FCC Group Announces Earnings Results for the Nine Months of 2017; Provides Tax Rate Guidance for the Fourth Quarter of 2017
October 31, 2017 at 04:00 am EDT
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FCC Group announced earnings results for the nine months of 2017. For the nine months, the company reported that EBITDA came down slightly, 2.6%, compared to the first nine months of 2016, reaching a number of EUR 597 million, but this is due to the accounting effect of the deconsolidation of Cement business in the U.S. and also the impact of exchange rate. Turnover was EUR 4.25 billion, which is a year-on-year decrease of 2.8% because of the effect of the U.S. subsidiary and, to a lesser extent, the strength of the euro compared to other currencies, but in spite of this, their revenues have grown in like-for-like terms 2.3%.
The company provided tax rate guidance for the fourth quarter of 2017. For the quarter, the company expects to go back to normal and whether they can expect a 25% tax rate.
Fomento de Construcciones y Contratas SA (FCC) is a Spain-based company primarily engaged in the provision of environmental services. The Company's activities are divided into four business areas: Environmental services, Construction, Water management and Cement. The Environmental services division focuses on street cleaning, maintenance of urban parks and gardens, industrial waste management, waste treatment and recycling, among others. The Construction division offers engineering and construction of civil works, such as roads, railways, airports and hydraulic projects, as well as residential and non-residential buildings. The Water management division operates an integrated water management cycle, which includes intake, purification, treatment and distribution of the waste water. The Cement division manufactures cement, concrete, aggregate and mortar. The Company operates through numerous subsidiaries in Europe, the Americas, Africa and the Middle East region.
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. 
