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America Movil's (AMX) Q1 Earnings & Revenues Decrease Y/Y
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America Movil, S.A.B. de C.V. (AMX - Free Report) reported net income per ADR of 25 cents for first-quarter 2024, which decreased from 51 cents reported in the prior-year quarter.
Net income in the quarter was Mex$13,494 million or Mex$0.22 per share compared with Mex$30,146 million or Mex$0.48 per share in the year-ago quarter. The downtick was caused by the sale of towers by the Dominican Republic and Peru in the prior-year quarter.
The company had a comprehensive financing cost of Mex$13,708 million against the year-ago quarter’s comprehensive financing income of Mex$374 million.
Revenues
Total quarterly revenues decreased 2.7% to Mex$203,298 million due to poor performance in the Equipment business segment. Also, unfavorable foreign currency movements were headwinds.
Service revenues were Mex$170,890 million, up 1.1% year over year. Equipment revenues totaled Mex$29,963 million, down 4.1% year over year.
America Movil gained 1.5 million wireless subscribers in the first quarter. This figure includes 1.3 million postpaid subscribers. Brazil, Austria and Columbia were the primary contributors to the postpaid subscriber growth. The company had 311.6 million wireless subscribers at the first-quarter end.
On the fixed-line, Broadband and Television platforms, the company ended the quarter with 74.1 million revenue-generating units.
The telco operates in multiple regions, namely Mexico, Brazil, Colombia, Peru, Ecuador, Argentina, Central America, the Caribbean, Austria and Other European countries.
Of these countries, Peru witnessed a year-over-year revenue decline of 33.4% to 1,607 million Soles. The downtick was driven by lower equipment revenues.
Argentina’s revenues came in at ARS 305,412 million, down 16.6% from the year-ago quarter. The downside was caused by declining service, equipment lines and wireless revenues. The reported data for Argentina are presented in line with IAS29, reflecting the implications of inflationary accounting, as the Argentinean economy is projected to be hyperinflationary for the first quarter of 2024. The company also stated that Argentina would be left out of all comparisons for consolidated data at constant exchange rates to maintain consistency.
Colombia’s revenues increased 1.5% to COP 3,793 billion, owing to an increase in fixed-line revenues.
Revenues from Mexico, Brazil, Austria and Other European regions witnessed year-over-year growth of 7.1%, 5.3%, 0.4%, and 0.9%, respectively. Revenues from the Caribbean, Ecuador and Central America declined 20.8%, 3.1% and 0.1%, respectively.
Other Quarterly Details
Total costs and expenses were Mex$122,714 million, down 2.8% from the year-ago quarter. Overall, EBITDA decreased 2.6% from the prior-year quarter to Mex$80,584 million. The EBITDA margin came in at 39.6%. The company’s operating profit decreased 7.6% to Mex$40,758 million.
Liquidity
As of Mar 31, 2024, America Movil had Mex$71,280 million in cash, marketable securities and other short-term investments with Mex$384,310 million of long-term debt.
Zacks Rank & Stocks to Consider
America Movil currently has a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Synopsys’ 2024 earnings per share (EPS) has decreased 0.7% in the past 60 days to $13.28. SNPS’s long-term earnings growth rate is 17.5%.
Synopsys’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, delivering an average surprise of 4.1%. SNPS shares have risen 56.1% in the past year.
The Zacks Consensus Estimate for PINS’s 2024 EPS has increased 0.7% in the past 60 days to $1.34.
Pinterest’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, delivering an average earnings surprise of 37.4%. Shares of PINS have gained 13% in the past year.
The Zacks Consensus Estimate for IRDM’s 2024 EPS has increased 213% in the past 60 days to 72 cents.
Iridium’s earnings beat the Zacks Consensus Estimate in two of the last four quarters, delivering an average earnings surprise of 91.7%. Shares of IRDM have lost 56.1% in the past year.
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America Movil's (AMX) Q1 Earnings & Revenues Decrease Y/Y
America Movil, S.A.B. de C.V. (AMX - Free Report) reported net income per ADR of 25 cents for first-quarter 2024, which decreased from 51 cents reported in the prior-year quarter.
Net income in the quarter was Mex$13,494 million or Mex$0.22 per share compared with Mex$30,146 million or Mex$0.48 per share in the year-ago quarter. The downtick was caused by the sale of towers by the Dominican Republic and Peru in the prior-year quarter.
The company had a comprehensive financing cost of Mex$13,708 million against the year-ago quarter’s comprehensive financing income of Mex$374 million.
Revenues
Total quarterly revenues decreased 2.7% to Mex$203,298 million due to poor performance in the Equipment business segment. Also, unfavorable foreign currency movements were headwinds.
Service revenues were Mex$170,890 million, up 1.1% year over year. Equipment revenues totaled Mex$29,963 million, down 4.1% year over year.
America Movil gained 1.5 million wireless subscribers in the first quarter. This figure includes 1.3 million postpaid subscribers. Brazil, Austria and Columbia were the primary contributors to the postpaid subscriber growth. The company had 311.6 million wireless subscribers at the first-quarter end.
On the fixed-line, Broadband and Television platforms, the company ended the quarter with 74.1 million revenue-generating units.
The telco operates in multiple regions, namely Mexico, Brazil, Colombia, Peru, Ecuador, Argentina, Central America, the Caribbean, Austria and Other European countries.
Of these countries, Peru witnessed a year-over-year revenue decline of 33.4% to 1,607 million Soles. The downtick was driven by lower equipment revenues.
Argentina’s revenues came in at ARS 305,412 million, down 16.6% from the year-ago quarter. The downside was caused by declining service, equipment lines and wireless revenues. The reported data for Argentina are presented in line with IAS29, reflecting the implications of inflationary accounting, as the Argentinean economy is projected to be hyperinflationary for the first quarter of 2024. The company also stated that Argentina would be left out of all comparisons for consolidated data at constant exchange rates to maintain consistency.
Colombia’s revenues increased 1.5% to COP 3,793 billion, owing to an increase in fixed-line revenues.
Revenues from Mexico, Brazil, Austria and Other European regions witnessed year-over-year growth of 7.1%, 5.3%, 0.4%, and 0.9%, respectively. Revenues from the Caribbean, Ecuador and Central America declined 20.8%, 3.1% and 0.1%, respectively.
Other Quarterly Details
Total costs and expenses were Mex$122,714 million, down 2.8% from the year-ago quarter. Overall, EBITDA decreased 2.6% from the prior-year quarter to Mex$80,584 million. The EBITDA margin came in at 39.6%. The company’s operating profit decreased 7.6% to Mex$40,758 million.
Liquidity
As of Mar 31, 2024, America Movil had Mex$71,280 million in cash, marketable securities and other short-term investments with Mex$384,310 million of long-term debt.
Zacks Rank & Stocks to Consider
America Movil currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader technology space are Synopsys (SNPS - Free Report) , Pinterest (PINS - Free Report) and Iridium Communications (IRDM - Free Report) . Each stock presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Synopsys’ 2024 earnings per share (EPS) has decreased 0.7% in the past 60 days to $13.28. SNPS’s long-term earnings growth rate is 17.5%.
Synopsys’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, delivering an average surprise of 4.1%. SNPS shares have risen 56.1% in the past year.
The Zacks Consensus Estimate for PINS’s 2024 EPS has increased 0.7% in the past 60 days to $1.34.
Pinterest’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, delivering an average earnings surprise of 37.4%. Shares of PINS have gained 13% in the past year.
The Zacks Consensus Estimate for IRDM’s 2024 EPS has increased 213% in the past 60 days to 72 cents.
Iridium’s earnings beat the Zacks Consensus Estimate in two of the last four quarters, delivering an average earnings surprise of 91.7%. Shares of IRDM have lost 56.1% in the past year.