April 24th, 2024

WSP Global beats earnings expectations, forecasts more growth this year

By The Canadian Press on February 29, 2024.

The WSP Global Inc. logo is seen in this undated handout photo. *MANDATORY CREDIT*

MONTREAL – WSP Global Inc. beat earnings expectations last quarter, boosting profits by nearly nine per cent year-over-year and forecasting a similar jump in adjusted earnings for 2024.

Organic growth at the engineering company drove $130.6 million in net earnings attributable to shareholders in its fourth quarter, versus $120.0 million a year earlier.

The Montreal-based company pushed its full-year order intake to a record high of $15.12 billion in 2023, leaving its backlog eight per cent bigger at $14.1 billion as of Dec. 31.

It is also forecasting net revenues of $11.2 billion to $11.7 billion this year for a boost of between three per cent and seven per cent.

It suggests that organic revenue growth in its Canadian and U.S. operations will fuel the overall rise with increases in the mid-to-high single digits, as the company continues to seize on the spending unleashed by the U.S. government’s US$1-trillion infrastructure bill passed in November 2021.

WSP is predicting adjusted earnings for 2024 of between $2.05 billion and $2.13 billion for an expected bump of seven per cent to 11 per cent.

This report by The Canadian Press was first published Feb. 29, 2024.

Companies in this story: (TSX:WSP)

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