This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Empresas ICA Announces Unaudited Third Quarter 2013 Results

Stocks in this article: ICA

MEXICO CITY, Oct. 25, 2013 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA), the largest infrastructure and construction company in Mexico, announced today its unaudited results for the third quarter of 2013.

Summary for the Third Quarter

ICA generated strong increases in operating income and Adjusted EBITDA driven by the development of concessioned projects in the third quarter of 2013. The Construction segment continues recovering work volumes in the execution of its projects. ICA generated Ps. 1,197 million in operating income, an increase of 70% as compared to 3Q12, and Ps. 1,556 million in Adjusted EBITDA, an increase of 27%. This strong performance was principally the result of the continued rapid growth of the Concessions and Airports segments. As a result, the Adjusted EBITDA margin reached 18.6%.

Consolidated revenues decreased in 3Q13, principally as a result of obstacles for the execution of new projects. Despite efforts to accelerate the rate of construction of these projects, delays in the delivery of rights of way, adverse weather, and delays in payments by clients affected construction revenue. In particular, the storms that hit Mexico in September severely impacted Guerrero, Oaxaca, Tamaulipas, and Veracruz. Several ICA projects were affected, with the impacts likely to extend to the fourth quarter.

Taking into account the first nine months results and the environment expected for the infrastructure sector for the rest of the year, ICA now expects that total revenues for the year will not grow as compared to 2012, while full year Adjusted EBITDA is expected to remain in the range of 13 to 16%.

Consolidated Results       9 months
Ps. million 3Q12 3Q13 % Chg 2012 2013 % Chg
Revenues  9,317  8,363  (10)  28,246  23,416  (17)
Operating Income   702  1,197  70  2,340  3,711  59
Consolidated Net Income (Loss) 510 447 (12) 1,691 384 (77)
Net Income (Loss) of Controlling Interest  351 241 (31) 1,342 (96) (107)
Adjusted EBITDA 1,229 1,556 27 4,100 4,847 18
Operating Margin 7.5% 14.3%   8.3% 15.8%  
Adjusted EBITDA Margin 13.2% 18.6%   14.5% 20.7%  
EPS (Ps.) 0.58 0.39 (32) 2.21 (0.16) (107)
EPS ADS (US$) 0.18 0.12 (33) 0.69 (0.05) (107)

Total revenues in 3Q13 decreased 10% to Ps. 8,363 million, as compared to the prior year period. Construction revenues decreased 23% year over year. At the same time, construction revenues have steadily increased during the course of 2013, with third quarter revenues more than 30% above the levels of 1Q13 and 11% above 2Q13. Revenues from the Concessions segment increased 116%, and Airports increased 8%.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs