407 International Reports Third Quarter Results

TORONTO, Oct. 12, 2022 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $392.0 million for the third quarter of 2022, compared to $333.1 million for the same period of 2021. The Company reported a net income of $140.1 million for the third quarter of 2022, compared to a net income of $106.6 million for the same period of 2021. Earnings before interest and other expenses, taxes, depreciation and amortization ("EBITDA"¹) totalled $345.6 million for the third quarter of 2022 compared to $289.2 million for the same period of 2021. 

407 International Reports Third Quarter Results (CNW Group/407 International Inc.)

The Board of Directors declared an eligible dividend of $0.452 per common share payable on or about October 12, 2022 to shareholders of record on October 12, 2022.

As a result of the Province of Ontario removing all COVID-19-related restrictions, traffic volumes during the third quarter of 2022 were higher by approximately 17% as compared to the same period in 2021. The Company maintains sufficient liquidity and expects to be able to satisfy all of its obligations in 2022.

Highlights
(Unaudited)

			Three-month period ended				Nine-month period ended
			September 30				September 30
			2022		2021		2022		2021
Selected Financial Information (in millions)
	Revenues		$               392.0		$           333.1		$       964.7		$         714.4
	Operating expenses		46.4		43.9		130.3		115.1
	EBITDA ^1		345.6		289.2		834.4		599.3
	Depreciation and amortization		25.6		26.6		73.6		74.2
	Interest and other expenses		129.1		116.8		342.9		340.7
	Income before tax		190.9		145.8		417.9		184.4
	Income tax expenses		50.8		39.2		110.5		49.4
	Net income		$               140.1		$           106.6		$       307.4		$         135.0
Traffic
	Total trips (in thousands)		28,330		24,259		71,798		53,668
	Average revenue per trip		$13.69		$13.60		$13.29		$13.14
	Average workday number of trips		351,787		299,169		302,639		230,031
	Total vehicle kilometres (in thousands)		678,946		576,625		1,622,313		1,175,451
	Number of transponders in circulation
	at September 30						1,661,518		1,600,222

¹EBITDA is not a standardized financial measure under International Financial Reporting Standards and investors are cautioned that EBITDA should not be construed as an alternative to net income as an indicator of the Company's performance. The Company's method of calculating EBITDA may differ from other companies' methods, and may not be comparable to measures used by other companies. See "Non-IFRS Financial Measures" in the Company's management's discussion and analysis for the period ended September 30, 2022 which is available on SEDAR at sedar.com.

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

SOURCE 407 International Inc.

Investors: Geoffrey Liang, Chief Financial Officer, Tel: [phone]; Media: Christina Basil, Director, Communications and Government Relations, Tel: [phone]