America Movil slips following mixed Q4 results

America Movil (AMX -1.3%) posted Q4 EPS of $0.37, missing a $0.44 consensus. Revenue amounted to 204.1B pesos, or $15.3B, nearly flat Y/Y and above a $15.19B consensus.

The Latin American carrier added 4.8M mobile subs in seasonally strong Q4, leading full-year gains to come in at 8.3M. Wireline revenue-generating units (RGUs) rose by 1.2M; full-year gains amounted to 7.2M.

AMX ended Q4 with 269.9M mobile subs, and 69.5M wireline RGUs. 73.5M and 68.7M of the carrier's mobile subs, and 22.5M and 32.7M of its wireline RGUs, were respectively in Mexico and Brazil.

In spite of the sub growth, service revenue only rose 0.8% Y/Y to 178.2B pesos. Equipment revenue (dominated by phone sales) rose 22.5% to 25.9B pesos. EBITDA rose 1.4% to 63.5B pesos, and op. profit 2.3% to 37.2B pesos. EBITDA margin fell 50 bps Y/Y to 31.1%.

Net debt totaled 442B pesos ($33.2B) at year's end, up 19% Y/Y.

Earnings release (.pdf)

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