WSP Global withdraws 2020 guidance amid ‘uncertainty,’ but retains most projects

WSP Global withdraws 2020 guidance amid ‘uncertainty,’ but retains most projects
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MONTREAL — WSP Global Inc. is withdrawing its 2020 guidance due to “unprecedented uncertainty” prompted by the COVID-19 pandemic.

The engineering firm has seen several projects delayed and postponed some capital expenditures as lockdowns snarl construction activity across the globe.

However, WSP remains relatively stable amid the crisis and says clients are “generally” staying committed to their projects, particularly in the public sector, which accounted for 56 per cent of revenues last year.

The virus has also triggered new government-funded assignments, including an emergency isolation room expansion at a Montreal hospital and advisory services for health care facilities in the United Kingdom.

The Montreal-based company says its first-quarter results are not expected to be “materially affected” by the pandemic.

The firm’s stock value has dropped about eight per cent since Feb. 24 compared to a decline of more than 20 per cent for the S&P/TSX composite index.

This story by The Canadian Press was first published April 16, 2020.

Companies in this story: (TSX:WSP)

The Canadian Press

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