The share price of S&P/ASX 200 Index (ASX: XJO) toll road operator Transurban Group (ASX: TCL) is in the green on Monday. Its gains come as the company updates the market on its third-quarter traffic results – marking a new record for the period.
Right now, the Transurban share price is up 0.61%, trading at $14.83.
Transurban share price lifts on record third quarter
It's a good day to be invested in Transurban shares after the company revealed its average daily traffic (ADT) jumped 12.9% year on year last quarter.
Its toll road assets saw around 2.4 million trips over the three-month period – marking a record third quarter.
Meanwhile, the ASX 200 company saw tolls on many of its assets lift – with the majority of increases linked to inflation.
Tolls on Sydney's WestConnex and M5 West rose a respective 6.1% and 2.3% on 1 January, while those of Brisbane's AirportLink M7 increased 7.9%. In Melbourne, the company's tolls increase by 1.05% per quarter.
North America leads the company's traffic growth
Transurban's North American market led on average daily turnover (ADT) growth last quarter. Its North American assets saw 140,000 trips over the period – a 15.4% increase on the prior comparable quarter.
Back home, ADT on Transurban toll roads in Brisbane jumped 14.1%, while those in Melbourne and Sydney saw ADT lift 12.9% and 11.9%, respectively.
That was partly on the back of new assets and enhancements coming online in recent years.
On that note, Sydney's WestConnex M4-M8 link opened in January, with traffic exceeding expectations so far.
Transurban also reached financial close on plans to widen the city's M7 Motorway and connect the new M12 Motorway last quarter. Transport for NSW approved a binding proposal for the project in December.
The ASX 200 company also signed on a partnership for Canada's A25 that will see global investment group CDPQ take on a 50% stake in the March quarter.
Transurban share price outperforms ASX 200
The Transurban share price has outperformed this year.
The stock has jumped 15% year to date. It's also 7% higher than it was this time last year.
Comparatively, the ASX 200 has gained 6% so far this year and has fallen 3% over the last 12 months.
