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Solid start to 2019 continues with second quarter results

WSP reports its Q2 2019 results with key financial metrics in line with Management's expectations.

Some of the Q2 financial highlights included:

  • Revenues and net revenues of $2,311.7 million and $1,768.6 million, up 14.1% and 14.8%, respectively, compared to Q2 2018.
     
  • Consolidated organic growth in net revenues stood at 2.5% for the quarter and 2.9% year-to-date, in line with Management's expectations.
     
  • Adjusted EBITDA of $265.4 million, up $95.9 million, or 56.6%, compared to Q2 2018.
    Adjusted EBITDA margin at 15.0%, compared to 11.0% in Q2 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 $201.7 million and adjusted EBITDA margin at 11.4%.
     
  • Backlog at $7,952.7 million, representing 10.7 months of revenues, up $79.6 million, or 1.0% when compared to Q1 2019 and up $1,245.8 million, or 18.6% when compared to Q2 2018.  Backlog organic growth stood at 2.1% compared to Q2 2018.
     
  • DSO stood at 80 days, 1 day higher compared to Q2 2018 due to the acquisition of Berger Group Holdings, Inc. ("Louis Berger"). Excluding the impact of Louis Berger, DSO would have been 77 days, 2 days lower than Q2 2018.
     
  • Trailing twelve-month free cash flow of $484.8 million, representing 171.1% of net earnings attributable to shareholders.
     
  • Quarterly dividend declared of $0.375 per share, with a 51.7% Dividend Reinvestment Plan (“DRIP”) participation.

 “I am pleased with our second quarter results as the performance in the majority of our regions remains solid. We also continued to improve margin and DSO management, further strengthening our balance sheet, a key element supporting our growth strategy,” said Alexandre L’Heureux, President and CEO of WSP. “Based on the progress made in the first half of the year, we are confident that our efforts will further contribute to the targets set for 2019, and are therefore reiterating our 2019 outlook,” 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.

Read the official press releaseConference call and other materials