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Ferrovial highway revenue boosted by pre-tariff US traffic
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Ferrovial highway revenue boosted by pre-tariff US traffic
May 26, 2025 11:35 AM

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.

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