Today, Southeast Airport Group, known formally as Grupo Aeroportuario del Sureste (NYSE:ASR), S.A.B. de C.V., submitted a Form 6-K to the United States Securities and Exchange Commission (SEC), in accordance with the rules for foreign private issuers. The filing, dated Tuesday, November 5, 2024, serves as a periodic report under the Securities Exchange Act of 1934, indicating the company's current status and recent developments.
The company, which operates in the airports, flying fields, and airport terminal services industry, is incorporated in Mexico and has its principal executive offices in Mexico City. Southeast Airport Group is identified by the Central Index Key (CIK) number 0001123452 and is listed under the standard industrial classification (SIC) code 4581, which pertains to its core business in airport operations.
In the filing, the company confirms that it will continue to file annual reports under the cover of Form 20-F, a comprehensive reporting form used by foreign private issuers to provide the SEC with an annual review of the company's financial results and condition. The company has not opted to furnish additional information under Rule 12g3-2(b) of the Securities Exchange Act of 1934, as indicated by the absence of a checkmark in the corresponding box.
Adolfo Castro Rivas, the Chief Executive Officer of Southeast Airport Group, has signed the report, thereby validating the information presented within the document. The business address and contact details of the company are also provided, which remain consistent with previous reports.
In other recent news, Southeast Airport Group, also known as Grupo Aeroportuario del Sureste, reported a surge in Q2 2024 revenues by approximately 18% to MXN 7 billion. The company also saw a 3% increase in passenger traffic and a 7% rise in commercial revenues, primarily attributed to strong performance in Colombia and Puerto Rico. In addition to these financial highlights, the company has been managing the Pratt & Whitney engine recall and monitoring potential impacts from the US election campaign.
Southeast Airport Group also recently filed a routine Form 6-K report with the U.S. Securities and Exchange Commission, reaffirming its commitment to regulatory compliance and transparent communication with investors. Scotiabank (TSX:BNS), in its analysis, upgraded Southeast Airport Group's rating to Sector Outperform and increased the stock's price target to Peso800.00 from the previous Peso780.00.
Lastly, the company has distributed dividends of MXN 6.3 billion to shareholders, marking another significant development. These are some of the recent developments for Southeast Airport Group, providing investors with an update on the company's performance and prospects.
InvestingPro Insights
Southeast Airport Group's recent SEC filing aligns with its strong financial position and market performance. According to InvestingPro data, the company boasts a market capitalization of $7.93 billion and a P/E ratio of 12.56, indicating a relatively attractive valuation. This is further supported by an InvestingPro Tip highlighting that the company is trading at a low P/E ratio relative to its near-term earnings growth.
The company's financial health is robust, with an impressive gross profit margin of 64.87% for the last twelve months as of Q3 2024. This aligns with another InvestingPro Tip noting the company's impressive gross profit margins. Additionally, Southeast Airport Group has raised its dividend for 4 consecutive years, demonstrating a commitment to shareholder returns. The current dividend yield stands at 6.0%, which is particularly attractive in the current market environment.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for Southeast Airport Group, providing deeper insights into the company's financial health and market position. These tips can be especially valuable for understanding the company's performance beyond the regulatory filings mentioned in the article.
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