Ferrovial shares rise after Q1 core profit beat boosted by U.S. biz
Changes North America description to region from country in 3rd bullet, specifies shares in 1st bullet
** Madrid-listed sharesin Ferrovial FER.MC rise around 3% after the Spanish construction firm posted a 37.6% rise in Q1 core profit
** Q1 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 254 million euros ($273.94 million), around 13% above consensus, according to J.P.Morgan and Jefferies
** The company's strong results are mainly due to higher income and strong traffic growth at its toll roads in North America, the region where it makes most of its revenue and investments, and its construction businesses in various locations
** "Overall Q1 was a stand out print from the US roads which continue to surprise to the upside," Jefferies says
** JPM sees low-single digit (LSD) to mid-single digit (MSD) upgrade to group 2024 EBITDA consensus estimates on the back of results
** If gains hold, the stock will see its best day since the beginning of the year
($1 = 0.9272 euros)
Reporting by Tiago Brandao
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