Grupo Aeroportuario del Pacifico Reports in March 2024 a Passenger Traffic Decrease of 0.6% Compared to 2023

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (PAC) reports a 1.2% decrease in total terminal passengers at Mexican airports in March 2024 compared to March 2023. While Puerto Vallarta and Los Cabos saw an increase in passenger traffic, Tijuana and Guadalajara experienced a decline. Montego Bay showed a significant increase in passenger traffic. The company also highlights new routes and changes in seat availability and load factors.

Market Research Analyst

The reported decrease of 1.2% in terminal passengers for Grupo Aeroportuario del Pacífico in March 2024, compared to the previous year, may seem modest but is indicative of underlying trends that could affect the company's revenue streams and stock performance. This slight decline contrasts with the overall increase in international passenger traffic, which grew by 8.3% in the same period. This divergence suggests a shift in the nature of travel, possibly with a stronger focus on international tourism or business travel.

The reduction in available seats due to the Pratt & Whitney engine revisions could be a contributing factor to the increased load factors, which rose from 69.9% to 75.2%. While higher load factors generally imply more efficient use of assets and could lead to improved profitability, they also reflect capacity constraints that could limit revenue growth potential. Investors may view these mixed signals with caution, balancing the positive aspects of higher efficiency against the risks of capacity limitations.

Aviation Industry Analyst

The introduction of new routes, such as Guadalajara to Detroit and Guanajuato to Atlanta, reflects Grupo Aeroportuario del Pacífico's strategic efforts to expand its network connectivity and tap into new markets. The potential for these routes to drive additional revenue is notable, particularly as they connect major economic hubs that could foster business and leisure travel. However, the success of these routes will depend on various factors, including competition, pricing and the ongoing demand for air travel in these corridors.

The decline in domestic passengers at certain airports, such as Tijuana and Guadalajara, might be a point of concern. These airports serve as significant hubs and a sustained decrease could signal a broader economic slowdown or increased competition from other transportation modes or airports. The company's ability to navigate these challenges and adapt to changing market conditions will be critical for maintaining its competitive edge and ensuring long-term growth.

Financial Analyst

An overall 0.6% decrease in total terminal passengers juxtaposed with a 0.1% increase in total traffic from January to March 2024 suggests a relatively stable quarter with slight volatility in month-to-month passenger numbers. For investors, the stability in quarter figures might be more reassuring than the short-term monthly decline. Furthermore, the financial implications of the engine revisions and their impact on operational costs will be an area to monitor closely.

While the short-term implications include potential disruptions and increased maintenance costs, the long-term benefits of ensuring safety and reliability could enhance the company's reputation and operational efficiency. The financial impact of these revisions, including any potential savings from reduced fuel consumption or avoidance of more costly repairs down the line, should be assessed against the immediate costs incurred.

GUADALAJARA, Mexico, April 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 March 2024, compared with March 2023.

For March 2024, the total number of terminal passengers at GAP’s 12 Mexican airports decreased by 1.2%, compared to March 2023. Puerto Vallarta and Los Cabos presented an increase in passenger traffic of 5.7% and 1.2%, while Tijuana and Guadalajara airports presented a decrease in passenger traffic of 5.0% and 2.4%, respectively, compared to March 2023. On the other hand, Montego Bay presented an increase in passenger traffic of 6.4% compared to March 2023.

Domestic Terminal Passengers (in thousands):

Airport	Mar-23	Mar-24	% Change		Jan- Mar 23	Jan- Mar 24	% Change
Guadalajara	1,054.0	922.8	(12.4	%)	2,958.8	2,671.7	(9.7	%)
Tijuana*	716.7	687.5	(4.1	%)	2,066.4	1,985.6	(3.9	%)
Puerto Vallarta	230.0	205.2	(10.8	%)	639.7	574.8	(10.1	%)
Los Cabos	236.5	219.5	(7.2	%)	670.6	637.7	(4.9	%)
Montego Bay	0.0	0.0	N/A		0.0	0.0	N/A
Guanajuato	175.6	160.6	(8.5	%)	507.3	484.0	(4.6	%)
Hermosillo	174.5	160.2	(8.2	%)	474.0	457.5	(3.5	%)
Kingston	0.1	0.4	383.5	%	0.2	0.6	215.9	%
Morelia	63.7	47.1	(26.0	%)	186.8	146.2	(21.7	%)
Mexicali	120.7	91.4	(24.2	%)	346.6	288.3	(16.8	%)
La Paz	79.9	98.9	23.7	%	226.6	271.4	19.8	%
Aguascalientes	51.4	51.0	(0.8	%)	150.6	142.3	(5.5	%)
Los Mochis	32.2	42.4	31.5	%	94.3	126.2	33.8	%
Manzanillo	9.4	12.4	31.3	%	27.1	35.9	32.7	%
Total	2,944.7	2,699.5	(8.3	%)	8,348.9	7,822.2	(6.3	%)

International Terminal Passengers (in thousands):

Airport	Mar-23	Mar-24	% Change		Jan- Mar 23	Jan- Mar 24	% Change
Guadalajara	397.9	494.5	24.3	%	1,216.1	1,490.1	22.5	%
Tijuana*	348.5	324.4	(6.9	%)	1,047.6	952.4	(9.1	%)
Puerto Vallarta	486.1	551.5	13.5	%	1,378.1	1,543.9	12.0	%
Los Cabos	512.4	538.6	5.1	%	1,381.2	1,407.9	1.9	%
Montego Bay	491.3	522.9	6.4	%	1,351.0	1,457.4	7.9	%
Guanajuato	69.8	84.6	21.2	%	207.4	247.1	19.1	%
Hermosillo	6.8	7.0	3.2	%	19.1	23.3	22.2	%
Kingston	135.9	129.3	(4.9	%)	394.1	391.4	(0.7	%)
Morelia	49.4	51.9	5.1	%	151.5	157.2	3.7	%
Mexicali	0.6	0.6	(9.3	%)	1.5	1.6	6.5	%
La Paz	1.4	1.3	(9.6	%)	3.7	3.2	(12.6	%)
Aguascalientes	20.2	22.2	9.9	%	60.2	69.5	15.4	%
Los Mochis	0.6	0.7	9.1	%	1.8	2.0	13.6	%
Manzanillo	11.0	13.8	26.0	%	30.8	40.3	30.8	%
Total	2,532.1	2,743.4	8.3	%	7,244.1	7,787.3	7.5	%

Total Terminal Passengers (in thousands):

Airport	Mar-23	Mar-24	% Change		Jan- Mar 23	Jan- Mar 24	% Change
Guadalajara	1,451.9	1,417.4	(2.4	%)	4,174.9	4,161.8	(0.3	%)
Tijuana*	1,065.2	1,011.9	(5.0	%)	3,114.0	2,938.0	(5.7	%)
Puerto Vallarta	716.1	756.7	5.7	%	2,017.8	2,118.7	5.0	%
Los Cabos	748.9	758.1	1.2	%	2,051.8	2,045.6	(0.3	%)
Montego Bay	491.3	522.9	6.4	%	1,351.0	1,457.4	7.9	%
Guanajuato	245.4	245.3	(0.1	%)	714.7	731.0	2.3	%
Hermosillo	181.3	167.2	(7.8	%)	493.1	480.8	(2.5	%)
Kingston	136.0	129.7	(4.7	%)	394.3	392.0	(0.6	%)
Morelia	113.1	99.1	(12.4	%)	338.3	303.4	(10.3	%)
Mexicali	121.3	92.0	(24.2	%)	348.1	289.9	(16.7	%)
La Paz	81.4	100.2	23.1	%	230.3	274.6	19.2	%
Aguascalientes	71.6	73.2	2.2	%	210.8	211.8	0.5	%
Los Mochis	32.9	43.1	31.1	%	96.1	128.2	33.4	%
Manzanillo	20.4	26.2	28.4	%	57.9	76.2	31.7	%
Total	5,476.8	5,442.8	(0.6	%)	15,593.0	15,609.4	0.1	%

*Passengers in Tijuana who use CBX in both directions are classified as international.

CBX users (in thousands):

Airport	Mar-23	Mar-24	% Change		Jan- Mar 23	Jan- Mar 24	% Change
Tijuana	345.3	319.0	(7.6	%)	1,039.4	941.8	(9.4	%)

Highlights for the month:

• Seats and load factors: The seats available during March 2024 decreased by 5.5%, compared to March 2023, due to the preventive revision of the Pratt & Whitney engines of the A320neo and A321neo fleet. The load factors for the month went from 69.9% in March 2023 to 75.2% in March 2024.
  
• New routes:
  
  • Guadalajara – Detroit: Aeromexico
  • Guanajuato – Atlanta: Aeromexico
  • Puerto Vallarta – Felipe Angeles: Viva Aerobus
  • Los Cabos – St. Louis: Southwest
  • Montego Bay – Cleveland: 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 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

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 actually 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 is the ticker symbol for Grupo Aeroportuario del Pacífico?

The ticker symbol for Grupo Aeroportuario del Pacífico is 'PAC'.

How did passenger traffic at Puerto Vallarta and Los Cabos airports change in March 2024 compared to March 2023?

Passenger traffic at Puerto Vallarta and Los Cabos airports increased by 5.7% and 1.2%, respectively, in March 2024 compared to March 2023.

Which airport showed the highest increase in passenger traffic in March 2024?

Montego Bay airport showed the highest increase in passenger traffic of 6.4% in March 2024 compared to March 2023.

What was the total percentage change in terminal passengers at Grupo Aeroportuario del Pacífico's Mexican airports in March 2024 compared to March 2023?

The total terminal passengers at Grupo Aeroportuario del Pacífico's Mexican airports decreased by 1.2% in March 2024 compared to March 2023.

What factors contributed to the decrease in available seats during March 2024?

The decrease in available seats during March 2024 was due to the preventive revision of the Pratt & Whitney engines of the A320neo and A321neo fleet.