News Release
407 International Reports Third Quarter Results
Traffic increased by 8% compared to the same period in 2022
TORONTO, October 26, 2023 - 407 International Inc. (the Company) announced today financial results for its third quarter ended September 30, 2023. Revenues were $419.4 million and net income was $182.5 million, up 7% and 30% respectively, compared with the third quarter of 2022. Earnings before interest and other expenses, taxes, depreciation and amortization (EBITDA1) for the third quarter of 2023 totalled $370.4 million and were also up 7% compared with the third quarter of 2022.
Traffic trips during the third quarter of 2023 were higher by 8% compared to the same period in 2022, and vehicle kilometres travelled increased by 9% as average trip length also increased. Cash flows from operations were $217.9 million, up 14% in the third quarter of 2023 compared with the third quarter of 2022.
The Board of Directors declared an eligible dividend of $0.839 per common share payable on or about October 26, 2023 to shareholders of record on October 26, 2023.
During the third quarter of 2023, the Company was proud to announce its commitment to York University’s Lassonde School of Engineering k2i (kindergarten to industry) academy to help attract and retain underrepresented students in STEM (science, technology, engineering and math). 407 ETR Concession Company Limited (407 ETR), a wholly-owned subsidiary of 407 International Inc., is funding a total of $400,000 that is being divided equally to support two vital programs: the 407 ETR Path2STEM Fund and the 407 ETR Work Integrated Learning Equity, Diversity, and Inclusion (EDI) fund.
“407 ETR is a company rooted in STEM. In fact, about half of our workforce is employed in a STEM-related position ranging from data analytics and IT to traffic and tolling,” says Javier Tamargo, President & CEO, 407 ETR. “These professionals are integral to our business, and so is ensuring that our team is reflective of the vibrant communities we serve. We’re so proud to support the Lassonde School and York University’s work to move more youth into the pipeline towards rewarding academic and professional careers in STEM.”
Highlights
(Unaudited)
ABOUT 407 INTERNATIONAL
The Company is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), also known as CPP Investments; Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%); and AtkinsRéalis Canada Inc., formerly SNC-Lavalin Inc. (6.76%).
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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 companies' 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 sedar.com.
