The Transurban Group (ASX: TCL) share price is in the green today on the release of the company's latest quarterly update.
And what a quarter it was. The company saw average daily traffic (ADT) on its toll roads rise 0.4% from that of the previous comparable quarter.
That points to a 'return to normal' following the COVID-19 pandemic and resulting restrictions.
At the time of writing, the Transurban share price is trading at $13.67, 0.37% higher than its previous close.
For comparison, the S&P/ASX 200 Index (ASX: XNJ) has gained 0.48% today. Meanwhile, the S&P/ASX 200 Industrials Index (ASX: XNJ) – home of Transurban – has risen 0.89%.
Let's take a closer look at today's news from the toll road operator.
What's driving the toll road operator's stock?
The Transurban share price is rising on Thursday. Its gains follow the release of its quarterly update for the three months ending 31 March.
The company saw an uptick in the use of its toll roads over the period compared to the same point in 2021. However, its ADT was 3.4% lower than that of 2019's March quarter.
"The March quarter again demonstrated traffic recovery occurring in line with the progressive easing of government restrictions and increased economic activity," the company noted.
Severe weather and flooding in southeast Queensland and northern New South Wales impacted the use of toll roads during the period. However, traffic quickly rebounded following the events.
Sydney recorded a 5% drop in ADT, although the city's ADT was 9.8% higher than in 2019. Meanwhile, Brisbane's ADT fell 0.6% but was 0.5% higher than in 2019.
Looking at Victoria, March brought CityLink its highest monthly average daily traffic numbers since the onset of the pandemic.
ADT rose 5.6% in Melbourne last quarter, helped by lifting COVID-19 restrictions. However, the city's ADT was down 16.5% compared to that of 2019.
Additionally, the return of mostly unrestricted domestic travel saw Transurban's Australian airport-focused assets record their busiest periods since March 2020.
It was a similar story in the Greater Washington area in the United States, where March traffic on the 95 Express Lanes was at its highest since the pandemic began. Traffic in Montreal, Canada, also rose slightly for the quarter versus pre-pandemic levels.
ADT numbers in North America rose 19.6% last quarter, alongside the average dynamic toll price on the 95 Express Lanes and the 495 Express Lanes. However, the region's ADT fell 10.7% on that of 2019.
Transurban advised the West Gate Tunnel Project in Victoria was still set to open in late 2025, with the company making progress on all three sections of the project last quarter.
Transurban share price snapshot
The Transurban share price has been struggling lately.
It's currently 1.9% lower than it was at the start of 2022. For context, the ASX 200 has slipped 0.97% this year.
The toll road operator's stock has also slipped 0.22% over the last 12 months while the index has recorded a 7% gain.
