WSP continues to deliver with a solid start to the financial year
WSP is pleased to report its Q1 2019 results with key financial metrics in line with Management's expectations and reiterates full year 2019 financial outlook.
Some of the Q1 financial highlights included:
Revenues and net revenues of $2,173.6 million and $1,663.4 million, up 13.8% and 13.2%, respectively, compared to Q1 2018.
Consolidated organic growth in net revenues stood at 3.2%, in line with Management’s expectations.
Adjusted EBITDA of $216.9 million, up $83.4 million, or 62.5%, compared to Q1 2018. Adjusted EBITDA margin at 13.0%, compared to 9.1% in Q1 2018. The significant increases in adjusted EBITDA and adjusted EBITDA margin are due, in large part, to the adoption of IFRS 16 - Leases, effective January 1, 2019. Excluding the impact of the adoption of IFRS 16- Leases, adjusted EBITDA would have stood at $153.1 million and adjusted EBITDA margin at 9.2%.
Backlog at $7,873.1 million, representing 10.7 months of revenues, up $194.4 million, or 2.5% when compared to Q4 2018 and up $1,154.3 million, or 17.2% when compared to Q1 2018. Backlog organic growth stood at 1.4% compared to Q4 2018.
DSO stood at 78 days, stable when compared to Q1 2018 and 2 days higher when compared to Q4 2018, mainly due to seasonality.
Trailing twelve-month free cash flow of $453.8 million, representing 173.2% of net earnings attributable to shareholders.
Quarterly dividend declared of $0.375 per share, with a 50.0% Dividend Reinvestment Plan (“DRIP”) participation.
“We are pleased with our financial performance for the first quarter as it met our targets set out in our 2019 outlook and provides a good start to our 2019-2021 strategic cycle,” said Alexandre L’Heureux, President and CEO of WSP. “In parallel, after a full quarter of combined activities with Louis Berger, we are now executing on our integration efforts according to plan. We have already began noticing the impact stemming from the collaboration of our teams and the synergistic benefits of the transaction,” he added.
Additional details on our financial results can be found in the official press release.
A conference call discussing these results will be held today at 4 p.m.(EST). The conference call details and other relevant materials are available under “Investors”/ “Presentations and Events” section of this website.