Published on 26 Feb 2024 on Zacks via Yahoo Finance
FEMSA (FMX) Q4 Earnings Miss Estimates, Revenues Surpass
Fomento Economico Mexicano S.A.B. de C.V. FMX, alias FEMSA, reported fourth-quarter 2023 net majority earnings per ADS of 64 cents (Ps. 0.91 per FEMSA unit). The company posted adjusted net majority earnings per ADS of $1.07, missing the Zacks Consensus Estimate of $1.41.Net consolidated income was Ps. 6,337 million (US$375 million), reflecting a 20.7% decrease from the year-ago quarter.Total revenues were $11,232 million (Ps. 189,825 million), which improved 4.6% year over year in the local currency. Revenues in U.S. dollars beat the Zacks Consensus Estimate of $11,215 million. Revenue growth was driven by gains across FMX’s business units. On an organic basis, total revenues rose 4.3%.Shares of the Zacks Rank #1 (Strong Buy) company have advanced 28% in the past year compared with the industry’s growth of 6%.
