Abengoa reaches over €1.6b in Q1 2011 revenues

Spain's Abengoa earned €1.656 billion in revenues during the first quarter of 2011. This is a 43% increase compared to the same period in 2010. EBITDA (earnings before interest, income taxes, non-controlling interests, depreciation and amortisation) also increased this year and reached €254 million, while the company's net income for Q1 2011 was €56 million, an 8% increase from last year.

Over half of the company's revenues came from the Americas; 22% of the total 52% was generated by the US, while Brazil contributed to 18%. The remaining 12% came from the rest of Latin America. 26% of overall revenues were generated in Spain.

According to Manuel Sanchez Ortega, chief executive officer, Abengoa: 'I am very encouraged to announce that we are beginning the year with a very solid quarter, with growth in all our business segments and a strong backlog to provide visibility for the remainder of 2011,' says Abengoa's CEO Manuel Sanchez Ortega. 'We are on track in the execution of our committed capital expenditure plan, while maintaining our corporate debt at similar levels than year-end, as anticipated. We also continue to progress with our R&D efforts, creating new generation technologies that will be the base for future growth. Altogether, I feel confident that we continue building the company with a vision to create value for investors in the medium and long term. Abengoa's team of professionals has done an excellent job, once again, and they are the best guarantee for the company's future.'