U.S. Durable Goods Orders Rise 1.8% Ahead of Ferrovial Results
Key Facts
New orders for manufactured durable goods in the United States rose by $6.3 billion, or 1.8%, to $345.4 billion in September, according to the U.S. Census Bureau. The increase followed a revised 0.1% rise in orders in August. Meanwhile, Ferrovial’s nine-month results statement was not available ahead of its scheduled release after the U.S. market close on October 27. The U.S. orders data therefore establish nothing about the company’s results or the performance of its assets. Ferrovial was scheduled to present its results on a call and webcast on October 28.
Details of the U.S. data showed varying trends among order components. Excluding transportation equipment, new orders rose 0.5% in September, while they increased 2.2% excluding defense goods, according to the Census Bureau. These measures show order activity after excluding specific groups of goods, but they do not provide a direct indication of Ferrovial’s revenue or earnings. Transportation equipment was the most prominent component of the overall monthly increase. Orders for the category rose by $5.2 billion, or 4.6%, to $119.8 billion.
Ferrovial’s first-half 2026 results provide a baseline for comparison when the subsequent report is released. Revenue was 4.701 billion euros, up 5.2% on a reported basis and 11.3% on a like-for-like basis from the same period a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization reached 746 million euros, rising 13.9% on a reported basis and 21.6% on a like-for-like basis. The company attributed 521 million euros of adjusted earnings to U.S. highways, with growth of 8.4% on a reported basis and 15.6% on a like-for-like basis. These figures show the weight of U.S. operations in first-half results, but do not determine performance over the nine months.
One U.S. asset saw differing trends in traffic and revenue. In the second quarter, vehicle-kilometers traveled on the 407 ETR fell 2.7% from the same quarter of 2025, while revenue rose 17.7% to 616 million Canadian dollars. Adjusted earnings before interest, taxes, depreciation and amortization increased 23.7% to 549 million Canadian dollars. The company attributed the traffic decline to a slowing economy, adverse weather and competing roadworks. These results underscore the importance of distinguishing between revenue growth and traffic when assessing the group’s results, without assuming that second-quarter trends continued into the following period.
The construction order book reached a record 18.046 billion euros in the first half, up 2.8% on a like-for-like basis from the end of 2025. The figure excluded about 2.6 billion euros in contracts that had not yet been included. In July, Ferrovial submitted bids for the I-24 Southeast Choice Lanes project in Tennessee and I-285 East in Georgia. The company also described its bid for the D35 road in the Czech Republic as the lowest-cost offer, while the technical evaluation was still underway. The order book and submitted bids provide context for construction activity, while their impact on results will depend on the details of the subsequent disclosure.
On liquidity, the company had balances of 4.747 billion euros at the end of June, excluding infrastructure project companies. Net debt within the same scope was negative 1.307 billion euros, meaning the company was in a net cash position under the disclosure’s definition. These figures are as of the end of the first half and do not update the liquidity position at the end of September. The nine-month results presentation was scheduled for Wednesday, October 28, at 3:00 p.m. Central European Time, or 10:00 a.m. U.S. Eastern Time. The presentation is expected to provide details on the new period that are not available in the first-half results or U.S. economic indicators.