Vinci Lifts 2023 Free Cash Flow Guidance After 3Q Revenue Rose

By Pierre Bertrand

Vinci backed its 2023 guidance and lifted its free cash flow outlook for the year after third-quarter revenue rose.

The French construction and infrastructure company said Thursday that revenue for the period was 18.27 billion euros ($19.30 billion) compared with EUR16.7 billion in the prior year, representing a rise of 9.4% on a reported basis and a 8.3% increase on a like-for-like basis.

Growth was driven by Vinci's energies and concessions businesses, which grew on a reported basis by 15% and 16%, respectively, it said.

Vinci said its order book as of Sept. 30 had reached a record high of EUR63.3 billion, a 10% on-year increase.

The company raised its outlook for free cash flow, and now expects to achieve at least EUR4.5 billion in 2023 compared with previous expectation of the upper end of the EUR4.0 billion to EUR4.5 billion range.

The company backed its other 2023 guidance.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

October 26, 2023 12:34 ET (16:34 GMT)

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