Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) Q3 2024 Earnings Conference Call October 28, 2024 10:30 AM ET
Company Participants
Juan Fonseca - Director, IR
José Antonio Fernández Garza-Lagüera - CEO, Proximity & Health
Martin Arias - CFO
Conference Call Participants
Ricardo Alves - Morgan Stanley
Bob Ford - Bank of America
Antonio Hernandez - Actinver
Ben Theurer - Barclays
Thiago Bortoluci - Goldman Sachs
Alvaro Garcia - BTG Pactual
Rodrigo Alcantara - UBS
Carlos Laboy - HSBC
Hector Maya - Scotiabank
Ulises Argote - Santander
Operator
Hello, and welcome to FEMSA's Third Quarter 2024 Results Conference Call. My name is Melissa, and I will be your coordinator for today's event. Please note, this conference is being recorded, and for the duration of the call, your lines will be in a listen-only mode. [Operator Instructions]
I'll now turn the call over to Juan Fonseca, Director of Investor Relations. Please go ahead.
Juan Fonseca
Good morning, everyone. Welcome to FEMSA's third quarter 2024 results conference call.
Today, we are joined by José Antonio Fernández Garza-Lagüera, CEO of our Proximity and Health division; Martin Arias, our CFO; and Jorge Collazo, who heads Coca-Cola FEMSA's Investor Relations team.
The plan for today is for José to open the conversation with some comments on the performance of Proximity and Health during the third quarter, and then to move on to a more strategic set of topics that follows and provides an update to some of the messages he shared with you six months ago during our first quarter call, including some preliminary views on our expectations for 2025. After José's remarks, Martin will provide more detail on the broader business and our quarterly results. Finally, we will open the call for your questions.
José, please go ahead.
José Antonio Fernández Garza-Lagüera
Thank you, Juan. Good morning, everyone.
During the third quarter, Proximity and Health delivered a solid set of results. As you look at our financials, you see growth almost everywhere and margin expansion in all the right places. This is certainly positive and a testament to the strength of our business platform, the skill of our teams and the permanent effort to grow and improve quarter after quarter, year after year. But Martin will go over the results in some detail in a few minutes. I want to focus particularly on what did not go that well, particularly the dynamics of same-store sales at Proximity Americas, which came in flat for the quarter.