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WSP Global sees revenues rise nine per cent, earnings slip on costs and acquisitions

MONTREAL — WSP Global Inc. reported revenues of $2.9 billion in the third quarter ended Oct. 1, up 9.3 per cent from last year. The Montreal-based engineering firm says net earnings attributable to shareholders were $127.5 million, or $1.
Canadian Press
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The WSP Global Inc. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO, WSP Global Inc. *MANDATORY CREDIT*

MONTREAL — WSP Global Inc. reported revenues of $2.9 billion in the third quarter ended Oct. 1, up 9.3 per cent from last year. 

The Montreal-based engineering firm says net earnings attributable to shareholders were $127.5 million, or $1.05 per share, down from $139 million in the same quarter last year or $1.18 per share. 

WSP attributed the decrease in earnings to higher net financing expenses and higher business acquisition and integration costs, partially offset by higher adjusted earnings. 

The company saw its headcount increase by more than three thousand since the beginning of the year, or by 10,500 including recent acquisitions. 

Earnings were up on an adjusted basis, at $193.4 million up from $179.7 million last year.

The company’s backlog also grew at $13.3 billion in the third quarter up from ten billion last year.

This report by The Canadian Press was first published Nov. 9, 2022

Companies in this story: (TSX:WSP)

The Canadian Press