{"id":23530,"date":"2023-04-25T23:44:11","date_gmt":"2023-04-25T23:44:11","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/mexicos-america-movil-quarterly\/"},"modified":"2023-04-25T23:45:09","modified_gmt":"2023-04-25T23:45:09","slug":"mexicos-america-movil-quarterly","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/mexicos-america-movil-quarterly\/","title":{"rendered":"Mexico&#8217;s America Movil quarterly profit dips as peso appreciates"},"content":{"rendered":"<p>MEXICO CITY (Reuters) -Mexican telecommunications giant America Movil posted on Tuesday a 2.1% dip in first-quarter net profit from a year earlier, to 30.15 billion pesos ($1.7 billion), mainly due to smaller gains from foreign currency earnings as the peso strengthened. <\/p>\n<p>The company, controlled by the family of Mexican tycoon Carlos Slim, said currency gains dropped about 40% to 13.7 billion pesos from 22.5 billion pesos in the year-ago period.<\/p>\n<p>From January through March, the Mexican peso appreciated against several other currencies, the company said in a statement.<\/p>\n<p>Revenue rose about 2% to nearly 209 billion pesos, above a Refinitiv forecast of 191.84 billion pesos.<\/p>\n<p>Earnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, totaled 82.7 billion pesos in the three-month period, up 3.2% from a year ago.<\/p>\n<p>America Movil added 1.9 million post-paid customers in the quarter, driven by Brazil, Austria and Colombia, while it lost 754,000 prepaid customers.<\/p>\n<p>As of the end of March, net debt totaled 365.1 billion pesos excluding leases, down 16.4 billion pesos from the end of 2022.<\/p>\n<p>Earnings per share fell far short of market expectations, averaging 0.48 pesos in the first quarter, below a Refinitiv forecast of 1.12 pesos.<\/p>\n<p>Monex analysts called the earnings report neutral, citing low single-digit growth and &#8220;some resilience&#8221; on inflation.<\/p>\n<p>&#8220;These figures validate a significant recovery in the consumption of the services and data segments, as well as efficient cost control, which has implied an operating margin close to 40.0%,&#8221; the brokerage said in a research note.<\/p>\n<p>($1 = 18.0201 pesos at end-March)<\/p>\n<p> (Reporting by Carolina Pulice; Editing by Sarah Morland and Richard Chang)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/mexicos-america-movil-quarterly\/file-photo-the-logo-of-america-movil-is-pictured-on\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ3O0Y2-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3O0Y2-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MEXICO CITY (Reuters) -Mexican telecommunications giant America Movil posted on Tuesday a 2.1% dip in first-quarter net profit from a year earlier, to 30.15 billion pesos ($1.7 billion), mainly due to smaller gains from foreign currency earnings as the peso strengthened. The company, controlled by the family of Mexican tycoon Carlos Slim, said currency gains [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":23531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1220],"tags":[1223],"class_list":["post-23530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-technology","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ3O0Y2-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/23530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=23530"}],"version-history":[{"count":5,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/23530\/revisions"}],"predecessor-version":[{"id":23624,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/23530\/revisions\/23624"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/23531"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=23530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=23530"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=23530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}