407 International Reports Third Quarter Results

·2 min read

TORONTO, Oct. 27, 2021 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $333.1 million for the third quarter of 2021, compared to $265.7 million for the same period of 2020. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $289.2 million for the third quarter of 2021 compared to $226.6 million for the same period of 2020. The Company reported net income of $106.6 million for the third quarter of 2021, compared to a net income of $49.1 million for same period of 2020.

407 International Logo (CNW Group/407 International Inc.)
407 International Logo (CNW Group/407 International Inc.)

The Board of Directors declared an eligible dividend of $0.387 per common share, payable on or about October 27, 2021 to shareholders of record on October 27, 2021.

COVID-19 PANDEMIC

During the third quarter of 2021, traffic volumes were higher by approximately 24% as compared to the same period in 2020. As a result of increased vaccination rates, the Province of Ontario has entered step 3 of re-opening non-essential businesses and schools and further relaxed COVID-19 restrictions. Despite the impact of the COVID-19 pandemic on overall traffic volumes and revenues, the Company maintains sufficient liquidity and expects to be able to satisfy all of its obligations in 2021.

ABOUT 407 INTERNATIONAL

The Company is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), also known as CPP Investments; Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%); and SNC-Lavalin (6.76%).

News releases are available at 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 ended


Nine-month period ended




September 30


September 30




2021


2020


2021


2020





















Selected Financial Information (in millions)










Revenues


$

333.1


$

265.7


$

714.4


$

683.1












Operating expenses


43.9


39.1


115.1


124.4


Depreciation and amortization


26.6


24.1


74.2


73.5


Interest and other expenses


116.8


135.3


340.7


327.3


Income before tax


145.8


67.2


184.4


157.9


Income tax expense


39.2


18.1


49.4


41.2


Net income


$

106.6


$

49.1


$

135.0


$

116.7









































Traffic










Total trips (in thousands)


24,259


19,605


53,668


53,854


Average revenue per trip


$13.60


$13.40


$13.14


$12.52


Average workday number of trips


299,169


249,205


230,031


234,329


Total vehicle kilometres (in thousands)


576,625


434,957


1,175,451


1,136,649


Number of transponders in circulation










at September 30






1,600,222


1,604,293

SOURCE 407 International Inc.

Cision
Cision

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