Atlantia Swung to 1Q Profit as Traffic Rose

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By Cristina Roca
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Atlantia SpA said late on Thursday that its first-quarter earnings and revenue rose, helped by positive traffic development at its businesses, and backed its 2022 view.

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The Italian infrastructure company swung to a net profit of 344 million euros ($357.2 million), from a restated EUR97 million net loss a year earlier.

Earnings before interest, tax, depreciation and amortization rose 16% to EUR917 million.

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Operating revenue rose 13% to EUR1.49 billion.

An uptick in both motorway and airport traffic helped Atlantia’s results, the company said.

In the first four months of the year, motorway traffic was up 3% compared with the same period in 2019, before the Covid-19 pandemic. While it showed improvement, airport traffic was still 46% below 2019 levels, Atlantia.

Assuming no new major restrictions due to Covid-19 and that the fallout from the Ukraine war doesn’t worsen, Atlantia continues to see 2022 motorway traffic up 4% and airport traffic down 40%, both compared with 2019.

Atlantia backed its 2022 financial targets, including revenue of about EUR6.6 billion and Ebitda of about EUR4.1 billion.

During the quarter, Atlantia shaved 4% off its net debt, which stood at EUR28.7 billion as at March 31 when excluding toll-road business Autostrade per L’Italia, the sale of which has now closed. Atlantia hopes to bring net financial debt down to about EUR22 billion by the end of the year.

Write to Cristina Roca at [email protected]

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Credit: www.marketwatch.com /

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