Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) announced its operational and financial results for the third quarter of 2024 on October 28, 2024. The company reported a consolidated total revenue growth of 8.3% and an increase in operating income of 14.6%. Net consolidated income for the quarter was $311.9 million, translating to 84 cents per share.
Proximity Americas experienced mixed same-store sales performance, with an increase in average ticket offsetting a contraction in average traffic in Mexico. This traffic weakness was attributed to adverse weather conditions and a decline in key beverage categories, alongside a demanding comparison base. In contrast, Coca-Cola FEMSA delivered double-digit growth in revenues and profits, while Valora also reported strong results.
The Health division showed sequential improvement but faced an intense competitive environment in Mexico. FEMSA's Digital unit, Spin, continued to grow its user base, focusing on cost containment and engagement. The company also confirmed continued progress on its 'FEMSA Forward' plan, including the recent announcement of the Solistica divestiture and the closing of the Delek transaction in the U.S.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.