Apex Trader Funding (ATF) - News
Ferrovial reached $447 million net profit in the first half of the year
Adjusted EBITDA increased by 56% and revenue improved 7.5% in like-for-like terms, driven by positive performance in all business areas
Infrastructure assets in North America experienced strong growth in revenue per transaction, while Heathrow served a record-breaking number of passengers
During the period, Ferrovial's shares were listed on Nasdaq and are now traded simultaneously in the Spanish, Dutch and U.S. markets
AMSTERDAM, July 30, 2024 /PRNewswire/ -- Ferrovial (NASDAQ:FER), a leading global infrastructure company, reported a $447 million net profit for the first half of 2024, compared with $123 million in the same period of 2023, driven by strong operating performance across all business areas.
"Ferrovial more than tripled net profit in the first half of the year, an extraordinary result driven by excellent performance across all business units and profitable divestments. The construction division continues to improve profitability and is on track to achieve its ambitious annual target. In addition, the revenue per transaction on all our U.S. Express Lanes beat inflation and GDP growth levels, while airports experienced a strong performance in traffic," said Ignacio Madridejos, Ferrovial CEO. "Our operational strength, coupled with a solid financial position, puts us in the right place to continue taking advantage of strong global trends in infrastructure."
Adjusted EBITDA amounted to $652 million in the period, an increase of 56% year-on-year, while revenue grew 7.5% in like-for-like terms to $4.6 billion.
Ferrovial ended the first half with a solid financial position, with liquidity levels reaching $4.6 billion and consolidated net debt amounting to $-38 million, excluding infrastructure projects in both cases. Main cash outflows in the period included shareholder distributions, the acquisition of 24% of IRB Infrastructure Trust and equity investments in the New Terminal One. These were partially offset by the dividends received from infrastructure assets --the first one in the case of I-77 after five years of operation-- and the divestment of a 5% stake in IRB Infrastructure Developers.
The company achieved strategic milestones in the first half of 2024. In April, it was awarded Lima's Peripheral Ring Road (Perú) as part of a consortium. In May, Ferrovial started trading on Nasdaq, becoming the first company of Spanish origin trading with ordinary shares in the U.S. stock market. In June, Ferrovial announ4ced a new agreement to sell a 19.75% interest in FGP Topco, parent company of Heathrow airport, to Ardian and The Public Investment Fund.
Operating results
The Toll roads division saw revenue increase by ...