could have broad implications for revenue, profitability and investor sentiment. Particularly, the drop in passenger numbers at key airports like Tijuana (5.2%), Guadalajara (2.7%) and Los Cabos (1.7%) suggests possible demand weakness or operational inefficiencies in these hubs.
One of the critical factors contributing to this decline is the 7.2% reduction in available seats, which could reflect capacity management strategies or reduced demand. However, it's worth noting the increase in load factor to 82.9% from 78.8%, indicating that despite fewer seats, the ones available were more efficiently utilized. This efficiency gain indicates effective capacity management, though it does not offset the overall decline in traffic.
From an investment perspective, these mixed signals warrant caution. The decline in passenger traffic might signal potential revenue challenges, impacting short-term earnings. However, the marginal increase in load factor and the introduction of new routes like Guadalajara-Vancouver and Puerto Vallarta-Dallas-Fort Worth might positively influence future traffic and financial performance. As such, investors should closely monitor upcoming traffic reports and earnings releases for further insights.
Analyzing the passenger traffic data, it's essential to contextualize the impact on GAP's market positioning and competitive dynamics. The increase in passenger traffic at Puerto Vallarta (3.2%) contrasts with the overall declining trend and highlights the potential for targeted growth in tourist destinations. This positive trend, paired with the new routes to major cities, suggests that GAP is actively pursuing strategies to bolster its market presence in high-demand areas.
Conversely, the significant declines at Tijuana and Mexicali airports reveal vulnerability in the northern border region, possibly due to economic factors or competitive pressures from alternative transportation modes. The 10.4% drop in Tijuana's CBX users, who cross the U.S. border, underscores this point.
In terms of long-term strategy, focusing on strengthening the efficiency and attractiveness of key tourist hubs while addressing operational challenges in other regions could yield balanced growth. The mixed performance across different airports also indicates varying regional market conditions, which GAP should consider in its strategic planning.
GUADALAJARA, Mexico, June 04, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for May 2024, compared with May 2023.
For May 2024, the total number of terminal passengers at GAP’s 12 Mexican airports decreased by
Domestic Terminal Passengers (in thousands):
| Airport | May-23 | May-24 | % Change | Jan- May 23 | Jan- May 24 | % Change |
| Guadalajara | 1,078.3 | 1,012.5 | ( | 5,089.0 | 4,657.2 | ( |
| Tijuana* | 743.4 | 719.6 | ( | 3,582.3 | 3,397.1 | ( |
| Los Cabos | 242.8 | 236.0 | ( | 1,173.1 | 1,089.8 | ( |
| Puerto Vallarta | 237.9 | 250.2 | 1,137.6 | 1,057.8 | ( | |
| Montego Bay | 0.0 | 0.0 | N/A | 0.0 | 0.0 | N/A |
| Guanajuato | 187.6 | 177.0 | ( | 881.9 | 823.9 | ( |
| Hermosillo | 170.7 | 183.7 | 822.6 | 820.2 | ( | |
| Kingston | 0.3 | 0.2 | ( | 0.5 | 1.1 | |
| Morelia | 64.1 | 51.2 | ( | 316.2 | 247.6 | ( |
| La Paz | 97.4 | 96.4 | ( | 420.2 | 462.2 | |
| Mexicali | 121.4 | 73.0 | ( | 600.8 | 433.5 | ( |
| Aguascalientes | 51.9 | 58.5 | 255.2 | 259.1 | ||
| Los Mochis | 38.9 | 48.4 | 174.6 | 225.3 | ||
| Manzanillo | 8.5 | 10.4 | 44.3 | 56.4 | ||
| Total | 3,043.2 | 2,917.1 | (4.1%) | 14,498.3 | 13,531.1 | (6.7%) |
International Terminal Passengers (in thousands):
| Airport | May-23 | May-24 | % Change | Jan- May 23 | Jan- May 24 | % Change |
| Guadalajara | 439.1 | 464.0 | 2,064.8 | 2,375.7 | ||
| Tijuana* | 345.3 | 312.0 | ( | 1,769.3 | 1,572.2 | ( |
| Los Cabos | 373.5 | 369.6 | ( | 2,196.1 | 2,203.0 | |
| Puerto Vallarta | 256.2 | 259.6 | 2,017.1 | 2,189.7 | ||
| Montego Bay | 402.8 | 401.5 | ( | 2,208.3 | 2,294.8 | |
| Guanajuato | 69.1 | 77.8 | 344.8 | 398.0 | ||
| Hermosillo | 6.2 | 6.8 | 30.8 | 36.9 | ||
| Kingston | 141.2 | 139.7 | ( | 681.8 | 666.2 | ( |
| Morelia | 47.8 | 52.7 | 246.4 | 259.9 | ||
| La Paz | 1.3 | 1.1 | ( | 6.4 | 5.2 | ( |
| Mexicali | 0.6 | 0.7 | 2.8 | 3.0 | ||
| Aguascalientes | 25.1 | 27.3 | 108.5 | 123.7 | ||
| Los Mochis | 0.6 | 0.7 | 2.9 | 3.4 | ||
| Manzanillo | 3.2 | 4.7 | 40.5 | 52.1 | ||
| Total | 2,112.0 | 2,118.5 | 0.3% | 11,720.5 | 12,183.7 | 4.0% |
Total Terminal Passengers (in thousands):
| Airport | May-23 | May-24 | % Change | Jan- May 23 | Jan- May 24 | % Change |
| Guadalajara | 1,517.4 | 1,476.5 | ( | 7,153.7 | 7,032.8 | ( |
| Tijuana* | 1,088.7 | 1,031.6 | ( | 5,351.6 | 4,969.3 | ( |
| Los Cabos | 616.2 | 605.6 | ( | 3,369.2 | 3,292.9 | ( |
| Puerto Vallarta | 494.1 | 509.8 | 3,154.8 | 3,247.4 | ||
| Montego Bay | 402.8 | 401.5 | ( | 2,208.3 | 2,294.8 | |
| Guanajuato | 256.7 | 254.8 | ( | 1,226.7 | 1,222.0 | ( |
| Hermosillo | 177.0 | 190.5 | 853.4 | 857.1 | ||
| Kingston | 141.5 | 139.9 | ( | 682.3 | 667.3 | ( |
| Morelia | 111.9 | 103.9 | ( | 562.6 | 507.5 | ( |
| La Paz | 98.7 | 97.5 | ( | 426.6 | 467.4 | |
| Mexicali | 122.0 | 73.7 | ( | 603.6 | 436.4 | ( |
| Aguascalientes | 77.0 | 85.8 | 363.7 | 382.8 | ||
| Los Mochis | 39.5 | 49.2 | 177.5 | 228.7 | ||
| Manzanillo | 11.7 | 15.1 | 84.8 | 108.5 | ||
| Total | 5,155.2 | 5,035.5 | (2.3%) | 26,218.7 | 25,714.8 | (1.9%) |
*Passengers in Tijuana who use CBX in both directions are classified as international.
CBX users (in thousands):
| Airport | May-23 | May-24 | % Change | Jan- May 23 | Jan- May 24 | % Change |
| Tijuana | 342.5 | 306.9 | ( | 1,755.8 | 1,551.8 | ( |
Highlights for the month:
- Seats and load factors: The seats available during May 2024 decreased by
7.2% , compared to May 2023. The load factors for the month went from78.8% in May 2023 to82.9% in May 2024. - New routes:
- Guadalajara – Vancouver: Flair Airlines
- Los Cabos – Phoenix: Frontier
- Puerto Vallarta – Dallas-Fort Worth: Frontier
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired
| This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. |
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
| Alejandra Soto, Investor Relations and Social Responsibility Officer | asoto@aeropuertosgap.com.mx |
| Gisela Murillo, Investor Relations | gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294 |
FAQ
What was the passenger traffic change for Grupo Aeroportuario del Pacífico in May 2024?
Which airports saw a decrease in passenger traffic in May 2024 for PAC?
Which airport experienced an increase in passenger traffic for PAC in May 2024?
What was the overall year-to-date passenger traffic change for PAC from January to May 2024?
How did the load factors change for PAC in May 2024?
What new airline routes were introduced by PAC in May 2024?
