Here are some of the Q1 2022 financial highlights:
- Revenues and net revenues reached $2.7 billion and $2.1 billion, up 28.8% and 26.0% respectively, compared to the first quarter of 2021. Net revenue grew organically by 12.7%, of which approximately 4.5% was due to more billable days.
- Backlog stood at $11.0 billion, representing 12.1 months of revenues. In the 12-month period ended April 2, 2022, backlog grew organically by 15.8% across all reportable segments and by 6.2% when compared to December 31, 2021.
- Adjusted EBITDA was $324.6 million, up 34.7%, compared to $241.0 million in the first quarter of 2021. Adjusted EBITDA margin increased to 15.5% in the first quarter of 2022, compared to 14.4% in the first quarter of 2021, an increase of 110 basis points. The improvement in adjusted EBITDA margin was mainly attributable to strong performance across the organization.
- Adjusted net earnings totalled $136.4 million, or $1.16 per share, up $42.2 million or $0.33 per share, compared to the first quarter of 2021. The increases of 44.8% and 39.8% in these metrics were mainly attributable to higher adjusted EBITDA.
“I am very pleased with our strong start to the year,” said Alexandre L’Heureux, WSP’s President and CEO. “We had an excellent first quarter fuelled by outstanding organic growth, all while building an even more robust backlog. Coupled with our increased profitability, this momentum bodes well for 2022.”
“The quarter also marked the one-year anniversary of the Golder acquisition,” Mr. L’Heureux added. . “Today, Golder is fully embedded in our business, allowing us to further capitalize on the thriving environmental sectors. With our healthy balance sheet, we are now well-positioned to execute our 2022-2024 Global Strategic Action Plan.”
Detailed information on WSP’s financial performance can be found in the official press release. A conference call discussing these results will be held on May 12 at 8 a.m. (EDT), followed at 11 a.m. (EDT) by our virtual annual meeting of shareholders.