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WSP Reports Q3 2021 Results in Line with Improved Guidance

WSP announces financial and operating results for the third quarter of fiscal 2021. Performance is in line with management's expectations with organic revenue growth in all segments and favorable results from recent acquisitions.

Some of the Q3 2021 financial highlights include: 

  • Revenues and net revenues for the quarter reached $2.7 billion and $2.0 billion, up 24.0% and up 20.1%, respectively, compared to Q3 2020.
  • Continued positive momentum at Golder in the third quarter of 2021 with integration activities progressing according to plan.
  • Backlog stood at $10.0 billion, representing 11.6 months of revenues, up 19.1% in the nine-month period, due to acquisition growth and steady organic growth. On a constant currency basis, backlog grew organically by 5.5% compared to backlog as at December 31, 2020. Overall proposal activity continues to be robust across the business.
  • Adjusted EBITDA of $377.7 million, up $80.6 million or 27.1%, compared to $297.1 million in Q3 2020, largely due to the contribution of recent acquisitions. No significant government subsidies were received during the third quarter.
  • Adjusted EBITDA margin for the quarter reached 18.6%, compared to 17.6% in Q3 2020. The improvement in adjusted EBITDA margin is mainly attributable to the higher margin profile of recent acquisitions and improved market conditions in multiple regions.
  • DSO stood at 73 days, compared to 72 days in Q3 2020.
  • Quarterly dividend declared of $0.375 per share, with a 54.2% Dividend Reinvestment Plan (“DRIP”) participation.

“I am pleased with the continued momentum we have experienced in the third quarter. Our results are in line with our improved financial guidance disclosed this past August and reflects strong performance from our platform and our 2021 acquisitions. We are confident that we will achieve our 2019-2021 ambitions,” said Alexandre L’Heureux, President and CEO of WSP. “Our 2021 performance to date, combined with a healthy backlog and favorable fundamentals, set the stage for our next strategic cycle. Despite the current context and related uncertainties, which we will continue to navigate with discipline, we see significant opportunities for WSP to continue to succeed,” he added.

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