Revenues up 11% compared to second
quarter of 2023
TORONTO, July 25,
2024 /CNW/ - 407 International Inc. (the Company)
announced today financial results for the second quarter of 2024.
Reported revenues were $450.3
million, up 11% and net income was $187.3 million, up 21% compared to the same
period in 2023. Earnings before interest and other expenses, taxes,
depreciation and amortization (EBITDA1) for the second
quarter of 2024 totalled $397.6
million, up 12% compared with the same period in 2023.
Trips during the second quarter were higher by 3% compared to
the same period last year. Vehicle kilometres travelled increased
by 5% compared to the second quarter of 2023.
The Board of Directors declared an eligible dividend of
$0.290 per common share payable on or
about July 25, 2024, to shareholders
of record on July 25, 2024.
"Summer is our busiest season on the road and safety remains our
top priority, not only for our employees, but for the hundreds of
thousands of drivers who rely on Highway 407 ETR for a fast, safe
and reliable commute," says Javier
Tamargo, President & CEO, 407 ETR. "During the second
quarter, Team 407 ETR reached four million hours without a
lost-time injury. We're proud of our strong safety culture and our
record for being one of the safest highways in the GTA."
Off the road, 407 ETR continues to invest in road safety
initiatives to encourage safe driving and injury prevention. During
the second quarter, 407 ETR committed $100,000 in funding for organizations including
the Canadian Spinal Research Organization, Parachute Canada,
Accident Awareness and Sunnybrook's P.A.R.T.Y. (Prevent Alcohol &
Risk-Related Trauma in Youth) Program.
407 ETR also celebrated its annual company-wide day of
volunteering. In June, more than 300 employees participated in
One Big Day to volunteer at 20
different not-for-profit organizations including food banks,
senior's homes, shelters and environmental organizations.
Highlights
(unaudited)
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Three-month period
ended
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Six-month period
ended
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June
30
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June
30
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2024
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2023
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2024
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2023
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Selected Financial
Information (in millions)
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Revenues
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$
450.3
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$ 405.3
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$
780.1
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$ 700.2
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Operating
expenses
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52.7
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49.4
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103.3
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102.0
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EBITDA
1
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397.6
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355.9
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676.8
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598.2
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Depreciation and
amortization
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24.7
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24.2
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52.1
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48.7
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Interest and other
expenses
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117.6
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122.2
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206.4
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203.8
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Income before
tax
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255.3
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209.5
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418.3
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345.7
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Income tax
expenses
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68.0
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54.1
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110.8
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90.2
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Net income
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$
187.3
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$ 155.4
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$
307.5
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$ 255.5
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Traffic
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Total trips (in
thousands)
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30,224
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29,330
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54,009
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51,858
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Average revenue per
trip2
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$14.78
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$13.36
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$14.31
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$13.09
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Average workday number
of trips
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379,123
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369,324
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344,001
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330,815
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Vehicle kilometres
travelled (in thousands)
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701,018
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670,255
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1,215,265
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1,150,360
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Number of transponders
in circulation
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at June 30
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1,830,135
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1,698,843
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1,830,135
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1,698,843
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ABOUT 407 ETR
Highway 407 ETR is an all-electronic open-access toll highway
located in the Greater Toronto
Area in Ontario, Canada.
The highway spans 108 kilometres from Burlington in the west to Pickering in the
east.
407 International Inc. is the sole shareholder of 407 ETR and is
owned by:
- Canada Pension Plan Investment Board (CPP Investments) through
indirectly-owned subsidiaries (50.01%);
- Cintra Global S.E. which is a wholly-owned subsidiary of
Ferrovial S.A. (43.23%); and
- AtkinsRéalis Canada Inc., formerly SNC-Lavalin Inc.
(6.76%).
News releases are available
at 407etr.com/newsroom
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1 EBITDA is not a standardized financial
measure under International Financial Reporting Standards and
investors are cautioned that EBITDA should not be construed as an
alternative to net income as an indicator of the Company's
performance. The Company's method of calculating EBITDA may differ
from other company's methods, and may not be comparable to measures
used by other companies. See "Non-IFRS Financial Measures" in the
Company's management's discussion and analysis which is available
on SEDAR+ at sedarplus.ca.
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2Average Revenue per Trip is calculated as
total revenue less revenue billed for Highway 407 over total number
of trips in the reporting period.
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SOURCE 407 International Inc.