Spanish construction company Ferrovial has reported a 19% increase in core earnings for the first quarter of the year. This growth has been largely driven by the strong performance of its toll highway business in the United States.

The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 309 million euros, slightly below the 315 million euros predicted by analysts in an LSEG survey.

Ferrovial’s main assets are located in North America, where it operates express lanes and is actively seeking new projects. One of its current projects includes the construction of a new terminal at New York’s John F. Kennedy International Airport, set to be completed by 2026.

In the first quarter, the company’s sales increased by 7% to 2.05 billion euros compared to the same period last year. In the U.S., its highway business saw a significant 19% increase in revenue.

Ferrovial has expressed confidence in the profitability of its U.S.-managed lanes due to population growth in major cities. However, the company has also acknowledged the potential impact of higher inflation on its construction projects in the country.

Last year, Ferrovial made history by becoming the first company on Spain’s blue-chip index to list its ordinary shares on the Nasdaq. This move was aimed at attracting more capital from its most important market, which generates 88% of its highway business revenue.

The current market value of Ferrovial