Vinci SA's revenue exceeded analysts' expectations in the third quarter, as business levels remained "firm" in both the contracting and concessions segments of the French infrastructure operator.
Vinci said it gained "good business momentum" in the third quarter, with revenue climbing 12.4% on an annual basis to €13.1 billion, compared with the S&P Global Market Intelligence revenue estimate for the third quarter of €12.55 billion. Revenue in the contracting and concessions segment rose 9.6% and 21.2%, respectively.
In the first nine months of 2019, Vinci's consolidated revenue totaled €34.86 billion, up 10.9% from €31.44 billion in the year-ago period.
The company's concessions business, which includes airport operations, booked a nine-month revenue of €6.49 billion, an increase of 15.6% from €5.62 billion a year earlier. Vinci Airports' revenue jumped 63.8% to €1.97 billion from €1.20 billion.
Nine-month revenue in the contracting segment, which includes the energy and construction businesses, rose 9.8% year over year to €28.07 billion from €25.57 billion.
Vinci confirmed its outlook of annual growth in full-year revenue and net income in 2019.