Grupo Aeromexico (AERO) Q2 2024 earnings summary

Executive summary

• Achieved record-breaking operational and financial results in Q2 2024, with industry-leading on-time performance and reliability.

• Passenger traffic increased 6.1% year-over-year, with international growth outpacing domestic.

• Load factor rose to 86.3%, up 1.9 percentage points from Q2 2023.

Financial highlights

• Total revenue rose 21% year-over-year to $1.4 billion in Q2 2024; passenger revenue reached $1.28 billion.

• EBITDA/Adjusted EBITDAR reached $427 million (31%/30.7% margin), up $87 million or 25.7% from Q2 2023.

• Operating income was $276 million (20% margin), a 44.9% or $85 million increase year-over-year.

• Net income surged to $242 million from $28 million in Q2 2023, a $214 million improvement.

• Cash and equivalents as of June 30, 2024, stood at $1.1 billion.

Segment performance

• International passenger numbers grew 20% year-over-year; Caribbean up 40%, U.S. up 31%, Europe up 25%.

• International ASKs/ASMs increased 17%, now 66.3% of total; domestic ASKs up 2%.

• Domestic passenger revenue grew 21.1% to $532 million; international passenger revenue rose 20.8% to $744 million.

• Air cargo revenue increased 10.4% to $72 million.

• Load factor improved from 84.4% to 86.3% year-over-year.