Investing.com -- After reporting stronger-than-expected FY24 earnings, Hochtief (ETR: HOTG ) AG shares initially rose Wednesday before declining.

The company’s strong earnings were driven by robust performance in its Turner business.

It posted FY24 revenue of €33.3 billion, coming in 3% ahead of consensus estimates while operating net profit of €625 million exceeded expectations by 2.4%.

Hochtief also delivered strong free cash flow (FCF), reporting €1.4 billion excluding M&A, supported by a €300 million release in net working capital.

The company provided FY25 operating net profit guidance of €680-730 million, with the top end implying 17% year-over-year growth—5.5% above consensus estimates.

In a note reacting to the results, Barclays (LON: BARC ) highlighted that Turner remains the key driver, with projected profit before tax (PBT) growth of 16-32%, outpacing other segments such as CIMIC and E&C.

Order backlog reached €67.6 billion, up 13% on a like-for-like basis, with new orders rising 9% year-over-year to €41.8 billion.

Jefferies described the FY24 results as a “big beat,” noting that operating cash flow exceeded estimates by €708 million, mainly due to working capital gains.

While order intake declined 2% year-over-year, Jefferies pointed out that intake trends can be volatile and emphasized the company’s typically conservative guidance.