WSP Global issues new guidance, reports ‘solid’ Q2 profit, revenue

WSP Global issues new guidance, reports ‘solid’ Q2 profit, revenue
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MONTREAL — WSP Global Inc. is restating 2020 guidance withdrawn as the COVID-19 pandemic set in earlier this year as it reports a “solid” financial performance in the second quarter.

The engineering firm says it had net earnings of $88.3 million or 83 cents per share in the three months ended June 30 on revenue of $2.2 billion.

That’s little changed from $89.2 million or 84 cents on revenue of $2.3 billion in the same period of last year, and closely matches analyst expectations, according to financial data firm Refinitiv.

The company says most of its employees are continuing to work remotely in most of the countries where it operates because of the pandemic.

In its updated guidance, it says it expects adjusted earnings of between $1 billion and $1.05 billion this year on net revenues of between $6.7 billion and $7.0 billion.

It says it expects net capital expenditures of between $100 million and $110 million.

“I am pleased with our Q2 performance as we achieved solid results in addition to exceeding our cash flow and margin objectives set last quarter,” said CEO Alexandre L’Heureux in a statement.

“As the initial shock of the pandemic is behind us, and our regions and markets are redefining their new normal in view of the lingering uncertainty, we are updating our outlook for the year.”

This story by The Canadian Press was first published Aug. 5, 2020.

Companies in this story: (TSX:WSP)

The Canadian Press

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