WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) today
announced financial and operating results for the second quarter
ended on July 1, 2023.
WSP reports solid results for the first half of
2023. The second quarter of 2023 showed continued strong momentum,
with higher-than-expected organic growth in net revenues across all
reportable segments and improved adjusted EBITDA margins. WSP
records robust backlog and record-high order intake for a quarter,
which bolster confidence as WSP enters the second half of the year.
As a result, the financial outlook for 2023 is increased.
SECOND QUARTER OF 2023 FINANCIAL HIGHLIGHTS
- Revenues and net revenues for the
quarter reached $3.63 billion and $2.74 billion, up 31.2% and
29.8%, respectively, compared to the second quarter of 2022. Net
revenue organic growth of 9.3% in the quarter, attributable to all
reportable segments, was highest in the USA, Australia, the UK and
New Zealand. The acquisition of the Environment &
Infrastructure business of John Wood Group plc, completed in
September 2022, was the main driver of acquisition growth of
16.9%.
- Backlog as at July 1, 2023
stood at a record-high level of $14.3 billion, representing
12.0 months of revenues. Organic order intake in the second quarter
of 2023 of $4.0 billion, represents the highest level of
organic intake recorded in a quarter, which demonstrates the
continued strength of the markets across key regions.
- Adjusted EBITDA in the quarter of
$461.6 million, compared to $352.2 million in the second quarter of
2022, an increase of 31.1%.
- Adjusted EBITDA margin for the
quarter increased to 16.9%, compared to 16.7% in the second quarter
of 2022.
- Earnings before net financing
expense and income taxes in the quarter of $243.9 million, up $73.7
million compared to the second quarter of 2022, mainly due to
higher adjusted EBITDA.
- Adjusted net earnings for the
quarter of $194.7 million, or $1.56 per share, up $41.2 million and
$0.26, respectively, compared to the second quarter of 2022. The
respective increases in these metrics are mainly attributable to a
higher adjusted EBITDA, partially offset by higher interest on
long-term debt.
- Net earnings attributable to
shareholders for the quarter of $150.7 million, or $1.21 per share,
compared to $89.3 million and $0.76 per share in Q2 2022. The
increases are mainly attributable to higher adjusted EBITDA,
partially offset by higher interest on long-term debt and income
tax expense, as well as increased amortization of intangible assets
due to recent acquisitions.
- DSO as at July 1, 2023 stood
at 75 days, compared to 73 days as at July 2, 2022.
- Cash inflows from operating
activities of $60.2 million in the six-month period ended
July 1, 2023, compared to $42.4 million in the first half
of 2022. The improvement is mainly attributable to the increase in
adjusted EBITDA. Free cash outflow of $198.3 million for the
six-month period ended July 1, 2023. Continued impact of
higher income taxes due to changes in tax regulation in the US
which delays the deductibility of certain expenses.
- Net debt to adjusted EBITDA ratio
stood at 2.0x, compared to 1.6x as at December 31, 2022. The
increase is mainly due to higher net debt balance to finance recent
acquisitions. Incorporating a full twelve months of adjusted EBITDA
of all acquired businesses, the net debt to adjusted EBITDA ratio
would be 1.9x.
- Quarterly dividend declared of $0.375 per share, or $46.7
million. DRIP termination was approved by the Board of Directors,
effective May 10, 2023.
-
Financial outlook* for 2023 increased as follows:
|
Revised outlook range |
Previous outlook range |
Net revenues |
$10.7 billion to $11.0 billion |
$10.0 billion to $10.6 billion |
Adjusted EBITDA |
$1.90 billion to $1.93 billion |
$1.76 billion to $1.84 billion |
Underlying assumptions: |
Revised assumptions |
Previous assumptions |
Organic growth, calculated on a constant currency basis |
6% to 9% |
3% to 6% |
“I am very pleased with our second-quarter
performance, and the successful first half of the year,” said
Alexandre L’Heureux, WSP’s President and CEO. “Our growth has
surpassed expectations and was driven by continued momentum across
our business and the high demand for our services. Considering
these positive trends, our record-high backlog and recent wins, we
are raising our financial outlook and are moving into the second
half of the year with confidence and a continued focus on
rigorously executing our plan.”
DIVIDENDThe Board of WSP
declared a dividend of $0.375 per share. This dividend will be
payable on or about October 15, 2023, to shareholders of record at
the close of business on September 30, 2023.
FINANCIAL REPORTThis release
includes, by reference, the financial reports for the second
quarter of 2023, including the unaudited interim condensed
consolidated financial statements and the Management's Discussion
and Analysis (“MD&A”) of the Corporation for the second quarter
ended on July 1, 2023, which are available on our website at
www.wsp.com. These documents are also available on SEDAR+ at
www.sedarplus.ca.
CONFERENCE CALL &
WEBCASTWSP will hold a conference call and webcast from
8:00 a.m. to 9:00 a.m. (Eastern Time) on August 9, 2023, to discuss
these results. To participate in the conference call, please
pre-register using this link. Registrants will receive a
confirmation with dial-in details. A live webcast of the conference
call can be accessed using this link.
A presentation of the second quarter 2023
highlights and results will be accessible on August 8, 2023,
after the market close under the “Investors” section of the WSP
website at www.wsp.com. For those unable to attend, a replay will
be available within 24 hours following the call under the Investors
section of the website.
*This information constitutes forward-looking information, based
on multiple estimates and assumptions about future events. The
reader is cautioned that using this information for other purposes
may be inappropriate. Actual results may differ and such
differences may be material. Please refer to the "Forward-Looking
Statements" disclaimer below. The assumptions underlying our
previous outlook as outlined in March 2023 remain unchanged, except
as described above.
FINANCIAL HIGHLIGHTS
|
Second quarters ended |
|
Six-month periods ended |
|
(in millions of dollars, except percentages, per share data, DSO
and ratios) |
July 1, 2023 |
|
July 2, 2022 |
|
July 1, 2023 |
|
July 2, 2022 |
|
Revenues |
$3,626.0 |
|
$2,764.2 |
|
$7,115.5 |
|
$5,476.0 |
|
Net
revenues(1) |
$2,739.1 |
|
$2,109.6 |
|
$5,406.2 |
|
$4,209.6 |
|
Earnings before net financing expense and income taxes |
$243.9 |
|
$170.2 |
|
$443.8 |
|
$327.4 |
|
Adjusted EBITDA(2) |
$461.6 |
|
$352.2 |
|
$874.9 |
|
$676.8 |
|
Adjusted EBITDA margin(2) |
16.9 |
% |
16.7 |
% |
16.2 |
% |
16.1 |
% |
Net earnings attributable to
shareholders of WSP Global Inc. |
$150.7 |
|
$89.3 |
|
$263.2 |
|
$184.3 |
|
Basic net earnings per share
attributable to shareholders |
$1.21 |
|
$0.76 |
|
$2.11 |
|
$1.56 |
|
Adjusted net earnings(2) |
$194.7 |
|
$153.5 |
|
$365.8 |
|
$289.9 |
|
Adjusted net earnings per share(2) |
$1.56 |
|
$1.30 |
|
$2.94 |
|
$2.46 |
|
Cash inflows from operating activities |
$84.8 |
|
$125.4 |
|
$60.2 |
|
$42.4 |
|
Free
cash flow(2) |
($57.2 |
) |
$14.9 |
|
$(198.3 |
) |
$(170.4 |
) |
As at |
|
|
July 1, 2023 |
|
July 2, 2022 |
|
Backlog(3) |
|
|
$14,311.6 |
|
$11,448.8 |
|
DSO(3) |
|
|
75 days |
|
73 days |
|
As at |
|
|
July 1, 2023 |
|
December 31, 2022 |
|
Net debt to adjusted EBITDA ratio(3) |
|
|
2.0 |
|
1.9 |
|
(1) |
Quantitative
reconciliations of net revenues to revenues are presented below
under the caption "Non-IFRS and other financial measures". |
(2) |
Non-IFRS financial measure or non-IFRS ratio without a
standardized definition under IFRS, which may not be comparable to
similar measures or ratios used by other issuers. Quantitative
reconciliations of non-IFRS financial measures to the most directly
comparable IFRS measures are presented below under the caption
"Non-IFRS and other financial measures". Adjusted EBITDA margin is
defined as adjusted EBITDA expressed as a percentage of net
revenues. Adjusted net earnings per share is the ratio of adjusted
net earnings divided by the basic weighted average number of shares
outstanding for the period. This press release incorporates by
reference section 19, “Glossary of segment reporting, non-IFRS and
other financial measures”, of WSP’s MD&A for the second quarter
and six-month period ended July 1, 2023, filed on SEDAR+ at
www.sedarplus.ca, which includes explanations of the composition
and usefulness of these non-IFRS financial measures and non-IFRS
ratios. |
(3) |
This press release incorporates by reference section 19,
“Glossary of segment reporting, non-IFRS and other financial
measures”, of WSP’s MD&A for the second quarter and six-month
period ended July 1, 2023, filed on SEDAR+ at
www.sedarplus.ca, which explains the composition of the
supplemental financial measures, as well as the usefulness of the
net debt to adjusted EBITDA ratio, which is a capital management
measure composed of the ratio of net debt to adjusted EBITDA for
the trailing twelve-month period. Net debt is defined as long-term
debt, including current portions but excluding lease liabilities,
and net of cash. |
RESULTS OF OPERATIONS
|
Second quarters ended |
|
Six-month periods ended |
|
(in millions of dollars, except number of shares and per share
data) |
July 1, 2023 |
|
July 2, 2022 |
|
July 1, 2023 |
|
July 2, 2022 |
|
Revenues |
$3,626.0 |
|
$2,764.2 |
|
$7,115.5 |
|
$5,476.0 |
|
Less:
Subconsultants and direct costs |
$886.9 |
|
$654.6 |
|
$1,709.3 |
|
$1,266.4 |
|
Net revenues |
$2,739.1 |
|
$2,109.6 |
|
$5,406.2 |
|
$4,209.6 |
|
Earnings before net financing expense and income
taxes |
$243.9 |
|
$170.2 |
|
$443.8 |
|
$327.4 |
|
Net
financing expense |
$35.0 |
|
$45.2 |
|
$80.6 |
|
$72.3 |
|
Earnings before income taxes |
$208.9 |
|
$125.0 |
|
$363.2 |
|
$255.1 |
|
Income
tax expense |
$57.7 |
|
$35.4 |
|
$98.6 |
|
$69.9 |
|
Net earnings |
$151.2 |
|
$89.6 |
|
$264.6 |
|
$185.2 |
|
Net earnings attributable to: |
|
|
|
|
|
|
|
|
Shareholders of WSP Global Inc. |
$150.7 |
|
$89.3 |
|
$263.2 |
|
$184.3 |
|
Non-controlling interests |
$0.5 |
|
$0.3 |
|
$1.4 |
|
$0.9 |
|
Basic net earnings per share attributable to shareholders |
$1.21 |
|
$0.76 |
|
$2.11 |
|
$1.56 |
|
Diluted
net earnings per share attributable to shareholders |
$1.21 |
|
$0.75 |
|
$2.11 |
|
$1.56 |
|
Basic weighted average number of shares |
124,608,538 |
|
118,041,872 |
|
124,570,180 |
|
117,967,063 |
|
Diluted
weighted average number of shares |
124,930,834 |
|
118,320,713 |
|
124,896,082 |
|
118,270,851 |
|
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION(in millions of dollars)
References to notes refer to notes in the unaudited interim
condensed financial statements
As at |
July 1, 2023 |
|
December 31, 2022 |
|
|
$ |
|
$ |
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents (note 16) |
304.3 |
|
495.6 |
|
Trade receivables and other receivables |
2,519.1 |
|
2,625.8 |
|
Cost and anticipated profits in excess of billings |
1,945.6 |
|
1,626.2 |
|
Prepaid expenses |
188.5 |
|
138.9 |
|
Other financial assets |
117.4 |
|
108.2 |
|
Income taxes receivable |
46.6 |
|
39.5 |
|
|
5,121.5 |
|
5,034.2 |
|
Non-current assets |
|
|
|
|
Right-of-use assets (note 10) |
923.3 |
|
978.9 |
|
Intangible assets |
1,115.1 |
|
1,102.6 |
|
Property and equipment |
428.0 |
|
398.9 |
|
Goodwill (note 11) |
7,122.8 |
|
6,792.2 |
|
Deferred income tax assets |
393.3 |
|
351.3 |
|
Other assets |
229.4 |
|
183.6 |
|
|
10,211.9 |
|
9,807.5 |
|
Total assets |
15,333.4 |
|
14,841.7 |
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
2,412.1 |
|
2,736.4 |
|
Billings in excess of costs and anticipated profits |
1,054.3 |
|
973.1 |
|
Income taxes payable |
194.7 |
|
260.4 |
|
Provisions |
134.5 |
|
152.2 |
|
Dividends payable to shareholders |
46.7 |
|
46.7 |
|
Current portion of lease liabilities (note 10) |
260.9 |
|
273.0 |
|
Current portion of long-term debt (note 12) |
567.1 |
|
173.4 |
|
|
4,670.3 |
|
4,615.2 |
|
Non-current liabilities |
|
|
|
|
Long-term debt (note 12) |
3,114.4 |
|
2,781.1 |
|
Lease liabilities (note 10) |
791.5 |
|
856.8 |
|
Provisions |
344.2 |
|
288.9 |
|
Retirement benefit obligations |
159.8 |
|
162.3 |
|
Deferred income tax liabilities |
127.8 |
|
128.3 |
|
|
4,537.7 |
|
4,217.4 |
|
Total liabilities |
9,208.0 |
|
8,832.6 |
|
|
|
|
|
|
Equity |
|
|
|
|
Equity attributable to shareholders of WSP Global Inc. |
6,120.9 |
|
6,006.0 |
|
Non-controlling interests |
4.5 |
|
3.1 |
|
Total equity |
6,125.4 |
|
6,009.1 |
|
Total liabilities and equity |
15,333.4 |
|
14,841.7 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS(in millions of dollars)References to notes
refer to notes in the unaudited interim condensed financial
statements)
|
Second quarters ended |
|
Six-month periods ended |
|
|
July 1, 2023 |
|
July 2, 2022 |
|
July 1, 2023 |
|
July 2, 2022 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
Operating
activities |
|
|
|
|
Net earnings |
151.2 |
|
89.6 |
|
264.6 |
|
185.2 |
|
Adjustments (note 16) |
157.8 |
|
135.3 |
|
299.2 |
|
249.1 |
|
Net financing expense (note
8) |
35.0 |
|
45.2 |
|
80.6 |
|
72.3 |
|
Income tax expense |
57.7 |
|
35.4 |
|
98.6 |
|
69.9 |
|
Income taxes paid |
(133.7 |
) |
(65.4 |
) |
(208.6 |
) |
(119.9 |
) |
Change
in non-cash working capital items (note 16) |
(183.2 |
) |
(114.7 |
) |
(474.2 |
) |
(414.2 |
) |
Cash inflows from operating activities |
84.8 |
|
125.4 |
|
60.2 |
|
42.4 |
|
Financing activities |
|
|
|
|
Net proceeds (repayment) of
long-term debt |
383.4 |
|
(24.6 |
) |
529.9 |
|
(31.3 |
) |
Lease payments (note 10) |
(93.7 |
) |
(80.8 |
) |
(188.4 |
) |
(162.2 |
) |
Net financing expenses paid,
excluding interest on lease liabilities |
(48.1 |
) |
(19.8 |
) |
(94.3 |
) |
(33.3 |
) |
Dividends paid to shareholders
of WSP Global Inc. |
(36.6 |
) |
(22.3 |
) |
(68.8 |
) |
(43.7 |
) |
Issuance of common shares, net
of issuance costs (note 13) |
1.2 |
|
— |
|
2.0 |
|
0.7 |
|
Dividends paid to
non-controlling interests |
— |
|
(0.5 |
) |
— |
|
(0.5 |
) |
Cash inflows (outflows) from financing
activities |
206.2 |
|
(148.0 |
) |
180.4 |
|
(270.3 |
) |
Investing activities |
|
|
|
|
Net disbursements related to
business acquisitions (note 4) |
(306.5 |
) |
(10.9 |
) |
(410.7 |
) |
(21.9 |
) |
Additions to property and
equipment, excluding business acquisitions |
(45.1 |
) |
(25.7 |
) |
(62.5 |
) |
(44.2 |
) |
Additions to identifiable
intangible assets, excluding business acquisitions |
(3.7 |
) |
(4.3 |
) |
(8.6 |
) |
(7.2 |
) |
Proceeds from disposal of
property and equipment |
0.5 |
|
0.3 |
|
1.0 |
|
0.8 |
|
Other |
0.8 |
|
(1.1 |
) |
1.9 |
|
2.9 |
|
Cash outflows from investing activities |
(354.0 |
) |
(41.7 |
) |
(478.9 |
) |
(69.6 |
) |
Effect
of exchange rate change on cash and cash equivalents |
(8.5 |
) |
(3.5 |
) |
(9.5 |
) |
(7.2 |
) |
Change in net cash and
cash equivalents |
(71.5 |
) |
(67.8 |
) |
(247.8 |
) |
(304.7 |
) |
Cash
and cash equivalents, net of bank overdraft - beginning of the
period |
314.7 |
|
689.4 |
|
491.0 |
|
926.3 |
|
Cash and cash
equivalents, net of bank overdraft - end of period
(note 16) |
243.2 |
|
621.6 |
|
243.2 |
|
621.6 |
|
All amounts shown in this press release are expressed in
Canadian dollars, unless otherwise indicated. All quarterly
information disclosed in this press release is based on unaudited
figures.
NON-IFRS AND OTHER FINANCIAL
MEASURESThe Corporation reports its financial results in
accordance with International Financial Reporting Standards
("IFRS"). WSP uses a number of financial measures when assessing
its results and measuring overall performance. Some of these
financial measures are not calculated in accordance with IFRS.
Regulation 52-112 respecting Non-GAAP and Other Financial Measures
Disclosure (“Regulation 52-112”) prescribes disclosure requirements
that apply to the following types of measures used by the
Corporation: (i) non-IFRS financial measures; (ii) non-IFRS ratios;
(iii) total of segments measures; (iv) capital management measures;
and (v) supplemental financial measures.
In this press release, the following non-IFRS
and other financial measures are used by the Corporation: net
revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted net
earnings; adjusted net earnings per share; backlog; free cash flow;
days sales outstanding (“DSO”); and net debt to adjusted EBITDA
ratio. Additional details for these non-IFRS and other financial
measures can be found in section 19, “Glossary of segment
reporting, non-IFRS and other financial measures” of WSP’s MD&A
for the quarter and six-month period ended July 1, 2023, which
is posted on WSP’s website at www.wsp.com, and filed on SEDAR+ at
www.sedarplus.ca. Reconciliations of non-IFRS financial measures
and total of segments measures to the most directly comparable IFRS
measures are provided below.
Management believes that these non-IFRS and
other financial measures provide useful information to investors
regarding the Corporation’s financial condition and results of
operations as they provide key metrics of its performance. These
non-IFRS and other financial measures are not recognized under
IFRS, do not have any standardized meanings prescribed under IFRS
and may differ from similar computations as reported by other
issuers, and accordingly may not be comparable. These measures
should not be viewed as a substitute for the related financial
information prepared in accordance with IFRS.
|
Reconciliation of net revenues |
|
|
|
|
|
|
The following
table reconciles net revenues to the most comparable IFRS
measure: |
|
|
|
Second quarters ended |
Six-month periods ended |
|
|
(in
millions of dollars) |
July 1, 2023 |
July 2, 2022 |
July 1, 2023 |
July 2, 2022 |
|
|
Revenues |
$3,626.0 |
$2,764.2 |
$7,115.5 |
$5,476.0 |
|
|
Less:
Subconsultants and direct costs |
$886.9 |
$654.6 |
$1,709.3 |
$1,266.4 |
|
|
Net revenues* |
$2,739.1 |
$2,109.6 |
$5,406.2 |
$4,209.6 |
|
|
* Total
of segments measure. |
|
|
Reconciliation of adjusted EBITDA |
|
|
The following
table reconciles this metric to the most comparable IFRS
measure: |
|
|
|
Second quarters ended |
Six-month periods ended |
|
|
(in millions of dollars) |
July 1, 2023 |
July 2, 2022 |
July 1, 2023 |
July 2, 2022 |
|
|
Earnings before net
financing expense and income taxes |
$243.9 |
$170.2 |
$443.8 |
$327.4 |
|
|
Acquisition, integration and
reorganization costs |
$17.2 |
$22.9 |
$40.8 |
$43.7 |
|
|
ERP implementation costs |
$21.5 |
$11.9 |
$39.8 |
$22.0 |
|
|
Depreciation of right-of-use
assets |
$82.7 |
$69.0 |
$158.8 |
$140.0 |
|
|
Amortization of intangible
assets |
$53.7 |
$33.2 |
$113.7 |
$66.9 |
|
|
Depreciation of property
and equipment |
$31.9 |
$27.0 |
$61.7 |
$55.7 |
|
|
Share of depreciation and
taxes of associates |
$3.8 |
$2.6 |
$7.1 |
$5.4 |
|
|
Interest income |
$2.9 |
$1.1 |
$5.2 |
$1.4 |
|
|
Adjusted EBITDA* |
$461.6 |
$352.2 |
$874.9 |
$676.8 |
|
|
*
Non-IFRS financial measure. |
|
|
Reconciliation of adjusted net earnings |
|
|
The following
table reconciles this metric to the most comparable IFRS
measure: |
|
|
|
Second quarters ended |
Six-month periods ended |
|
|
(in millions of dollars, except per share data) |
July 1, 2023 |
July 2, 2022 |
July 1, 2023 |
July 2, 2022 |
|
|
Net earnings attributable to shareholders |
$150.7 |
$89.3 |
$263.2 |
$184.3 |
|
|
Amortization of intangible assets related to acquisitions |
$44.0 |
$21.0 |
$93.9 |
$42.1 |
|
|
Acquisition, integration and
reorganization costs |
$17.2 |
$22.9 |
$40.8 |
$43.7 |
|
|
ERP implementation costs |
$21.5 |
$11.9 |
$39.8 |
$22.0 |
|
|
(Gains) losses on investments
in securities related to deferred compensation obligations |
$(5.5) |
$14.5 |
$(10.9) |
$22.4 |
|
|
Unrealized (gains) losses on
derivative financial instruments |
$(20.1) |
$2.1 |
$(27.5) |
$(3.5) |
|
|
Income
taxes related to above items |
$(17.1) |
$(22.5) |
$(37.5) |
$(35.4) |
|
|
Adjusted net earnings* |
$194.7 |
$153.5 |
$365.8 |
$289.9 |
|
|
Adjusted net earnings per share* |
$1.56 |
$1.30 |
$2.94 |
$2.46 |
|
|
*
Non-IFRS financial measure or non-IFRS ratio. |
|
|
Reconciliation of free cash flow |
|
|
|
|
|
|
The following
table reconciles this metric to the most comparable IFRS
measure: |
|
|
|
Second quarters ended |
Six-month periods ended |
|
|
(in
millions of dollars) |
July 1, 2023 |
July 2, 2022 |
July 1, 2023 |
July 2, 2022 |
|
|
Cash inflows from operating activities |
$84.8 |
$125.4 |
$60.2 |
$42.4 |
|
|
Lease payments in financing
activities |
$(93.7) |
$(80.8) |
$(188.4) |
$(162.2) |
|
|
Net
capital expenditures* |
$(48.3) |
$(29.7) |
$(70.1) |
$(50.6) |
|
|
Free cash inflows (outflows)** |
$(57.2) |
$14.9 |
$(198.3) |
$(170.4) |
|
|
* Capital
expenditures pertaining to property and equipment and intangible
assets, net of proceeds from disposal, and lease incentives
received. |
|
|
** Non-IFRS
financial measure. |
|
FORWARD-LOOKING STATEMENTS
Certain information regarding WSP contained herein are not based on
historical facts and may constitute forward-looking statements or
forward-looking information under Canadian securities laws
(collectively, “forward-looking statements”). Forward-looking
statements may include estimates, plans, strategic ambitions,
objectives, expectations, opinions, forecasts, projections,
guidance, outlook, or other statements that are not statements of
fact. Forward-looking statements made by the Corporation in this
press release include statements about our backlog and the strength
of the markets across our regions, the payment of dividends, our
proposed strategy, and our operating performance, financial
outlook, prospects and expectations of this press release, and
statements about the 2022-2024 Global Strategic Action Plan. These
forward-looking statements are based on a number of assumptions
believed by the Corporation to be reasonable as at August 8,
2023, including assumptions set out through this press release and
under section 19 “Forward-Looking Statements” of WSP's MD&A for
the second quarter and six-month ended ended July 1, 2023 which is
available on SEDAR+ at www.sedarplus.ca.
Although WSP believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause
actual results to differ materially from those anticipated or
implied in the forward-looking statements. WSP's forward-looking
statements are expressly qualified in their entirety by this
cautionary statement. The complete version of the cautionary note
regarding risk factors, which, if realized, could cause the
Corporation's actual results to differ materially from those
expressed or implied in forward-looking statements, are discussed
in greater detail in section 20, “Risk factors” of WSP's MD&A
for the year ended December 31, 2022, which is available on SEDAR+
at www.sedarplus.ca. The forward-looking statements contained in
this press release are made as of the date hereof and, accordingly,
are subject to change after such date. Except to the extent
required by applicable law, WSP does not assume any obligation to
publicly update or revise any forward-looking statements made in
this press release or otherwise, whether as a result of new
information, future events or otherwise.
ABOUT WSPAs one of the largest
professional services firms in the world, WSP exists to
future-proof our cities and our environment. It provides strategic
advisory, engineering, and design services to clients seeking
sustainable solutions in the transportation, infrastructure,
environment, building, energy, water, and mining sectors. Its
68,000 trusted professionals are united by the common purpose of
creating positive, long-lasting impacts on the communities it
serves through a culture of innovation, integrity, and inclusion.
In 2022, WSP reported $11.9 B (CAD) in revenue. The Corporation’s
shares are listed on the Toronto Stock Exchange (TSX: WSP).
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Alain MichaudChief Financial OfficerWSP Global
Inc.alain.michaud@wsp.com Phone: 438-843-7317
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