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Ferrovial increases its first quarter losses by 13% to 111 million

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Ferrovial has registered net losses of 111 million euros in the first quarter of 2019, compared to 98 million obtained in the same period last year. The construction company blames this 13% increase in its red numbers on the Covid pandemic, which has generated an "unprecedented impact", especially on its businesses at airports and highways.

During this period, the gross operating profit (ebitda) It was 75 million, compared to the losses of 231 million that it registered in the first quarter of last year, according to the results sent to the National Securities Market Commission (CNMV).

On the other hand, sales increased 12% year-on-year to 1,379 million, thanks to the greater contribution of the Construction and Highway areas, which increased their turnover by 11.9% and 6.9%, respectively.

Despite the red numbers in this first quarter, the company says it is facing the crisis caused by the coronavirus pandemic "from a solid financial position." Maintains that liquidity is at record levels, with about 5,886 million, excluding infrastructure projects. The net cash ex infrastructure projects amounted to about 1,645 million.

DIVIDEND

The Board of Directors has decided to launch the process to pay the first payment of the two dividends that it traditionally distributes each year. They will be distributed a maximum of 234 million through the 'scrip dividend' system, distributing € 0.312 in cash for each share or a new title for each old 71 for those who prefer to collect on 'paper'.

"With regard to the second, it has been inclined to wait for greater visibility of the macroeconomic evolution and of the impact on the company's operations," as explained in a statement.

TECHNICAL ANALYSIS

Before knowing these results, Ferrovial's shares closed this Thursday with a 0.67% drop, to 22.16 euros. Still, the Bolsamanía analyst, José María Rodríguez, explains that "the rebound in Ferrovial stocks from the lows in March is close to 50%, with this being exhausted at the door of the start of the last major weekly bearish gap."

"It is a good example of what investors sometimes like to remind investors about when a stock can fall sharply if it stops being bullish in the medium and long term. In fact, despite the collapse of the months of february and march we have an increasing low compared to the lows of 2018. Furthermore, we will rarely see a movement in the form of 'throw back' so clear, so precise, "he adds.

"In fact, the straight resistance that united each and every one of the declining maximums since the end of 2015 has now acted as a support. And this is what we call a 'throw back'. Otherwise, in the very short term, the price is in the rebound or reaction phase and little else, with a clear resistance zone in the weekly bearish gap of the 26.42 euros"concludes this expert.

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