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Veolia Q3 Current EBIT, Revenue Rise; Confirms FY21 View; Stock Up

Shares of Veolia Environnement (VE) were gaining around 3 percent in the early morning trading in Paris after the French resource management firm reported Thursday higher third-quarter results. The company also confirmed its fiscal 2021 EBITDA view.

The third-quarter current EBIT was 358 million euros, higher than last year's 312 million euros, and up from 324 million euros in the pre-pandemic 2019. The year-over-year growth was 12.5 percent at constant currency rates.

EBITDA was 1.06 billion euros, a growth of 17.5 percent from last year at constant rates. Adjusted EBITDA grew 8.2 percent.

Revenue for the quarter was 6.71 billion euros, higher than 6.29 billion euros in 2020, and up from 6.44 billion euros in 2019. The year-over-year growth was 5.9 percent at constant currency rates.

Looking ahead for fiscal 2021, the company continues to expect EBITDA above 4.1 billion euros, fueled by very favorable pricing effects and strong volume rebound.

The company projects more than 350 million euros of cost cutting.

In Paris, Veolia shares were trading at 29.74 euros, up 2.62 percent.

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