Grupo Aeroportuario Del Pacifico Reports in May 2024 a Passenger Traffic Decrease of 2.3% Compared to 2023

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) reported a 2.3% decrease in total terminal passenger traffic in May 2024 compared to May 2023. Specific airports experienced varied changes: Puerto Vallarta saw a 3.2% increase, while Tijuana, Guadalajara, and Los Cabos saw decreases of 5.2%, 2.7%, and 1.7% respectively. Montego Bay also saw a minor decrease of 0.3%.

On a year-to-date basis from January to May, overall passenger traffic decreased by 1.9%. The number of available seats dropped by 7.2% year-over-year, but load factors improved from 78.8% to 82.9%. New routes were launched including Guadalajara to Vancouver by Flair Airlines and Los Cabos to Phoenix by Frontier.

Domestic and international passenger traffic at various airports showed mixed results, with some increases and notable declines. Guadalajara and Tijuana saw significant declines in both domestic and international traffic.

Positive

• Puerto Vallarta airport saw a 3.2% increase in passenger traffic in May 2024.
• Load factors improved from 78.8% in May 2023 to 82.9% in May 2024.
• New airline routes were introduced, including Guadalajara to Vancouver and Los Cabos to Phoenix.

Negative

• Total terminal passenger traffic decreased by 2.3% in May 2024 compared to May 2023.
• Guadalajara airport experienced a 2.7% drop in passenger traffic.
• Tijuana airport saw a 5.2% decrease in passenger traffic.
• Los Cabos airport reported a 1.7% decline in passenger traffic.
• Total year-to-date passenger traffic fell by 1.9% from January to May 2024.
• Seats available during May 2024 decreased by 7.2% compared to May 2023.
• Mexicali experienced a significant 39.6% drop in total terminal passenger traffic.

News Market Reaction

+2.46%

1 alert

+2.46% News Effect

On the day this news was published, PAC gained 2.46%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

GUADALAJARA, Mexico, June 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 May 2024, compared with May 2023.

For May 2024, the total number of terminal passengers at GAP’s 12 Mexican airports decreased by 2.5%, compared to May 2023. Puerto Vallarta airport presented an increase in passenger traffic of 3.2%, while Tijuana, Guadalajara, and Los Cabos airports presented a decrease in passenger traffic of 5.2%, 2.7%, and 1.7% respectively, compared to May 2023. On the other hand, Montego Bay presented a decrease in passenger traffic of 0.3%.

Domestic Terminal Passengers (in thousands):

Airport	May-23	May-24	% Change	Jan- May 23	Jan- May 24	% Change
Guadalajara	1,078.3	1,012.5	(6.1%)	5,089.0	4,657.2	(8.5%)
Tijuana*	743.4	719.6	(3.2%)	3,582.3	3,397.1	(5.2%)
Los Cabos	242.8	236.0	(2.8%)	1,173.1	1,089.8	(7.1%)
Puerto Vallarta	237.9	250.2	5.2%	1,137.6	1,057.8	(7.0%)
Montego Bay	0.0	0.0	N/A	0.0	0.0	N/A
Guanajuato	187.6	177.0	(5.7%)	881.9	823.9	(6.6%)
Hermosillo	170.7	183.7	7.6%	822.6	820.2	(0.3%)
Kingston	0.3	0.2	(10.2%)	0.5	1.1	100.4%
Morelia	64.1	51.2	(20.1%)	316.2	247.6	(21.7%)
La Paz	97.4	96.4	(1.0%)	420.2	462.2	10.0%
Mexicali	121.4	73.0	(39.9%)	600.8	433.5	(27.8%)
Aguascalientes	51.9	58.5	12.7%	255.2	259.1	1.5%
Los Mochis	38.9	48.4	24.4%	174.6	225.3	29.1%
Manzanillo	8.5	10.4	22.8%	44.3	56.4	27.4%
Total	3,043.2	2,917.1	(4.1%)	14,498.3	13,531.1	(6.7%)

International Terminal Passengers (in thousands):

Airport	May-23	May-24	% Change	Jan- May 23	Jan- May 24	% Change
Guadalajara	439.1	464.0	5.7%	2,064.8	2,375.7	15.1%
Tijuana*	345.3	312.0	(9.6%)	1,769.3	1,572.2	(11.1%)
Los Cabos	373.5	369.6	(1.0%)	2,196.1	2,203.0	0.3%
Puerto Vallarta	256.2	259.6	1.4%	2,017.1	2,189.7	8.6%
Montego Bay	402.8	401.5	(0.3%)	2,208.3	2,294.8	3.9%
Guanajuato	69.1	77.8	12.6%	344.8	398.0	15.4%
Hermosillo	6.2	6.8	10.2%	30.8	36.9	20.0%
Kingston	141.2	139.7	(1.1%)	681.8	666.2	(2.3%)
Morelia	47.8	52.7	10.2%	246.4	259.9	5.5%
La Paz	1.3	1.1	(15.9%)	6.4	5.2	(18.6%)
Mexicali	0.6	0.7	19.4%	2.8	3.0	6.7%
Aguascalientes	25.1	27.3	8.9%	108.5	123.7	14.0%
Los Mochis	0.6	0.7	17.7%	2.9	3.4	15.3%
Manzanillo	3.2	4.7	46.9%	40.5	52.1	28.7%
Total	2,112.0	2,118.5	0.3%	11,720.5	12,183.7	4.0%

Total Terminal Passengers (in thousands):

Airport	May-23	May-24	% Change	Jan- May 23	Jan- May 24	% Change
Guadalajara	1,517.4	1,476.5	(2.7%)	7,153.7	7,032.8	(1.7%)
Tijuana*	1,088.7	1,031.6	(5.2%)	5,351.6	4,969.3	(7.1%)
Los Cabos	616.2	605.6	(1.7%)	3,369.2	3,292.9	(2.3%)
Puerto Vallarta	494.1	509.8	3.2%	3,154.8	3,247.4	2.9%
Montego Bay	402.8	401.5	(0.3%)	2,208.3	2,294.8	3.9%
Guanajuato	256.7	254.8	(0.7%)	1,226.7	1,222.0	(0.4%)
Hermosillo	177.0	190.5	7.7%	853.4	857.1	0.4%
Kingston	141.5	139.9	(1.1%)	682.3	667.3	(2.2%)
Morelia	111.9	103.9	(7.1%)	562.6	507.5	(9.8%)
La Paz	98.7	97.5	(1.2%)	426.6	467.4	9.6%
Mexicali	122.0	73.7	(39.6%)	603.6	436.4	(27.7%)
Aguascalientes	77.0	85.8	11.4%	363.7	382.8	5.2%
Los Mochis	39.5	49.2	24.3%	177.5	228.7	28.8%
Manzanillo	11.7	15.1	29.4%	84.8	108.5	28.0%
Total	5,155.2	5,035.5	(2.3%)	26,218.7	25,714.8	(1.9%)

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

CBX users (in thousands):

Airport	May-23	May-24	% Change	Jan- May 23	Jan- May 24	% Change
Tijuana	342.5	306.9	(10.4%)	1,755.8	1,551.8	(11.6%)

Highlights for the month:

• Seats and load factors: The seats available during May 2024 decreased by 7.2%, compared to May 2023. The load factors for the month went from 78.8% in May 2023 to 82.9% in May 2024.
  
• New routes:
  
  • Guadalajara – Vancouver: Flair Airlines
  • Los Cabos – Phoenix: Frontier
  • Puerto Vallarta – Dallas-Fort Worth: 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 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 was the passenger traffic change for Grupo Aeroportuario del Pacífico in May 2024?

Grupo Aeroportuario del Pacífico (PAC) reported a 2.3% decrease in total terminal passenger traffic in May 2024 compared to May 2023.

Which airports saw a decrease in passenger traffic in May 2024 for PAC?

In May 2024, PAC reported decreased passenger traffic at Tijuana (5.2%), Guadalajara (2.7%), Los Cabos (1.7%), and Montego Bay (0.3%).

Which airport experienced an increase in passenger traffic for PAC in May 2024?

Puerto Vallarta airport experienced a 3.2% increase in passenger traffic in May 2024.

What was the overall year-to-date passenger traffic change for PAC from January to May 2024?

PAC reported a 1.9% decrease in overall year-to-date passenger traffic from January to May 2024.

How did the load factors change for PAC in May 2024?

Load factors for PAC improved from 78.8% in May 2023 to 82.9% in May 2024.

What new airline routes were introduced by PAC in May 2024?

New routes included Guadalajara to Vancouver by Flair Airlines and Los Cabos to Phoenix by Frontier.