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WSP Reports Q3 2020 Results

WSP is pleased to report solid performance in Q3 2020 with an improved adjusted EBITDA margin and a strong financial position.

Some of the Q3 financial highlights included:

  • Revenues and net revenues of $2.1 billion and $1.7 billion, down 3.8% and 0.4%, respectively, compared to Q3 2019. Organically, net revenues contracted 3.4% for the quarter.
  • Backlog stood at $8.5 billion, reaching the record high of 11.6 months of revenues, up $374.0 million or 4.6% from $8.1 billion when compared to Q4 2019, and up $600.1 million, or 7.6% when compared to Q3 2019. Backlog organic growth reached 3.6% compared to Q4 2019, and 5.2% compared to Q3 2019.
  • Adjusted EBITDA of $297.1 million, up $8.9 million, or 3.1%, compared to $288.2 million in Q3 2019. Adjusted EBITDA margin at 17.6%, compared to 17.0% in Q3 2019.  
  • DSO stood at 72 days, the same as last quarter and still an historical best, compared to 80 days in Q3 2019.   
  • Cash inflows from operating activities of $743.3 million in Q3 2020, compared to 388.8 million in Q3 2019.   
  • Quarterly dividend declared of $0.375 per share, with a 54.0% Dividend Reinvestment Plan (“DRIP”) participation.
  • Financial outlook for 2020 issued in the Q2 2020 results press release is reiterated, with: adjusted EBITDA anticipated to skew towards the higher end of the range. (1) 

 
“Our results continue to reflect the objectives we had set at the beginning of the pandemic which were to maintain a good level of margins and a strong financial position,” said Alexandre L’Heureux, President and CEO of WSP. “We have demonstrated our ability to be operational resilient and to serve our clients with high-quality services in this unprecedented time, thanks to the adaptability and dedication of our employees. We remain agile and focused on operational efficiency to meet client expectations and plan for 2021,” 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 tomorrow, November 5th, 2020 at 8 a.m. (EST). The conference call details, and other relevant materials are available under “Investors”/ “Presentations and Events” section of this website.  

 

Executive Leadership Announcement

WSP also announced today that Paul Dollin, WSP’s Chief Operating Officer since 2014, will be leaving the organization at the end of the year to pursue new professional and personal opportunities. Until then, Paul will ensure a smooth transition of his responsibilities to current members of the Global Leadership Team.  

“On behalf of our entire management team and the Board of Directors, I thank Paul for his significant contribution to making WSP the leader it has become today. Among his many accomplishments, he has overseen the successful integration of the numerous companies acquired by WSP during his tenure, ensuring a common purpose, shared values and a unified corporate culture. We wish him the very best in his future endeavours,” added Alexandre L’Heureux. 

 

(1) This information constitutes forward-looking information, based on multiple estimates and assumptions about future events. The reader is cautioned that using this information for other purposes may be inappropriate. Actual results could differ and such differences may be material. Please refer to "Forward-looking statements" in the Q3 2020 press release.