Subjects: ERN, PER, DIV
407 International Reports Third Quarter Results
TORONTO, Oct. 18, 2018 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $382.7 million for the third quarter of 2018, compared to $348.7 million for the same period of 2017. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $338.1 million for the third quarter of 2018 compared with $307.8 million for the same period of 2017. The Company reported net income of $157.0 million for the third quarter of 2018, compared with net income of $143.2 million for same period of 2017.
The Board of Directors declared an eligible dividend of $0.302 per common share, payable on or about October 18, 2018 to shareholders of record on October 18, 2018.
The Board of Directors has appointed, effective September 24th, Mr. Derek Bitar as Acting Chief Financial Officer on an interim basis due to a personal leave of the current Chief Financial Officer, Mr. Geoffrey Liang.
The Company is owned by Cintra Global Holding Limited, a wholly owned subsidiary of Ferrovial S. A. (43.23%), by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%), and by SNC-Lavalin (16.77%).
News releases are available at www.407etr.com.
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1 EBITDA is not a recognized measure under International Financial Reporting Standards and investors are cautioned that EBITDA should not be construed as an alternative to net income or cash from operating activities as an indicator of the Company's performance or cash flows. The Company's method of calculating EBITDA may differ from other companies' methods, and may not be comparable to measures used by other companies.
Highlights
Unaudited
Three-month period | Nine-month period | |||||||||||||
ended September 30 | ended September 30 | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Selected Financial Information (in millions) | ||||||||||||||
Revenues | $ | 382.7 | $ | 348.7 | $ | 1033.7 | $ | 940.4 | ||||||
Operating expenses | 44.6 | 40.9 | 125.7 | 120.9 | ||||||||||
Depreciation and amortization | 27.8 | 27.8 | 80.3 | 78.7 | ||||||||||
Interest and other expenses | 96.8 | 85.7 | 306.7 | 257.3 | ||||||||||
Income before tax | 213.5 | 194.3 | 521.0 | 483.5 | ||||||||||
Income tax expenses | 56.5 | 51.1 | 137.9 | 128.3 | ||||||||||
Net income | $ | 157.0 | $ | 143.2 | $ | 383.1 | $ | 355.2 | ||||||
Traffic | ||||||||||||||
Total trips (in thousands) | 33,519 | 33,495 | 94,525 | 93,612 | ||||||||||
Average revenue per trip | $11.34 | $10.33 | $10.86 | $9.92 | ||||||||||
Average workday number of trips | 435,560 | 435,712 | 414,713 | 410,255 | ||||||||||
Total vehicle kilometres (in thousands) | 763,646 | 755,750 | 2,055,693 | 2,019,700 | ||||||||||
Number of transponders in circulation | ||||||||||||||
at September 30 | 1,503,577 | 1,409,817 | ||||||||||||
SOURCE 407 International Inc.
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