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Investing.com - Shares of Groupe ADP were lower in mid-morning trading on Friday, despite the manager of three of Paris’ main airports posting better-than-anticipated revenue in the third quarter.
Sales for the quarter ended on September 30 rose by 9% versus a year ago to 1.87 billion euros, topping consensus expectations of 1.845 billion euros, according to analysts at Kepler Cheuvreux.
In a note, the analysts including Luis Prieto and Carlos Caburrasi said the outperformance was mainly driven by modestly better prints for Groupe ADP’s retail and services and international divisions.
Over the first nine months of the year, revenues grew by 9.4% to 5.04 billion euros, versus forecasts of 5.01 billion euros.
Aviation revenue grew by 6.9% to 1.64 billion, driven by a surge in fees at its airports in Paris. Revenue from ancillary fees, such as those for assistance for disabled persons and persons with reduced mobility, was up by 12.6% to 223 million euros, owing to an increase in traffic and tariff increases, Groupe ADP said.
Since January, some 286.3 million passengers have gone through the group’s hubs, a year-over-year jump of 4%, CEO Philippe Pascal said in a statement, adding that traffic trends were "in line with our assumptions and, despite a demanding environment, enable us to confirm all our targets for 2025."
Traffic is anticipated to expand by 2.5% to 4% this year, while recurring core income is seen increasing by more than 7%.