Spain’s ACS reported a 20% increase in profits on rising sales in North America
Spanish construction company ACS on Friday reported a 20% jump in first-quarter profit to 163 million euros ($179 million) thanks to increased sales in North America.
Total sales in the first three months of the year were 8.1 billion euros ($8.92 billion), up 17.1% from a year earlier, while sales in the United States and Canada were up 62%. ACS also highlighted growing sales in Australia.
Abertis, the operator of tolls in Europe, North and South America, benefited from a recovery in highway traffic and contributed 41 million euros to its first-quarter profit.
ACS’ core activities in North America, including construction of electric vehicle battery plants and rehabilitation of flyovers and airport facilities, account for 66% of total construction sales.
Other Spanish construction and infrastructure companies, such as ACS and Ferrovial, are eyeing opportunities in the U.S. thanks to the Biden administration’s green grants and incentives for major infrastructure projects.
International operations account for 96% of construction activity, with North America and Australia being the most important markets.
($1 = 0.9084 euros) (Reporting by Corina Ponce; Editing by Andre Caleb and Jason Neely)
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