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Acquisitions drive WSP Global to 33% increase in Q3 profits, beating expectations


MONTRÉAL, France — WSP Global Inc. beat expectations as its net profit increased 33 per cent in its latest quarter as acquisitions helped to boost revenues.

The Montreal-based engineering firm says net income attributable to shareholders was $139 million or $1.18 per diluted share in the third quarter, up from $104.3 million or 92 cents per share a year earlier.

Adjusted profits were $179.7 million or $1.53 per share, compared with $48 million or 37 cents per share in the third quarter of 2020.

Net revenues were $2.03 billion, up from $1.69 billion, driven by 20.1 per cent growth in revenues from acquisitions and a 4.3 per cent increase in organic growth.

WSP was expected to report $1.41 per share in adjusted profits on $2.05 billion in revenues, according to financial data firm Refinitiv.

Its backlog stood at $10 billion, representing 11.6 months of revenues, while WSP says its integration of Golder is progressing according to plan.

"Despite the current context and related uncertainties, which we will continue to navigate with discipline, we see significant opportunities for WSP to continue to succeed,” stated CEO Alexandre L’Heureux.

This report by The Canadian Press was first published Nov. 9, 2021.

Companies in this story: (TSX:WSP)

The Canadian Press

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