MADRID (Reuters) – Spanish construction giant Ferrovial posted a 2024 net profit of 3.23 billion euros ($3.35 billion) on Friday after completing some divestments such as shedding its stake in Britain’s Heathrow airport.
In December, Ferrovial sold its stake in Britain’s busiest airport for $2 billion euros, and also agreed in November to sell AGS Airport, the operator of Glasgow, Southampton and Aberdeen airports.
Ferrovial’s business in the United States, where it mainly builds and manages toll highways, contributed the bulk of its total revenue of 9.14 billion euros in 2024, up 7% year-on-year, and above analysts’ expectations.
Analysts polled by LSEG had forecast a net profit of 582 million euros and sales of 9.07 billion euros.
The company had reported net profit of 460 million euros in 2023.
Ferrovial is now focusing on lucrative toll roads in the United States and betting on Americans’ reliance on cars for further growth in the toll highways business.
Last year, the company began trading on the Nasdaq Composite stock index to expand its investor base across the Atlantic, aiming for 80% of its investments to be in the U.S. by 2027.
The U.S. accounted for 71% of Ferrovial’s investments in 2023.
“Looking ahead, we see an attractive pipeline of assets in North America,” said CEO Ignacio Madridejos.
The company is bidding for an express-lane project in Atlanta and will compete for another highway contract in Tennessee, while chasing similar opportunities in Nashville, Charlotte and Alexandria.
Ferrovial told Reuters in an email that while there was some uncertainty surrounding President Donald Trump’s policies, it did not expect a significant impact on bidding processes, since most public-private partnership projects are conducted at the state and local level.
The company said some of its gains were allocated to its construction project of a new terminal at New York’s John F. Kennedy International Airport, due to be completed by 2027.
($1 = 0.9628 euros)
(Reporting by Corina Pons, editing by Charlie Devereux, David Latona and Eileen Soreng)
