Mexico’s America Movil says Tracfone deal helped triple quarterly net income | Investing news

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MEXICO CITY (Reuters) – Mexican telecoms giant America Movil said on Tuesday its fourth-quarter net income more than tripled from the same period last year, helped by the sale of its TracFone wireless unit to Verizon Communications Inc.

The company, which is controlled by the family of Mexican billionaire Carlos Slim, reported net income of 135.6 billion pesos ($6.6 billion), compared to 37.3 billion pesos a year earlier.

America Movil’s revenue rose to 227.3 billion pesos from 211.15 billion pesos a year earlier.

The company closed the sale https://www.reuters.com/markets/deals/mexicos-america-movil-closes-sale-tracfone-wireless-verizon-2021-11-23/#:~:text=MEXICO% 20CITY %2C%20Nov%2023%20(Reuters,in%20cash%20and%20Verizon%20stock from TracFone in November in a deal valued at more than $6 billion in cash and Verizon stock.

EBITDA grew 16.6% in nominal terms to 89.8 billion pesos, slightly ahead of analysts’ estimates.

America Movil said it added 4.8 million mobile subscribers in the quarter, bringing its total to 287 million subscribers, including 2.2 million postpaid customers.

The company also reported 72,000 new broadband connections.

($1 = 20.5075 pesos in late December)

(Reporting by Daina Beth Solomon and Noe Torres; Additional reporting by Cassandra Garrison; Editing by Aurora Ellis)

Copyright 2022 Thomson Reuters.

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