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WSP Global Reports Strong Q1 Results, Pauses M&A Plans Amid Economic Uncertainty

The Montreal-based engineering firm posted double-digit growth in profits and revenue while delaying acquisitions due to U.S. policy and trade risks.

The WSP Global Inc. logo is seen in Toronto on Sunday, Sept. 1, 2024. THE CANADIAN PRESS/Sean Vokey

Overview

  • WSP Global's net earnings rose 14% to $144.1 million in Q1, compared to $126.8 million a year earlier.
  • Revenue increased 22% year-over-year to $4.39 billion, driven by organic growth and the October acquisition of Power Engineers.
  • The company's project backlog grew 17% to a record $16.60 billion, reflecting robust demand despite U.S. federal spending freezes.
  • Adjusted earnings per share reached $1.76, surpassing analysts' expectations of $1.71.
  • CEO Alexandre L'Heureux confirmed that new acquisitions are on hold due to economic uncertainty and U.S. trade tensions.