March 2025 Industry Summary: ASUR, Delta Air Lines

‍DALLAS – March figures are coming in. Latin American airport operator Grupo Aeroportuario del Sureste (ASUR) saw modest growth in passenger traffic, while U.S. carrier Delta Air Lines (DL) delivered strong financial results despite global economic uncertainty. 

Here's a breakdown of each company's performance.

ASUR: Mixed Regional Traffic Trends Across Its Airport Network

Total Passenger Traffic

ASUR reported a 1.2% year-over-year increase in total passenger traffic for March 2025, reaching 6.5 million passengers across its operations in Mexico, Colombia, and Puerto Rico. This modest overall growth masks stark regional contrasts:

• Puerto Rico led growth with a 13.7% increase, driven by substantial rises in international (+12.0%) and domestic traffic (+13.8%).
• Colombia followed with 3.1% growth, supported by an 8.4% increase in international and 1.6% in domestic traffic.
• Mexico, ASUR’s largest market, saw a 3.0% decline in traffic. International traffic fell 5.7%, only slightly offset by 1.1% growth in domestic travel.

Key Mexico Airport Trends

• Cancun (CUN) remained a key hub but posted a 6.1% drop in international traffic.
• Smaller airports, such as Cozumel (CZM), Huatulco (HUX), and Tapachula (TAP), saw double-digit traffic declines.
• Growth was noted in cities like Veracruz (+14.7 %) and Minatitlán (+37.8%), showing a localized recovery in domestic demand.

Year-to-Date Snapshot (Jan–Mar 2025)

• Total ASUR traffic grew by only 0.2% in the same period in 2024.
  Puerto Rico remained the strongest performer year-to-date with a 10.6% increase.

Note: The shift in Holy Week affects the comparison from March 2024 to April 2025.

Delta Air Lines: Stable Profitability Amid Economic Uncertainty

March Quarter 2025 Financial Highlights

• Operating Revenue: US$14.0 billion (GAAP), US$13.0 billion (adjusted; +3.3% YoY)
• Operating Income: US$591 million (adjusted), with a 4.6% margin
• Pre-Tax Income: US$382 million (adjusted)
• Earnings Per Share: US$0.46 (adjusted)
  Free Cash Flow: US$1.3 billion
• Adjusted Fuel Price: US$2.45 per gallon (down 11% YoY)

Outlook and Strategic Moves

• Delta is guiding for the June quarter operating margin of 11–14% and EPS of US$1.70–US$2.30.
• Due to slower-than-expected global economic growth, Delta will reduce capacity growth to flat year-over-year in the second half of 2025.
• The airline is not providing a full-year financial outlook yet, citing ongoing uncertainty.

Revenue Composition and Strengths

• Premium cabin and loyalty revenue grew 7% yearly, and AmEx remuneration hit a March-quarter record of US$2.0 billion (+13%).
• International revenue was robust:
  
  • Pacific routes: +16%
  • Transatlantic: +5%
  • Latin America: +5%
• Domestic and main cabin segments showed softness.

Operational and Cultural Highlights

• Delta was the most on-time airline year-to-date and ranked the Top U.S. Airline for operational performance for the fourth consecutive year.
• Fleet expansion included nine new aircraft deliveries.
• Upcoming international route launches include Marrakech, Accra, Melbourne, and Cancun (from Austin).

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