Corporacion America Airports S.A. (CAAP) stock experienced a significant after-hours plunge of 9.15% on Wednesday, following the company's release of its third-quarter 2024 financial results.
The airport operator reported underwhelming earnings for the quarter, with net income attributable to owners declining a staggering 68.4% year-over-year to $14.7 million, or $0.09 per share. This marked a substantial decrease from the $0.29 per share reported in the same period last year.
Revenues also faced pressure, declining 4.2% year-over-year to $404.7 million on a consolidated basis, excluding construction service revenue. The company cited a challenging macroeconomic environment in Argentina, which impacted domestic travel demand and operating costs, as a key factor behind the weaker performance.
While Corporacion America Airports saw positive contributions from its operations in Uruguay, Brazil, and Italy, these were not enough to offset the headwinds faced in Argentina. Adjusted EBITDA, a closely watched profitability metric, decreased by 15.9% year-over-year to $146.3 million, reflecting the overall pressure on margins.
Despite the disappointing results, the company maintained a strong cash position of $510.9 million and a manageable net debt to LTM adjusted EBITDA ratio of 0.9x as of September 30, 2024.
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