“WSP continued to leverage its momentum and achieved higher than expected organic growth across all our geographies in the first quarter of 2023,” said Alexandre L’Heureux, President and CEO of WSP. “These first quarter results highlight the diligent execution of our robust 2022-2024 Global Strategic Action Plan, driven by the positive industry dynamics, our enhanced presence in key regions, and the high demand for our services.”
Here are some of the Q1 2023 financial highlights *:
- In the first quarter of 2023, our revenues and net revenues reached $3.49 billion and $2.67 billion, up 28.7% and 27.0%, respectively compared to the same period in 2022. The increase in net revenue was principally due to acquisition growth of 15.8% and organic growth of 8.6%. Organic growth was achieved across all reportable segments.
- Adjusted EBITDA stood at $413.3 million, up 27.3%, compared to the same period last year.
- As of April 1, 2023, backlog stood at $13.8 billion, representing 12.1 months of revenues.
- The 2023 financial outlook issued on March 8, 2023 in the Q4 2022 press release is reiterated as well as key related assumptions.
Detailed information on WSP’s financial performance can be found in the official press release.
A conference call discussing these results will be held at 8:00 a.m. (EDT) on May 11, 2023, followed by our annual and special meeting of shareholders at 11 a.m. (EDT). To learn more about the conference call and annual meeting, please, visit the Investors section, on wsp.com.
*All figures in CAD.
As one of the largest professional services firms in the world, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering and design services to clients seeking sustainable solutions in the transportation, infrastructure, environment, building, energy, water, and mining sectors. Its 67,000 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities it serves through a culture of innovation, integrity, and inclusion. In 2022, WSP reported $11.9 B (CAD) in revenue. The Corporation’s shares are listed on the Toronto Stock Exchange (TSX: WSP).