French waste management company Veolia on Tuesday reported higher revenue but reduced net income for the first three quarters of 2017. The business segment that includes U.S.-based Veolia Nuclear Solutions posted even stronger revenue numbers than its parent.
Company-wide onsolidated revenue spiked by 3.7 percent (4.4 percent at constant exchange rates) from €17.6 billion ($20.4 billion) for the first nine months of 2016 to €18.2 billion ($21.1 billion) for the same period of 2017.
Net income including International Financial Reporting Standards adjustments fell 1.6 percent from €412 million ($477.3 million) to €406 million ($470.3 million). Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose slightly from €2.3 billion ($2.7 billion) to nearly €2.4 billion ($2.8 billion).
The improvements were made on the back of €190 million ($220 million) in cost cutting through the three quarters. Veolia said in a press release it aims to save €250 million ($289 million) for the year.
“Veolia’s 9-month results are satisfying, and support our strategy of growth and efficiency,” Chairman and CEO Antoine Frérot said in the release. “The solid development of our revenue is confirmed, as announced at the beginning of the year. Good commercial momentum and revitalized attractiveness of our offerings resulted in new contract awards across all our businesses and geographies.”
Nine-month revenue in Veolia’s Rest of the World business spiked by 10.6 percent at constant exchange rates on a year-over-year basis, from €4.3 billion to €4.8 billion. That included an 11.6 percent boost in North America.
The Rest of the World segment is home to Veolia Nuclear Solutions, established earlier this year to house Kurion and other nuclear cleanup and waste treatment businesses. The company does not break out earnings figures for Nuclear Solutions.
