Grupo Aeroportuario del Pacifico Announces Drawdown of Ps. 3,375 Million Credit Facility
GUADALAJARA, Mexico, May 30, 2025 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ('the Company' or 'GAP') announces that today it drew down a credit facility with Banco Nacional de México, S.A. ('Banamex') for Ps. 3,375 million, with a five-year term. Interest will be payable monthly at a variable rate of TIIE-28 (Funding) plus 54 basis points, without fees and principal payment on May 30, 2030,
The proceeds from this credit will be used to repay existing bank loans currently held with Banamex of Ps. 2,500 million and BBVA of Ps. 875 million.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico's Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP's shares were listed on the New York Stock Exchange under the ticker symbol 'PAC' and on the Mexican Stock Exchange under the ticker symbol 'GAP'. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019. This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words 'anticipates', 'believes', 'estimates', 'expects', 'plans' and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the 'Ley del Mercado de Valores', GAP has implemented a 'whistleblower' program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP's Audit Committee will be notified of all complaints for immediate investigation.
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WHITE PLAINS, NY / / August 13, 2025 / Loar Holdings Inc. (NYSE:LOAR) (the "Company," "Loar," "we," "us" and "our"), reports record results for the second quarter of 2025, upward revision to 2025 guidance, and announces the acquisition of Beadlight Ltd. ("Beadlight"). "Strong execution of our value drivers, combined with the rich proprietary content of our diversified portfolio of capabilities aligned perfectly to achieve these record results in the second quarter," stated Dirkson Charles, Loar CEO and Executive Co-Chairman of the Board of Directors. "Each of our end markets experienced record sales, with Commercial OEM being up 18%, Commercial Aftermarket up 29%, and Defense growing 51% as compared to the second quarter of 2024. In addition, I am excited to welcome the team at Beadlight Ltd. to Loar. Beadlight is our 18th completed acquisition since inception in 2012." Second Quarter 2025 Net sales of $123.1 million, up 26.9% compared to the prior year's quarter. 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With its niche capabilities, approximately half of its revenues derived from the aftermarket, and proprietary offering, we are excited to incorporate Beadlight into the broader Loar family, accelerating our collective growth," stated Mr. Charles. Credit Agreement Amendment On August 1, 2025, we amended our credit agreement pursuant to which the interest rate was reduced by 50 basis points. At our election, interest on loans will accrue at the Secured Overnight Financing Rate (SOFR) plus the applicable margin of 4.25% as long as the Company maintains a leverage ratio of less than 5.5 to 1. Full Year 2025 Outlook - Revised* "We have revised our guidance upward as a result of the increasing demand for our products, the success of executing along all of our value drivers, and the impact of the acquisition of Beadlight," stated Mr. D'Alessandro. Net sales - between $486 million and $494 million, up from between $482 million and $490 million. 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Defense growth of high double-digits. *Full Year 2025 Outlook - Revised does not include the impact of the pending LMB acquisition. Adjusted EBITDA, Adjusted Earnings Per Share and Adjusted EBITDA Margin are non-GAAP financial measures provided in the "Full Year 2025 Outlook - Revised*" section on a forward-looking basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. Earnings Conference Call A conference call will be held at 10:30 a.m., Eastern Time on August 13, 2025. To participate in the call telephonically please dial +1 877-407-0670 / +1 215-268-9902. International participants can find a list of toll-free numbers here. A live audio webcast will also be available at the following link as well as through the Investor section of Loar Holdings website; The webcast will be archived and available for replay later in the day. About Loar Holdings Inc. Loar Holdings Inc. is a diversified manufacturer and supplier of niche aerospace and defense components that are essential for today's aircraft and aerospace and defense systems. Loar has established relationships across leading aerospace and defense original equipment manufacturers and Tier Ones worldwide. Non-GAAP Supplemental Information We present in this press release certain financial information based on our EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings Per Share. References to "EBITDA" mean earnings before interest, taxes, depreciation and amortization, references to "Adjusted EBITDA" mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA, and references to "Adjusted EBITDA Margin" refer to Adjusted EBITDA divided by net sales. References to "Adjusted Earnings Per Share" mean net income plus certain adjustments as set forth in the reconciliations below to derive Adjusted EBITDA from EBITDA, less the tax effect of these adjustments. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings Per Share are not measurements of financial performance under U.S. GAAP. We present EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share because we believe they are useful indicators for evaluating operating performance. In addition, our management uses Adjusted EBITDA to review and assess the performance of the management team in connection with employee incentive programs and to prepare its annual budget and financial projections. Moreover, our management uses Adjusted EBITDA of target companies to evaluate acquisitions. Although we use EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share as measures to assess the performance of our business and for the other purposes set forth above, the use of non-GAAP financial measures as analytical tools has limitations, and you should not consider any of them in isolation, or as a substitute for analysis of our results of operations as reported in accordance with U.S. GAAP. Some of these limitations are: EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not reflect the significant interest expense, or the cash requirements necessary to service interest payments on our indebtedness. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and the cash requirements for such replacements are not reflected in EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share exclude the cash expense we have incurred to integrate acquired businesses into our operations, which is a necessary element of certain of our acquisitions. The omission of the substantial amortization expense associated with our intangible assets further limits the usefulness of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not include the payment of taxes, which is a necessary element of our operations. Because of these limitations, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share should not be considered as measures of cash available to us to invest in the growth of our business. Management compensates for these limitations by not viewing EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share in isolation and specifically by using other U.S. GAAP measures, such as net sales and operating profit, to measure our operating performance. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share are not measurements of financial performance under U.S. GAAP, and they should not be considered as alternatives to net income or cash flow from operations determined in accordance with U.S. GAAP. Our calculations of EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share may not be comparable to the calculations of similarly titled measures reported by other companies. Future Looking Statements This press release includes express or implied forward-looking statements. Forward-looking statements include all statements that are not historical facts, including those that reflect our current views with respect to, among other things, our operations and financial performance. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words or similar terms and phrases may identify forward-looking statements in this press release, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release, including, but not limited to, the statements under the heading "Full Year 2025 Outlook - Revised*" is based on management's current expectations and are not guarantees of future performance. Our expectations and beliefs are expressed in management's good faith, and we believe there is a reasonable basis for them, however, the forward-looking statements are subject to various known and unknown risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following: the almost exclusive focus of our business on the aerospace and defense industry; our heavy reliance on certain customers for a significant portion of our sales; our ability to timely close on the LMB acquisition; the fact that we have in the past consummated acquisitions and our intention to continue to pursue acquisitions, and that our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations; and the other risks and uncertainties described in Part I, Item 1A of the Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 31, 2025, and other periodic reports filed by the Company from time to time with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in the forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law. Contact Ian McKillopLoar Holdings Inc. Investor RelationsIR@ Loar Holdings Inc. Table 1: Condensed Consolidated Balance Sheets (Unaudited, amounts in thousands except share amounts) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 103,342 $ 54,066 Accounts receivable, net 71,945 63,834 Inventories 99,883 92,639 Other current assets 10,457 9,499 Income taxes receivable 395 632 Total current assets 286,022 220,670 Property, plant and equipment, net 75,666 76,605 Finance lease assets 2,033 2,171 Operating lease assets 5,957 5,584 Other long-term assets 20,025 17,389 Intangible assets, net 420,469 434,662 Goodwill 688,051 693,537 Total assets $ 1,498,223 $ 1,450,618 Liabilities and equity Current liabilities: Accounts payable $ 16,244 $ 12,086 Current portion of finance lease liabilities 255 232 Current portion of operating lease liabilities 668 603 Income taxes payable 2,721 1,984 Accrued expenses and other current liabilities 26,585 26,901 Total current liabilities 46,473 41,806 Deferred income taxes 34,891 32,892 Long-term debt, net 277,669 277,293 Finance lease liabilities 3,036 3,170 Operating lease liabilities 5,472 5,136 Other long-term liabilities 1,949 1,816 Total liabilities 369,490 362,113 Commitments and contingencies Equity: Preferred stock, $0.01 par value, 1,000,000 shares authorized, and no shares issued or outstanding - - Common stock, $0.01 par value, 485,000,000 shares authorized; 93,622,471 and 93,556,071 issued and outstanding at June 30, 2025 and December 31, 2024, respectively 936 936 Additional paid-in capital 1,116,823 1,108,225 Retained earnings (accumulated deficit) 11,469 (20,560 ) Accumulated other comprehensive loss (495 ) (96 ) Total equity 1,128,733 1,088,505 Total liabilities and equity $ 1,498,223 $ 1,450,618 Loar Holdings Inc. Table 2: Condensed Consolidated Statements of Operations (Unaudited, amounts in thousands except per common share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net sales $ 123,123 $ 97,015 $ 237,782 $ 188,859 Cost of sales 56,924 49,489 111,877 96,900 Gross profit 66,199 47,526 125,905 91,959 Selling, general and administrative expenses 36,898 27,276 70,000 50,176 Transaction expenses 1,984 929 2,444 1,105 Other income, net - 2,867 - 2,867 Operating income 27,317 22,188 53,461 43,545 Interest expense, net 6,481 10,636 12,940 28,370 Refinancing costs - 1,645 - 1,645 Income before income taxes 20,836 9,907 40,521 13,530 Income tax provision (4,123 ) (2,266 ) (8,492 ) (3,640 ) Net income $ 16,713 $ 7,641 $ 32,029 $ 9,890 Net income per common share: Basic $ 0.18 $ 0.09 $ 0.34 $ 0.11 Diluted $ 0.17 $ 0.09 $ 0.33 $ 0.11 Weighted average common shares outstanding: Basic 93,586 87,534 93,571 87,534 Diluted 96,113 89,242 95,933 89,242 Loar Holdings Inc. Table 3: Condensed Consolidated Statements of Cash Flows (Unaudited, amounts in thousands) Six Months Ended June 30, 2025 2024 Operating Activities Net income $ 32,029 $ 9,890 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,948 5,408 Amortization of intangibles and other long-term assets 19,197 14,304 Amortization of debt issuance costs 447 692 Stock-based compensation 6,739 4,474 Deferred income taxes 884 (2,451 ) Non-cash lease expense 313 277 Refinancing costs - 1,645 Adjustment to contingent consideration liability - (2,867 ) Changes in assets and liabilities: Accounts receivable (7,653 ) (1,714 ) Inventories (6,198 ) (7,201 ) Other assets (3,184 ) (4,550 ) Accounts payable 3,851 3,428 Income taxes payable 653 441 Accrued expenses and other current liabilities (571 ) (3,629 ) Operating lease liabilities (292 ) (252 ) Net cash provided by operating activities 52,163 17,895 Investing Activities Capital expenditures (4,718 ) (4,452 ) Proceeds from sale of fixed assets - 322 Proceeds from acquisition purchase price adjustment - 289 Net cash used in investing activities (4,718 ) (3,841 ) Financing Activities Net proceeds from issuance of common stock - 325,731 Proceeds from exercise of stock options 1,859 - Payments of long-term debt - (286,349 ) Financing costs and other, net - (1,676 ) Payments of finance lease liabilities (110 ) (90 ) Net cash provided by financing activities 1,749 37,616 Effect of translation adjustments on cash and cash equivalents 82 44 Net increase in cash and cash equivalents 49,276 51,714 Cash and cash equivalents, beginning of period 54,066 21,489 Cash and cash equivalents, end of period $ 103,342 $ 73,203 Supplemental information Interest paid during the period, net of capitalized amounts $ 13,056 $ 28,035 Income taxes paid during the period, net $ 7,061 $ 5,596 Loar Holdings Inc. Table 4: Reconciliation of Net income to EBITDA and Adjusted EBITDA (Unaudited, dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 16,713 $ 7,641 $ 32,029 $ 9,890 Adjustments: Interest expense, net 6,481 10,636 12,940 28,370 Refinancing costs - 1,645 - 1,645 Income tax provision 4,123 2,266 8,492 3,640 Operating income 27,317 22,188 53,461 43,545 Depreciation 3,050 2,730 5,948 5,408 Amortization 9,637 7,039 19,197 14,304 EBITDA 40,004 31,957 78,606 63,257 Adjustments: Other income, net (1) - (2,867 ) - (2,867 ) Transaction expenses (2) 1,984 929 2,444 1,105 Stock-based compensation (3) 3,650 4,387 6,739 4,474 Acquisition and facility integration costs (4) 1,480 625 2,462 2,093 Adjusted EBITDA $ 47,118 $ 35,031 $ 90,251 $ 68,062 Net sales $ 123,123 $ 97,015 $ 237,782 $ 188,859 Net income margin 13.6 % 7.9 % 13.5 % 5.2 % Adjusted EBITDA Margin 38.3 % 36.1 % 38.0 % 36.0 % (1) For the three and six months ended June 30, 2024, represents the reduction in the estimated contingent purchase price for the CAV acquisition.(2) Represents third party transaction-related costs for acquisitions comprising deal fees, legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred. During the three and six months ended June 30, 2025, approximately $0.9 million of costs related to the secondary stock offering from which we did not receive any proceeds were also included in transaction expenses.(3) Represents the non-cash compensation expense recognized by the Company for equity awards.(4) Represents costs incurred to integrate acquired businesses and product lines into our operations, facility relocation costs and other acquisition-related costs. Loar Holdings Inc. Table 5: Sales by End-Market (Unaudited, amounts in thousands) Three Months Ended June 30, 2025 2024 OEMNet Sales AftermarketNet Sales TotalNet Sales OEMNet Sales AftermarketNet Sales TotalNet Sales Commercial Aerospace $ 19,440 $ 34,836 $ 54,276 $ 14,299 $ 26,894 $ 41,193 Business Jet and General Aviation 17,895 12,267 30,162 17,438 9,725 27,163 Total Commercial 37,335 47,103 84,438 31,737 36,619 68,356 Defense 14,332 17,139 31,471 8,855 12,022 20,877 Non-Aerospace 2,655 4,559 7,214 3,451 4,331 7,782 Total $ 54,322 $ 68,801 $ 123,123 $ 44,043 $ 52,972 $ 97,015 Six Months Ended June 30, 2025 2024 OEMNet Sales AftermarketNet Sales TotalNet Sales OEMNet Sales AftermarketNet Sales TotalNet Sales Commercial Aerospace $ 35,504 $ 67,239 $ 102,743 $ 30,492 $ 52,043 $ 82,535 Business Jet and General Aviation 37,318 23,702 61,020 33,645 19,132 52,777 Total Commercial 72,822 90,941 163,763 64,137 71,175 135,312 Defense 26,058 34,195 60,253 16,641 20,871 37,512 Non-Aerospace 5,521 8,245 13,766 7,751 8,284 16,035 Total $ 104,401 $ 133,381 $ 237,782 $ 88,529 $ 100,330 $ 188,859 Loar Holdings Inc. Table 6: Reconciliation of Earnings Per Share to Adjusted Earnings Per Share (Unaudited, amounts in thousands except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reported earnings per share Net income $ 16,713 $ 7,641 $ 32,029 $ 9,890 Denominator for basic and diluted earnings per common share: Weighted-average common shares outstanding - basic 93,586 87,534 93,571 87,534 Effect of dilutive common shares 2,527 1,708 2,362 1,708 Weighted average common shares outstanding-diluted 96,113 89,242 95,933 89,242 Net income per common share-basic $ 0.18 $ 0.09 $ 0.34 $ 0.11 Net income per common share-diluted $ 0.17 $ 0.09 $ 0.33 $ 0.11 Adjusted Earnings Per Share Net income $ 16,713 $ 7,641 $ 32,029 $ 9,890 Refinancing costs - 1,645 - 1,645 Gross adjustments to EBITDA 7,114 3,074 11,645 4,805 Tax adjustment (1) (1,523 ) (585 ) (2,046 ) (1,115 ) Adjusted net income $ 22,304 $ 11,775 $ 41,628 $ 15,225 Adjusted Earnings Per Share - diluted $ 0.23 $ 0.13 $ 0.43 $ 0.17 Diluted earnings per share to Adjusted Earnings Per Share Net income per common share-diluted $ 0.17 $ 0.09 $ 0.33 $ 0.11 Adjustments to diluted earnings per share: Refinancing costs - 0.02 - 0.02 Other income - (0.03 ) - (0.03 ) Transaction expenses 0.02 0.01 0.03 0.01 Stock-based compensation 0.04 0.05 0.07 0.05 Acquisition and facility integration costs 0.02 - 0.03 0.02 Tax adjustment (1) (0.02 ) (0.01 ) (0.03 ) (0.01 ) Adjusted Earnings Per Share $ 0.23 $ 0.13 $ 0.43 $ 0.17 (1) The tax adjustment represents the tax effect of the adjustments at the applicable effective tax rate. To determine the applicable effective tax rate, transaction expenses, stock-based compensation, and acquisition and facility integration costs are excluded from adjusted net income and therefore we have excluded the impact those items have on the effective tax rate. SOURCE: Loar Group Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
