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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%.

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