Grupo Aeroportuario Del Pacifico's Second Quarter Shakes Out According to Plan
The economic conditions that helped Grupo Aeroportuario del Pacifico (NYSE: PAC) average double-digit annual revenue growth over the past three years are showing signs of deterioration. Mexico's economy posted 0% year-over-year growth in gross domestic product (GDP) in the first quarter of 2019, and preliminary numbers show a 0.2% year-over-year decline in GDP in the second quarter. Weaker activity in both the service and manufacturing sectors, exacerbated by trade tensions, has also cut into the country's forward prospects: This month, International Monetary Fund (IMF) cut Mexico's full-year 2019 GDP growth forecast from 1.6% to 0.9%.
Despite the abrupt deceleration in the Mexican economy, "GAP," as Grupo Aeroportuario refers to itself, appears on track to meet the full-year outlook management provided to investors in January. The operator of 12 Mexican airports and one international airport managed decent growth in the second quarter of 2019.
Let's zero in on key metrics and details from the last three months. Note that all comparative numbers that follow are presented against those of the prior-year quarter.
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