2024-07-24 18:14:06 ET
Fomento Económico Mexicano, S.A.B. de C.V. (FMX)
Q2 2024 Earnings Conference Call
July 24, 2024 11:00 AM ET
Company Participants
Juan Fonseca - Vice President, Investor Relations
Martín Arias - Chief Financial Officer
Conference Call Participants
Benjamin Theurer - Barclays
Rodrigo Alcantara - UBS.
Ricardo Alves - Morgan Stanley
Bob Ford - Bank of America
Tiago Bortoluci - Goldman Sachs
Alvaro Garcia - BTG Pactual
Carlos Laboy - HSBC
Hector Maya - Scotiabank
Luis Yance - Santander
Presentation
Operator
Hello and welcome to the FEMSA's second quarter 2024 Results Conference Call. My name is George. I'll be a coordinator for today's event. Please note this conference is being recorded and for the duration of the call, your lines will be in the listen-only mode. However, you will have the opportunity to ask questions once you have the presentation [Operator Instructions].
And I'd like to have a call over to your host today, Mr. Juan Fonseca, Head of Investor Relations to begin today's conference. Please go ahead, sir.
Juan Fonseca
Thank you, George. Good morning, everyone. Welcome to FMSA's second quarter 2024 results conference call. Today we are joined by Martín Arias, our CFO and Jorge Collazo, who heads Coca-Cola FEMSA's Investor Relations team. The plan is for Martín to open the conversation with some high level comments on our strategic progress and business trends, followed by a more detailed discussion of the results and finally opening the call for your questions.
Before I hand over the call to Martín, I want to address the disclosure at the end of today's press release related to changes to our first quarter results as reported. In the press release for the first quarter of 2024, we classified certain results related to non-core discontinued operations on several incorrect lines and we are reclassifying them today.
The changes only impact the consolidated income statement and mainly cause a decline in income from operations. However, they do not impact consolidated net income and do not impact any of the results of the business units report separately. You can find a detailed table at the end of today's press release and Martín will briefly explain the main differences before we open the call for your questions.
Martin, please go ahead.
Martín Arias
Thank you, Juan. Good morning, everyone. Before we review our quarterly results, I would like to update you on the most recent steps we have taken as we continue to execute on the FEMSA forward strategy, varying initiatives related to capital returns for shareholders, as well as asset divestitures. As you are aware, we remain actively engaged in share buybacks.
In the second quarter, we completed our first accelerated share repurchase program for $400 million and initiated a new program for $600 million. Additionally, during the first six months of 2024, we have bought back approximately $180 million in shares in the Mexican stock market....
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Fomento Económico Mexicano, S.A.B. de C.V. (FMX) Q2 2024 Earnings Call Transcript