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|
|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 Margin||13.2%||18.6%||14.5%||20.7%|
|EPS ADS (US$)||0.18||0.12||(33)||0.69||(0.05)||(107)|
Consolidated debt decreased to Ps. 49,036 million as of September 30, from Ps. 54,496 million as of June 30, 2013, principally as a result of repayment of short-term debt in the Corporate segment as a result of the use of proceeds from the sale of ICA's stake in RCO and OMA shares. The accounting effect of the sale of 17.25% of OMA's shares is shown in the equity account, as it was a transaction between shareholders and ICA continues to exercise control.
|Key Indicators||Dec-12||Sep-13||% Chg|
|Contracted Mining Services||8,166||6,536||(20)|
|Key Indicators||3Q12||3Q13||% Chg||2012||2013||% Chg|
|Concessions: Highway traffic, ADTV||18,940||34,877||84||18,369||31,707||73|
|Airports: Passenger traffic (thousands)||3,446||3,619||5||9,380||9,857||5|
- Construction contributed 72% of consolidated revenue and 32% of Adjusted EBITDA in 3Q13.
- Concessions contributed 18% of consolidated revenue and 44% of Adjusted EBITDA in 3Q13.
- As of September 30, 2013, ICA's Concessions segment was participating in 17 projects, including ten highways, four water projects, two social infrastructure projects, and one port. Of these, nine were in full operation, and eight under construction.
- Airports contributed 10% of consolidated revenue and 24% of Adjusted EBITDA in 3Q13.
- Consolidated net income was Ps. 447 million in 3Q13 and net income of the controlling interest was Ps. 241 million in 3Q13. Earnings per share were Ps. 0.39 and earnings per ADS were US$ 0.12.
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