Suez shares outperform on solid Q1 numbers
Published May 11th, 2017
Suez shares climbed to their highest level in over a year yesterday on the back of a robust set of first-quarter results – despite the continued overhang of an impending €750 million capital increase to part-fund the acquisition of GE Water.
Q1 group revenues came in at €3,721 million (up 3.8% on an organic basis), while EBITDA rose by 2.1% to €614 million.
After accounting for the fact that €109 million of Q1 2016 industrial water revenues were re-assigned from the Water Europe and International divisions to the “Other” division, International nevertheless posted organic growth of 3.3% last quarter, albeit tempered by the loss of revenues from the Indianapolis and Jackson wastewater operating contracts in the US.
This was eclipsed by the performance of the Recycling and Recovery Europe segment, which benefited from a substantial rise in the price of scrap metal and paper to post quarterly organic growth of 7.4%.