Sticky Cost Reductions Drive 3Q Operating Margins Higher for Centro Norte; Maintaining FVE
Wide-moat Grupo Aeroportuario Del Centro Norte reported third-quarter results that featured wider operating margins, excluding construction revenue and costs, over the third quarter in 2017 and total passenger traffic that increased more than 10% over the same period. Operating margins, without construction-related services, widened to 61.5% as cost initiatives eased operating-cost burdens compared with the September quarter last year. We raised our operating margin assumptions for 2018 on these...Grupo Aeroportuario del Centro Norte (OMA) operates and manages thirteen airports in central and northern region Mexico: Monterrey; Acapulco, Mazatlan and Zihuatanejo; Ciudad Juarez and Reynosa; Chihuahua, Culiacan, Durango, San Luis Potosi, Tampico, Torreon, and Zacatecas. Co.'s airports serve more than 16.9 million domestic and international passengers with aeronautical and commercial services. Co. also provides cargo handling, storage, generates revenue from hotel services and restaurants, shops, banks, and other retail services to passengers in its airports.
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