Grupo Aeroportuario Sureste Domestic Traffic Strong, but U.S. Traffic to and from Mexico Still Weak
Wide-moat Grupo Aeroportuario del Sureste reported a second-quarter 2019 that featured an EPS beat and results that give us no reason to alter our thesis. Total revenue grew 4.7% year over year supported by aeronautical and non-aeronautical growth of 7.3% and 7.2%, respectively. Total passenger traffic grew by 6.9% year over year, with nearly 5% growth in Mexican passenger traffic (makes up 62% of Sureste’s total traffic). Mexican domestic traffic growth continues to outpace international volume...
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