Cox Energy América (COXA) Q3 2024 earnings summary

Executive summary

• Revenues for the first nine months of 2024 reached $3,797 million, a 771% increase year-over-year, driven by asset integration in Brazil, Algeria, and Europe, and growth in energy commercialization in Mexico and Spain.

• EBITDA for 9M 2024 was $1,181 million, up from $43.1 million in 9M 2023, with a margin of 31.1%.

• Net income for 9M 2024 was $434 million, reversing a net loss of $58 million in 9M 2023.

• Operations span four continents and the entire energy value chain, with a consolidated portfolio in Chile, Mexico, Central America, Colombia, Brazil, Algeria, Morocco, South Africa, and Iberia.

• Cash, equivalents, and restricted cash stood at $793 million as of September 30, 2024.

Financial highlights

• Total income for 9M 2024 reached $3,797 million, up from $1,668.4 million in 9M 2023.

• Operating profit for 9M 2024 was $590.4 million, compared to a loss of $41.0 million in 9M 2023.

• Gross profit for 9M 2024 was $2,128 million, with a gross margin of 56.1%.

• Total assets as of September 30, 2024, were $10,568 million, up from $8,239 million at year-end 2023.

• Total liabilities increased to $7,271 million from $5,687 million at year-end 2023.

Segment performance

• Revenue growth was driven by the addition of bioenergy assets in Brazil, a solar plant in Algeria, and engineering and development business lines.

• Energy commercialization in Mexico and Spain, including self-consumption, contributed significantly to consolidated revenues.

• Main business segments: Services/Engineering & Construction, Generation & Concessional Infrastructure, and Bioethanol.

• Portfolio includes operational, under construction, and development assets across multiple regions.