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WSP Reports Q1 2021 Results and a Strong Start to the Year

WSP is very pleased with its performance in Q1 2021, starting the year with significant increases in adjusted EBITDA, adjusted EBITDA margin and adjusted net earnings per share due to robust productivity levels.

 We are also pleased to report net revenues in line with Management’s expectations, in addition to a healthy backlog and observing positive momentum in most of our key markets.   

Some of the Q1 2021 financial highlights included: 

  • Revenues and net revenues for the quarter reached $2.1 billion and $1.7 billion, down 4.8% and 4.0%, respectively, compared to Q1 2020.

  • WSP anticipates consolidated organic growth to be in the low-to-mid single digit range for Q2 2021.

  • Backlog stood at $8.4 billion, representing 11.5 months of revenues. On a constant currency basis, backlog grew organically by 1.7% when compared to Q4 2020. 

  • Adjusted EBITDA of 241.0 million, up 10.3% compared to 218.4 million in 2020. Adjusted EBITDA margin for 2021 increased to 14.4% compared to 12.6% in 2020. The improvement is mainly attributable to better productivity across the regions. 

  • DSO stood at 68 days, compared to 77 days in Q1 2020.

  • Quarterly dividend declared of $0.375 per share, or 42.7 million, with a 49.1% Dividend Reinvestment Plan (“DRIP”) participation. 

“I am pleased with our solid start to the year. Despite starting the first quarter with a reduced headcount and two less billable days, resulting in the expected decrease in our net revenues, our productivity levels remained high allowing us to deliver strong margins,” said Alexandre L’Heureux, WSP’s President and CEO. “With the recent closing of the Golder acquisition, the increased diversification of our capital structure, and cementing our purpose to create a more sustainable world for all our stakeholders, our commitment to remaining operationally resilient is stronger than ever. Given our performance to date, our strong balance sheet, healthy backlog and proposal activity, we are optimistic that we will return to growth in Q2 and are reiterating our outlook. We believe this positions us favorably to achieve our 2019-2021 strategic ambitions notwithstanding these unprecedented times,” he added. 

Additional details on our financial performance can be found in the official press release.