Ferrovial, a renowned construction company based in Spain, reported a significant increase of 19% in its core earnings for the first quarter of the year. The growth was mainly driven by the strong performance of its toll highway business in the United States. The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached 309 million euros ($345.8 million), falling just short of the expected 315 million euros according to analysts surveyed by LSEG.

Ferrovial’s primary assets are located in North America, where it manages express lanes and is actively seeking new projects. One of its major ventures is the construction of a new terminal at John F. Kennedy International Airport in New York, which is anticipated to be completed by 2026.

The company’s sales for the quarter also saw a rise of 7%, reaching 2.05 billion euros compared to the same period last year. In the U.S., the revenue for its highway business increased by an impressive 19%. Ferrovial previously stated that its U.S.-based toll lanes would continue to generate profits due to the growing population in major cities. However, it also acknowledged the potential impact of higher inflation on its construction projects in the country.

With a market value of 31.75 billion euros, Ferrovial made history by becoming the first Spanish company listed on the Nasdaq index a year ago. This move aimed to attract more capital in its most crucial market