Q4 2024 Corporacion America Airports SA Earnings Call Transcript
Key Points
- Corporacion America Airports SA (CAAP) reported strong performances across most markets, with record-high passenger volumes in December 2024.
- International traffic in Argentina increased by 11.3% year-over-year, supported by additional routes and increased flight frequencies.
- The company maintains a strong cash flow and a robust financial position, with a low leverage ratio of 1.1 times.
- Passenger traffic in Italy rose by 11%, driven by both international and domestic travel, reflecting strong demand.
- Cargo volumes accelerated to a 16% year-over-year increase in the fourth quarter, with positive contributions from all countries of operations.
- Adjusted EBITDA for the quarter declined by 7%, pressured by weaker domestic traffic in Argentina and lower cargo revenues.
- Revenues were slightly down by 0.6% year-over-year, in line with lower passenger traffic.
- Domestic traffic in Argentina showed sequential improvement but remained 7% lower year-over-year.
- Commercial revenues declined by 2.9% year-over-year, mainly driven by lower Cargo Duty Free revenues in Argentina.
- Passenger traffic in Ecuador declined slightly due to high airfare prices and ongoing security concerns.
Good morning and welcome to the Corporacion America Airports fourth-quarter and year-end 2024 conference call. A slide presentation accompanies today's webcast and is available in the Investors Section of the company's website. (Operator Instructions) At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Patricio, please go ahead.
Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be MartÃn Eurnekian, our Chief Executive Officer, and Jorge Arruda, our Chief Financial Officer.
Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward-looking statements, and I refer you to the forward-looking statement section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.
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