MADRID, May 21 (Reuters) - Motorway and airports
operator Ferrovial had a surprise first-quarter revenue bump
from freight traffic on toll roads in the United States and
Canada, probably related to imports in anticipation of sweeping
U.S. tariffs, its CFO told Reuters.
The Spanish company's revenue surge despite adverse winter
weather follows a wider trend of increased commercial activity
at U.S. ports and roads that preceded U.S. President Donald
Trump's April 1 announcement of new tariffs, many of which
remain suspended.
Ferrovial's first-quarter revenue from its toll road
business in North America rose 14%, it reported in quarterly
results last week, demonstrating growth in a country where it
plans to concentrate its investments in the coming years.
"We were the first to be surprised that (the results) were
even better than expected," Chief Financial Officer Ernesto
Lopez told Reuters late on Tuesday.
"There has been quite a lot of activity at peak times,
especially a higher percentage of heavy or commercial vehicles,"
Lopez said, adding that public data pointed to traffic on toll
roads remaining above last year's levels.
Ferrovial operates toll roads in the U.S. and the 407
highway in the Canadian province of Ontario bordering the United
States. It also plans to submit bids for between four and six
new motorway construction projects in California, Tennessee and
North Carolina.
Lopez said the increased commercial traffic on highways
could be influenced by a higher volume of goods crossing the
Mexican border into one of its managed lanes in Texas.
In North Carolina, traffic also received a boost from more
companies ordering employees back to the office.
The U.S. trade deficit in goods widened to a record high in
March as businesses ramped up efforts to bring in merchandise
and pre-empt some of the tariffs impact, according to the U.S.
Commerce Department's Census Bureau. Imports of goods to the
U.S. rose to a record high of $342.7 billion, driven by consumer
goods and cars.