Grupo Aeroport Stock Price, News & Analysis

Grupo Aeroportuario del Pacifico reported its consolidated results for the third quarter of 2024 (3Q24). Total revenues increased by Ps. 839.7 million, or 11.4%, compared to 3Q23. However, aeronautical services revenues decreased by 3.8% due to a decline in passenger traffic, primarily influenced by preventive reviews of Pratt & Whitney engines affecting Volaris and VivaAerobus fleets. This was offset by a 38.7% increase in non-aeronautical revenues, driven by the consolidation of cargo and free trade zone business at Guadalajara airport.

Total operating costs rose by 20.6%, with a notable increase in cost of services by 21.3%. Despite increased revenues, net income decreased by 16.6% to Ps. 1,982.8 million. EBITDA saw a modest increase of 5.6%, reaching Ps. 4,507.6 million, while the EBITDA margin slightly declined to 67.0%. Passenger traffic fell by 5.7% across the company's 14 airports.

The company refinanced credit facilities and issued long-term bonds totaling Ps. 5,648.1 million for capital investments and debt refinancing. Cash and cash equivalents stood at Ps. 15,828.0 million as of September 30, 2024.

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) has successfully refinanced a credit facility with Banco Santander México for Ps. 1.5 billion. The refinancing extends the maturity by 12 months, with the new maturity date set for October 17, 2025. The terms include:

• Monthly interest payments at a variable rate of TIIE-28 plus 38 basis points
• No fees
• Principal payment due on the maturity date

GAP operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations. The company also manages two airports in Jamaica: Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston.

Grupo Aeroportuario del Pacífico (NYSE: PAC) reports a 3.9% decrease in total terminal passengers for September 2024 compared to September 2023. Key highlights include:

- Guadalajara airport saw a 4.1% increase in passenger traffic
- Los Cabos, Tijuana, and Puerto Vallarta airports experienced decreases of 9.9%, 6.2%, and 5.1% respectively
- Montego Bay airport reported an 11.5% decrease
- Total domestic passengers decreased by 5.5%
- International passengers decreased by 1.2%
- Seats available decreased by 7.8%
- Load factors improved from 77.8% to 80.1%

A new route was introduced between Guadalajara and Toronto by Flair Airlines.

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) has successfully refinanced a USD$40.0 million credit facility with Citibanamex that matured on September 26, 2024. The refinancing extends the maturity by 6 additional months, with the new principal payment due on March 21, 2025. The terms include:

• Monthly interest payments at a variable rate of SOFR plus 25 basis points
• No additional fees

GAP operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations. The company also manages two airports in Jamaica: Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston.

Grupo Aeroportuario del Pacifico (NYSE: PAC) has successfully issued 56,481,343 long-term bond certificates in Mexico, totaling Ps. 5.65 billion. The five-year bonds, under the ticker 'GAP 24', will pay interest every 28 days at TIIE-28 plus 60 basis points, maturing on August 30, 2029. The issuance was 1.2 times oversubscribed and received top credit ratings from Moody's and S&P.

The proceeds will be used to repay Ps. 1.5 billion of 'GAP 15' bonds maturing in February 2025, with the remainder funding capital investments under the Master Development Program in Mexico for 2024 and commercial investments. GAP operates 12 airports in Mexico's Pacific region and two in Jamaica.

Grupo Aeroportuario del Pacifico (NYSE: PAC) reported a 7.2% decrease in total passenger traffic for August 2024 compared to August 2023. Key highlights include:

- Guadalajara airport: 3.4% decrease
- Tijuana airport: 8.4% decrease
- Los Cabos airport: 11.1% decrease
- Puerto Vallarta airport: 5.9% decrease
- Montego Bay airport: 9.4% decrease

The company's domestic passenger traffic decreased by 10.8%, while international passenger traffic declined by 1.5%. Seats available during August 2024 decreased by 10.4% compared to the previous year. However, the load factor improved from 81.4% to 84.3% year-over-year.

Grupo Aeroportuario del Pacifico (NYSE: PAC) has concluded the review process for its Master Development Program and Maximum Tariffs for Mexican airports from 2025-2029. The Federal Civil Aviation Agency approved maximum tariffs per workload unit for each airport, based on traffic projections, operating costs, and capital investments. The tariffs will be adjusted by an annual efficiency factor of 0.8% and updated per the National Producer Price Index.

The company also announced committed investments for each airport, totaling 43,184,959 thousand pesos over the five-year period. These investments will be updated per the National Producer Price Index, construction sector, upon execution. GAP operates 12 airports in Mexico's Pacific region and has stakes in two Jamaican airports.

Grupo Aeroportuario del Pacifico (NYSE: PAC) reported a 5.6% decrease in total terminal passengers for July 2024 compared to July 2023. Key highlights include:

- Total passengers decreased from 5,999,400 to 5,663,100
- Domestic passengers declined by 7.8%
- International passengers decreased by 2.6%
- Tijuana, Los Cabos, and Puerto Vallarta airports saw decreases of 7.9%, 5.8%, and 3.3% respectively
- Montego Bay airport experienced a 13.7% decrease

The decline is primarily attributed to preventive revisions of Pratt & Whitney engines in A320neo and A321neo fleets, and Hurricane Beryl's impact on Jamaican airports. Despite the overall decrease, some airports like La Paz and Los Mochis saw increases in passenger traffic.

Grupo Aeroportuario del Pacifico (NYSE:PAC; BMV: GAP) has released its Green Bond Report, detailing the allocation of resources and impact of projects financed by the Ps. 1,500 million Green Bond issued on October 15, 2021 (ticker: GAP 21V). The report, aligned with GAP's Green Bond Framework, is available on the company's website under the 'Investors' section.

GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, tourist destinations such as Puerto Vallarta and Los Cabos, and six mid-sized cities. The company expanded internationally in 2015 by acquiring a majority stake in Jamaica's Sangster International Airport, and in 2019 began operating Norman Manley International Airport in Kingston.