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    AMX L   MXP001691213

AMÉRICA MÓVIL, S.A.B. DE C.V.

(AMX L)
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America Movil's 2Q Profit Doubles on Exchange Gains

07/13/2021 | 03:39pm EDT

By Anthony Harrup

MEXICO CITY--Telecommunications company America Movil SAB more than doubled its profit in the second quarter from a year earlier as a result of higher operating income and foreign exchange gains.

The company controlled by billionaire Carlos Slim had a profit of 42.8 billion Mexican pesos ($2.1 billion) for the April-June period, compared with 19.5 billion pesos in the second quarter of 2020. Profit was equivalent to 0.65 pesos a share, or 64 U.S. cents an American depositary receipt.

The appreciation of the Mexican peso against all other currencies in which the company operates, including the U.S. dollar, the euro and the Brazilian real, contributed to a 21.1 billion-peso exchange gain, boosting the net result.

But the stronger currency also limited revenue growth in Mexican peso terms, which increased 0.4% from the year-earlier quarter to 252.5 billion, with a 34% rise in equipment sales partly offset by a 4.6% decline in service revenue.

In constant currency terms, revenue from services rose 5.6%. The company said comparisons were made easier because the second quarter of 2020 saw the greatest impact of the coronavirus pandemic on its activity.

Earnings before interest, taxes, depreciation and amortization -- a measure of profitability -- increased 2.8% to 84.9 billion pesos, and operating profit rose 9.3% to 44.7 billion pesos.

America Movil, Latin America's largest telecommunications company by revenue, added 4.2 million wireless subscribers in the quarter, bringing its total to 297.7 million. Brazil saw the most additions with 1.4 million, followed by Argentina with 870,000. Mexico and Colombia each added around 430,000 subscribers.

Subscriptions to fixed-line services -- phone, pay TV and internet -- slipped by 132,000 in the quarter to 80.5 million, despite 128,000 broadband additions.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

07-13-21 1739ET

Stocks mentioned in the article
ChangeLast1st jan.
AMÉRICA MÓVIL, S.A.B. DE C.V. -0.88% 17.96 End-of-day quote.23.95%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.04% 0.61986 Delayed Quote.-1.62%
BRITISH POUND / EURO (GBP/EUR) 0.01% 1.15892 Delayed Quote.4.20%
CANADIAN DOLLAR / BRAZILIAN REAL (CAD/BRL) 0.02% 4.2806 Delayed Quote.3.37%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.02% 0.675147 Delayed Quote.4.78%
CANADIAN DOLLAR / MEXICAN PESO (CAD/MXN) 0.73% 16.168149 Delayed Quote.1.37%
DJ INDUSTRIAL -1.63% 34299.99 Delayed Quote.13.69%
EURO / ARGENTINE PESO (EUR/ARS) 0.00% 115.1742 Delayed Quote.12.47%
EURO / BRAZILIAN REAL (EUR/BRL) -0.01% 6.3412 Delayed Quote.-1.42%
EURO / MEXICAN PESO (EUR/MXN) 0.01% 23.75097 Delayed Quote.-3.27%
INDIAN RUPEE / EURO (INR/EUR) -0.35% 0.01153 Delayed Quote.3.13%
THE NASDAQ COLOMBIA INDEXED MARKET 0.10% 358.416243 Real-time Quote.-19.98%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 98.57 Delayed Quote.17.23%
US DOLLAR / BRAZILIAN REAL (USD/BRL) 0.00% 5.4279 Delayed Quote.2.77%
US DOLLAR / EURO (USD/EUR) 0.01% 0.855945 Delayed Quote.4.19%
US DOLLAR / MEXICAN PESO (USD/MXN) 0.01% 20.3298 Delayed Quote.0.86%
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Analyst Recommendations on AMÉRICA MÓVIL, S.A.B. DE C.V.
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Financials
Sales 2021 992 B 48 778 M 48 778 M
Net income 2021 83 926 M 4 126 M 4 126 M
Net Debt 2021 549 B 26 972 M 26 972 M
P/E ratio 2021 13,7x
Yield 2021 2,15%
Capitalization 1 187 B 58 488 M 58 359 M
EV / Sales 2021 1,75x
EV / Sales 2022 1,71x
Nbr of Employees 183 956
Free-Float 47,7%
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Technical analysis trends AMÉRICA MÓVIL, S.A.B. DE C.V.
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 17,96 MXN
Average target price 19,18 MXN
Spread / Average Target 6,78%
EPS Revisions
Managers and Directors
Daniel Hajj Aboumrad Chief Executive Officer & Director
Carlos José García Moreno Elizondo Chief Financial Officer
Carlos Slim Domit Chairman
David Antonio Ibarra Muñoz Independent Director
Pablo Roberto González Guajardo Independent Director
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