The Transurban Group (ASX: TCL) share price has edged lower this morning following the release of its first quarter update.
In morning trade the toll road giant's shares are down 0.5% to $14.93.
How did Transurban perform in the first quarter?
According to the release, during the September quarter the company's Average Daily Traffic (ADT) increased by 1.8%. This was driven by growth across all markets.
Management believes this quarter demonstrated the benefits of its development activities. An additional 1 million trips were made in Queensland following the completion of three major projects in the twelve months to August 2019.
How did its roads perform?
Transurban reported that its Sydney ADT increased by 2.1% to 838,000 trips during the quarter. Average workday traffic increased by 1.5% and average weekend/public holiday traffic rise by 2.8%.
This was driven by a 2.8% increase in car traffic, which offset a 4.5% decline in large vehicle traffic.
Melbourne ADT increased by 0.6% to 860,000 transactions. Although average workday traffic decreased by 0.2%, this was offset by a 2% lift in average weekend/public holiday traffic.
In this market it was large vehicle traffic providing the growth. It grew 3.8% over the quarter, compared to a 0.1% decline by car traffic.
In Brisbane ADT increased by 2.7% to 425,000 trips. This was the result of a 1.7% lift in average workday traffic and a 4.2% jump in average weekend/public holiday. Car traffic increased by 2.7% and large vehicle traffic increased by 2.8% for the quarter.
Over in North America ADT increased by 4.5% to 156,000 trips. This was despite increases in toll prices over the quarter. Management advised that the average dynamic toll price for the quarter increased by 11.5% to US$9.37 on the 95 Express Lanes and by 3% to US$5.52 on the 495 Express Lanes.
Also on the move today are the shares of Orora Ltd (ASX: ORA) after a major asset sale and Harvey Norman Holdings Limited (ASX: HVN) after trading ex-dividend.
