Corporación América Airports S.A. Reports February 2024 Passenger Traffic
Corporación América Airports S.A. (NYSE: CAAP) reports a 5.4% YoY increase in passenger traffic, reaching 92.8% of February 2019 levels. International passenger traffic is 4.2% above pre-pandemic levels. The company no longer operates Natal airport, impacting statistics.
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Passenger traffic in Brazil decreased by 4.8% YoY, reaching 78.4% of February 2019 levels, impacted by financial and aircraft constraints in local airlines. Cargo volume in Brazil decreased by 40.8% YoY, reaching 59.2% of February 2019 levels.
The reported increase in passenger traffic for Corporación América Airports S.A. suggests a positive trend in the aviation sector, particularly as international passenger traffic has surpassed pre-pandemic levels. This reflects a recovery trajectory that could bolster investor confidence in the industry. The growth in international traffic by 4.2% compared to pre-pandemic levels indicates a resurgence in global mobility, which could signal a broader economic rebound and increased demand for travel-related services. The detailed statistics, showing mixed performance across different regions, highlight the uneven nature of the recovery. Argentina and Italy's performance is noteworthy, as they show significant YoY improvements, which may be attributed to successful marketing strategies or regional economic conditions favoring travel. However, the decline in Brazil's passenger traffic and the financial constraints impacting local airlines there could be a concern for investors, hinting at potential market-specific risks. The cargo volume increase by 10.6% YoY, despite not reaching pre-pandemic levels, suggests a strengthening in trade activities, which is a positive indicator for businesses reliant on air freight. The reported data implies a cautiously optimistic outlook for CAAP's operational performance and potential revenue growth.
The financial implications of Corporación América Airports S.A.'s traffic report are multifaceted. The YoY increase in passenger traffic and cargo volume suggests a growth trajectory that could translate into higher revenue streams for the company. The surpassing of international passenger traffic over pre-pandemic levels is particularly promising, as international routes typically yield higher margins due to longer distances and potentially higher ticket prices. This could positively impact the company's bottom line and make it an attractive prospect for investors seeking to capitalize on the post-pandemic recovery phase. However, it is essential to consider the operational costs associated with increased traffic, such as staffing and maintenance, which may offset some revenue gains. Furthermore, the regional disparities in recovery, especially the underperformance in Brazil, could signal volatility in future earnings. Investors should monitor such regional performances closely, as they may affect the stability of the company's overall financial health. The report's indication of reaching near pre-pandemic levels in several metrics provides a baseline for forecasting future performance, but it is important to remain vigilant about the potential for new disruptions in the travel industry.
The data presented by Corporación América Airports S.A. offers insights into broader economic trends. The increase in passenger traffic, particularly on international routes, suggests a recovery in global economic activity and consumer confidence. This is a positive indicator for sectors beyond aviation, such as tourism and hospitality, which benefit from increased travel. The cargo volume growth aligns with the expansion of trade activities, possibly reflecting a rebound in global supply chains. However, the variance in recovery rates across regions underscores the uneven economic impact of the pandemic and the ongoing disparities in recovery speeds. The strong performance in Argentina and Italy could be indicative of regional economic strengths or successful containment of pandemic-related disruptions. Conversely, the challenges faced in Brazil may reflect broader economic issues that could have ripple effects on regional stability. Overall, the aviation sector's health is often seen as a barometer for the global economy and the current trends suggest cautious optimism but also warrant attention to the fragility of the recovery, especially given the potential for new economic headwinds.
03/19/2024 - 04:31 PM
Total passenger traffic up 5.4% YoY, reaching 92.8% of February 2019 levels
International passenger traffic 4.2% above pre-pandemic
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 5.4% year-on-year (YoY) increase in passenger traffic in February 2024, reaching 92.8% of February 2019 levels.
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2-Year Passenger Traffic Monthly Performance (vs. 2019) (Graphic: Business Wire)
Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2024 vs. 2023)
Statistics
Feb'24
Feb'23
% Var.
YTD’24
YTD'23
% Var.
Domestic Passengers (thousands)
3,219
3,241
-0.7
%
6,829
6,880
-0.7
%
International Passengers (thousands)
2,197
1,899
15.7
%
4,583
4,035
13.6
%
Transit Passengers (thousands)
546
519
5.3
%
1,189
1,250
-4.9
%
Total Passengers (thousands)
5,962
5,659
5.4
%
12,602
12,166
3.6
%
Cargo Volume (thousand tons)
28.1
25.4
10.6
%
56.6
51.7
9.5
%
Total Aircraft Movements (thousands)
62.9
60.6
3.9
%
132.7
129.7
2.3
%
Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2024 vs. 2019)
Statistics
Feb'24
Feb'19
% Var.
YTD’24
YTD'19
% Var.
Domestic Passengers (thousands)
3,219
3,590
-10.3
%
6,829
7,600
-10.1
%
International Passengers (thousands)
2,197
2,107
4.2
%
4,583
4,487
2.1
%
Transit Passengers (thousands)
546
729
-25.1
%
1,189
1,578
-24.7
%
Total Passengers (thousands)
5,962
6,426
-7.2
%
12,602
13,666
-7.8
%
Cargo Volume (thousand tons)
28.1
33.8
-17.0
%
56.6
66.8
-15.2
%
Total Aircraft Movements (thousands)
62.9
66.5
-5.4
%
132.7
141.2
-6.0
%
Passenger Traffic Overview
Total passenger traffic grew 5.4% compared to the same month of 2023, reaching 92.8% of February 2019 levels. International passenger traffic surpassed pre-pandemic levels by 4.2% , while domestic traffic stood at 89.7% of February 2019 levels.
In Argentina 8.0% year-over-year (YoY) and reaching 98.6% of pre-pandemic volumes, up from the 97.0% recorded last month. Domestic traffic was 1.9% higher than the levels in February 2019, while International traffic reached 92.7% of pre-pandemic levels, up from the 88.0% recorded in January, showing a strong recovery.
In Italy 14.7% compared to the same month in 2023, exceeding pre-pandemic levels of February 2019 by 3.0% . International passenger traffic, which accounted for over 75% of the total traffic, was 10.3% higher than February 2019 levels, while domestic passenger traffic was 15.1% below pre-pandemic levels. Florence airport exceeded February 2019 traffic volumes by 24.6% while traffic at Pisa airport, where some pre-pandemic destinations still need to resume, was 9.0% below February 2019.
In Brazil 4.8% YoY, reaching 78.4% of February 2019 levels, down from the 80.2% recorded in January. Domestic traffic, which accounted for over 60% of the total traffic, reached 83.4% of pre-pandemic levels, while transit passengers stood at 68.6% of February 2019 levels. Traffic in Brazil remained heavily impacted by financial and aircraft constraints in some of the local airlines. Importantly, following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport, effective February 19, 2024. Therefore, statistics for Natal are available up to February 18, 2024.
In Uruguay 33.9% YoY, reaching 97.5% of pre-pandemic levels of February 2019, up from the 93.9% recorded in the previous month.
In Ecuador 2.2% YoY and exceeded pre-pandemic volumes of February 2019 by 2.9% . While international passenger traffic exceeded pre-pandemic levels by 8.9% , domestic traffic reached 98.1% of February 2019 levels, up from 90.1% in January, despite being impacted by the exit of the local airline Equair.
In Armenia 3.4% YoY and surpassed pre-pandemic levels of February 2019 by 85.1% . To note, Zvartnots airport is currently operating at--or close to--maximum capacity given the significant growth in passenger traffic within the past few years.
Cargo Volume and Aircraft Movements
Cargo volume increased 10.6% YoY and reached 83.0% of February 2019 levels, or 84.1% when adjusting for the discontinuation of operations in Peru . Cargo volumes in Armenia , Uruguay and Italy were above pre-pandemic levels, whereas Argentina stood at 83.0% , Ecuador at 74.8% , and Brazil at 59.2% . Almost 70% of cargo volume originated in Argentina , Ecuador and Uruguay .
Aircraft movements increased 3.9% YoY, improving to 94.6% of February 2019 levels, or 97.8% when adjusting for the discontinuation of operations in Peru . Aircraft movements were above pre-pandemic levels in Armenia and Uruguay , while it stood at 99.4% in Argentina , 94.0% in Italy , 89.6% in Brazil , and 91.5% in Ecuador .
Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2024 vs. 2023)
Feb'24
Feb'23
% Var.
YTD'24
YTD'23
% Var.
Passenger Traffic (thousands)
Argentina
3,461
3,204
8.0
%
7,200
6,789
6.1
%
Italy
442
386
14.7
%
902
809
11.5
%
Brazil (1)
1,192
1,252
-4.8
%
2,690
2,844
-5.4
%
Uruguay
206
154
33.9
%
437
337
29.8
%
Ecuador
352
344
2.2
%
697
705
-1.1
%
Armenia
308
319
-3.4
%
676
682
-0.8
%
TOTAL
5,962
5,659
5.4
%
12,602
12,166
3.6
%
(1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up to February 18, 2024.
Cargo Volume (tons)
Argentina
14,173
12,736
11.3
%
29,643
26,095
13.6
%
Italy
1,009
1,056
-4.5
%
2,037
2,108
-3.3
%
Brazil
4,999
4,839
3.3
%
9,652
9,796
-1.5
%
Uruguay
2,275
2,076
9.6
%
4,297
4,061
5.8
%
Ecuador
2,712
2,434
11.4
%
5,665
5,181
9.3
%
Armenia
2,916
2,257
29.2
%
5,345
4,505
18.7
%
TOTAL
28,083
25,398
10.6
%
56,640
51,746
9.5
%
Aircraft Movements
Argentina
36,174
33,554
7.8
%
75,526
71,196
6.1
%
Italy
4,046
3,732
8.4
%
8,405
7,845
7.1
%
Brazil
11,394
11,711
-2.7
%
24,059
25,313
-5.0
%
Uruguay
2,978
2,712
9.8
%
6,813
6,479
5.2
%
Ecuador
5,986
6,099
-1.9
%
12,580
12,730
-1.2
%
Armenia
2,365
2,765
-14.5
%
5,326
6,145
-13.3
%
TOTAL
62,943
60,573
3.9
%
132,709
129,708
2.3
%
Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2024 vs. 2019)
Feb'24
Feb'19
% Var.
YTD'24
YTD'19
% Var.
Passenger Traffic (thousands)
Argentina
3,461
3,509
-1.4
%
7,200
7,362
-2.2
%
Italy
442
429
3.0
%
902
889
1.4
%
Brazil (1)
1,192
1,521
-21.6
%
2,690
3,387
-20.6
%
Uruguay
206
211
-2.5
%
437
458
-4.5
%
Ecuador
352
342
2.9
%
697
695
0.3
%
Armenia
308
167
85.1
%
676
379
78.6
%
Peru
247
-
-
496
-
TOTAL
5,962
6,426
-7.2
%
12,602
13,666
-7.8
%
(1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up to February 18, 2024.
Cargo Volume (tons)
Argentina
14,173
17,067
-17.0
%
29,643
35,911
-17.5
%
Italy
1,009
990
1.9
%
2,037
2,017
1.0
%
Brazil
4,999
8,441
-40.8
%
9,652
14,483
-33.4
%
Uruguay
2,275
1,916
18.8
%
4,297
4,036
6.5
%
Ecuador
2,712
3,626
-25.2
%
5,665
7,358
-23.0
%
Armenia
2,916
1,368
113.2
%
5,345
2,227
140.0
%
Peru
-
418
-
-
787
-
TOTAL
28,083
33,824
-17.0
%
56,640
66,820
-15.2
%
Aircraft Movements
Argentina
36,174
36,403
-0.6
%
75,526
76,543
-1.3
%
Italy
4,046
4,302
-6.0
%
8,405
8,946
-6.0
%
Brazil
11,394
12,710
-10.4
%
24,059
27,380
-12.1
%
Uruguay
2,978
2,848
4.6
%
6,813
6,789
0.4
%
Ecuador
5,986
6,545
-8.5
%
12,580
13,699
-8.2
%
Armenia
2,365
1,552
52.4
%
5,326
3,500
52.2
%
Peru
-
2,174
-
-
4,338
-
TOTAL
62,943
66,534
-5.4
%
132,709
141,195
-6.0
%
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 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/20240319105096/en/
Patricio Iñaki Esnaola
patricio.esnaola@caairports.com
Source: Corporación América Airports
What is the YoY increase in passenger traffic reported by Corporación América Airports S.A. (NYSE: CAAP)?
The company reported a 5.4% YoY increase in passenger traffic.
How does international passenger traffic compare to pre-pandemic levels for CAAP?
International passenger traffic is 4.2% above pre-pandemic levels.
Which airport did CAAP cease to operate in February 2024?
CAAP no longer operates Natal airport, effective February 19, 2024.
What was the impact on passenger traffic in Brazil according to the PR?
Passenger traffic in Brazil decreased by 4.8% YoY, reaching 78.4% of February 2019 levels.
How did cargo volume in Brazil change according to the PR?
Cargo volume in Brazil decreased by 40.8% YoY, reaching 59.2% of February 2019 levels.
