WSP is pleased to report its Q3 2018 results with key financial metrics in line or better than Management's expectations.
Some of the Q3 financial highlights included:
Overall, we reported Q3 2018 results with key financial metrics in line or better than Management's expectations.
Some of the financial highlights for the third quarter included:
Revenues and net revenues of $1,927.6 million and $1,468.8 million, up 17.8% and 14.2%, respectively, compared to Q3 2017.
Consolidated organic growth in net revenues of 4.1% for the quarter, spanning across all reportable segments, in line with Management's expectations.
Adjusted EBITDA margin at 12.7%, compared to 12.5% in Q3 2017.
Backlog at $6,509.1 million, representing 9.8 months of revenues, down when compared to Q2 2018 and up $545.2 million, or 9.1% when compared to Q3 2017. Backlog organic growth stood at 2.7% compared to Q3 2017 and 1.9% for the nine-month period ended September 29, 2018.
DSO stood at 76 days, a ten-day improvement compared to Q3 2017, better than Management's expectations.
Trailing twelve-month free cash flow of $555.6 million, representing 236.3% of net earnings attributable to shareholders.
Incorporating a full twelve-month adjusted EBITDA for all acquisitions, net debt to adjusted EBITDA ratio stood at 1.4x, slightly better than our target range.
Quarterly dividend declared of $0.375 per share, with a 52.0% Dividend Reinvestment Plan (“DRIP”) participation.
Full year 2018 financial outlook is once again reiterated. Net revenues and adjusted EBITDA anticipated to skew towards the higher end of ranges previously provided by Management in its 2018 outlook.
“We are pleased with our performance this quarter, as we posted 4.1% net revenues organic growth, attributable to all our operating segments. We also posted adjusted EBITDA margin of 12.7% for the quarter and 10.9% for the first nine months of the year. This performance once again demonstrates the strength of our business model based on geographical and sector diversification and our commitment to the execution of our strategy,” said Alexandre L’Heureux, President and CEO of WSP. “On the M&A front, the pending acquisition of Louis Berger represents a significant step forward in our ambition to become a top-tier global player. This transaction which is aligned with our 2015-2018 Strategic Plan, is expected to close by the end of the year, and will be financed using new term loans.” he added.