MONTERREY, Mexico, Oct. 23, 2014 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq:OMAB) (BMV:OMA), reported its unaudited, consolidated results for the third quarter of 2014 today.
Third Quarter 2014 Summary
OMA's third quarter results reflect our successful strategy for promoting passenger traffic growth and increasing both aeronautical and non aeronautical revenues. The Company continues to increase its generation of Adjusted EBITDA.
The principal results of the third quarter are:
| (Million Passengers and Million Pesos) | 3Q13 | 3Q14 | % Var | 9M13 | 9M14 | % Var |
| Total Passenger Traffic | 3.6 | 4.0 | 9.2 | 9.9 | 10.8 | 9.2 |
| Aeronautical Revenues | 610 | 689 | 12.8 | 1,700 | 1,884 | 10.9 |
| Non-Aeronautical Revenues | 207 | 223 | 8.1 | 579 | 640 | 10.6 |
| Aeronautical Revenues + Non-Aeronautical Revenues | 817 | 912 | 11.6 | 2,279 | 2,525 | 10.8 |
| Construction Revenues | 52 | 90 | 72.3 | 206 | 213 | 3.4 |
| Total Revenues | 869 | 1,002 | 15.3 | 2,485 | 2,738 | 10.2 |
| Income from Operations | 352 | 449 | 27.7 | 968 | 1,121 | 15.8 |
| Operating Margin (%) | 40.4% | 44.8% | 38.9% | 40.9% | ||
| Adjusted EBITDA | 444 | 545 | 23.0 | 1,241 | 1,407 | 13.3 |
| Adjusted EBITDA Margin (Adjusted EBITDA/Aeronautical Revenues + Non-Aeronautical Revenues, %) | 54.3% | 59.8% | 54.5% | 55.7% | ||
| Consolidated Net Income | 228 | 271 | 18.9 | 669 | 743 | 10.9 |
| Net Income of Controlling Interest | 227 | 270 | 18.6 | 668 | 741 | 10.9 |
| EPS* (Ps.) | 0.57 | 0.69 | 1.66 | 1.87 | ||
| EPADS* (US$) | 0.35 | 0.41 | 1.01 | 1.11 | ||
| MDP and Strategic Investments | 127 | 148 | 16.9 | 441 | 438 | (0.5) |
| *Based on weighted average shares outstanding | ||||||
| See Notes to the Financial Information | ||||||
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Total terminal passenger traffic increased 9.2% to 4.0 million in 3Q14. Domestic traffic increased 9.2%; international traffic increased 9.5%.
- Sixteen new domestic routes and two new international routes opened in the quarter, including the route to Narita, Japan starting September 19th. The new routes reflect the combined efforts of the airlines and OMA to develop passenger traffic.
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Aeronautical revenues increased 12.8%, principally as a result of the growth in passenger traffic.
- Aeronautical revenues per passenger were Ps. 174.2.
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Non-aeronautical revenues increased 8.1% as a result of growth in diversification and commercial initiatives.
- Non-aeronautical revenues per passenger were Ps. 56.5.
- Cost of airport services and general and administrative expenses increased 1.2%, as a result of cost control initiatives. Total costs and operating expenses increased 6.9%.
- Adjusted EBITDA increased 23.0% to Ps. 545 million. The Adjusted EBITDA margin increased 550 basis points to 59.8% as a result of the increase in revenues and the control of costs and expenses.
- Operating income increased 27.7% to Ps. 449 million.
- Consolidated net income increased 18.9% to Ps. 271 million, principally as a result of the increase in aeronautical and non-aeronautical revenues and controls on cost and expenses. Earnings were Ps. 0.69 per share, or US$ 0.41 per American Depositary Share (ADS).
- Total Master Development Plan (MDP) and strategic investment expenditures were Ps. 148 million.
Revised 2014 Outlook
As a result of the growth in passenger traffic volumes during the first nine months of the year, and taking into account the route expansion plans of airline clients, OMA is updating its full year outlook for 2014.
OMA estimates that total passenger traffic growth for 2014 will be between 8% and 10% (previously 6% to 8%). The growth in the sum of aeronautical and non-aeronautical revenues is estimated to be between 10% and 12% (previously 9% to 11%).
The Adjusted EBITDA margin is expected to be between 54% and 56% (previously 52% to 54%).
Master Development Plan investments are expected to be in the range of Ps. 600 to 750 million (unchanged), net of the recognition of land purchases made in prior years (Ps. 178 million in 2014). In addition, strategic investments, principally for diversification projects, are expected to be Ps. 250 to 300 million (unchanged).
OMA is providing this outlook based on internal estimates. A number of factors could have a significant effect on the estimates of traffic, revenue growth, Adjusted EBITDA, and Capex. These include changes in airline expansion plans, ticket prices and other factors affecting traffic volumes, the evolution of commercial and diversification projects, and economic conditions including oil prices, among others. OMA can provide no assurance that the Company will achieve these results.
The full earnings report is available at http://ir.oma.aero.
| OMA (Nasdaq:OMAB) (BMV:OMA) will hold its 3Q14 earnings conference call on October 24, 2014 at 10 am Eastern time, 9 am Mexico City time. |
| The conference call is accessible by calling 1-888-587-0615 toll-free from the U.S. or 1-719-457-2627 from outside the U.S. The conference ID is 2878760. A taped replay will be available through October 31, 2014 at 877-870-5176 toll free or + 1-858-384-5517, using the same ID. |
| The conference call will also be available by webcast at http://ir.oma.aero/events.cfm. |
This report may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption "Risk Factors." OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
About OMA
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA's airports serve Monterrey, Mexico's third largest metropolitan area, the tourist destinations of Acapulco, Mazatlán, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates a hotel and commercial areas inside Terminal 2 of the Mexico City airport. OMA employs over 1,000 persons in order to offer passengers and clients, airport and commercial services in facilities that comply with all applicable international safety, security standards, and ISO 9001:2008. OMA's strategic shareholder members are ICA, Mexico's largest engineering, procurement, and construction company, and Aéroports de Paris Management, subsidiary of Aéroports de Paris, the third largest European airports operator. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, please visit us at:
- Website: http://www.oma.aero
- Twitter: http://twitter.com/OMAeropuertos
- Facebook: http://www.facebook.com/OMAeropuertos