Net revenue during the first quarter of 2011 grew 21% to $740 million, while EBITDA increased 28% to $124 million from the first quarter in 2010. The construction and concession segments contributed towards the majority of the increase in EBITDA. Net income of controlling interest increased 34% on improved revenue growth and operational performance.
Operating margins rose from 8.8% to 9%, while EBITDA margin was 16.9% compared to 16% in the first quarter of 2010. As of 2010 March end, ICA's construction backlog was $3.9 billion, up 17% from the same period last year.For full year 2011, the company expects revenue to grow by 15% and EBITDA margin of around 16%. The majority of 2011 growth is expected to come from the construction and infrastructure businesses. Analysts expect the stock to gain around 36% over the next one year and it is trading at 14.5 times its estimated 2011 earnings.