WSP Global raises earnings forecast as earnings climb
By The Canadian Press on August 9, 2023.
MONTREAL – WSP Global Inc. is raising its earnings forecast for the year amid rising revenues fuelled by organic growth as well as recent acquisitions. In the three months ended July 1, the engineering firm says net earnings attributable to shareholders rose to $150.7 million from $89.3 million in the same period a year earlier. The Montreal-based company says revenues jumped to $3.63 billion in its second quarter from $2.76 billion the year before, pushed up by organic growth of net revenue that topped nine per cent. WSP says adjusted net earnings increased to $1.56 per share versus $1.30 per share a year prior, beating expectations of $1.49 per share, according to financial markets data firm Refinitiv. On the heels of at least eight acquisitions since May 2022, WSP says it expects revenues for this year to hit between $10.7 billion and $11 billion, up from a previous outlook of $10 billion to $10.6 billion. The company is projecting adjusted earnings of $1.9 billion to $1.93 billion versus an earlier guidance of between $1.76 billion and $1.84 billion. This report by The Canadian Press was first published Aug. 9, 2023. Companies in this story: (TSX:WSP) 9-8
