Corporación América Airports S.A. (NYSE: CAAP) shares made headway Tuesday. The company, one of the leading private airport operators in the world, reported today a 8.9% year-on-year (YoY) decrease in passenger traffic in June 2024. Excluding Natal for comparison purposes, total traffic in June decreased by 6.7% YoY.
Total passenger traffic declined 8.9% compared to the same month of 2023, or 6.7% when adjusting for the discontinuation of the Natal airport. Domestic passenger traffic was down 20.3% year-over-year (YoY), or 17.0% when excluding Natal, mainly impacted by weaker performances in Argentina and, to a lesser extent, Ecuador. International traffic was up 9.4%, mainly driven by Argentina, Italy and Uruguay.
Cargo volume increased by 4.3% compared to the same month in 2023, with positive YoY contributions from Argentina, Ecuador, Brazil and, to a lesser extent, Armenia, which were more than offset by negative YoY variances in Uruguay and Italy. Argentina, Ecuador, and Brazil accounted for 80% of the total volume and experienced YoY increases of 4.7%, 25.8%, and 4.6%, respectively.
Aircraft movements decreased by 10.5% YoY, with all countries of operation experiencing YoY declines except for Italy, where aircraft movements increased by 6.1% YoY. Argentina, Brazil, and Italy accounted for more than 80% of total aircraft movements in June.
CAAP shares took on 30 cents, or 1.8%,to $17.37.
