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WSP Reports Q3 2022 Results and Increases Financial Outlook

WSP delivered a third quarter with continued solid organic net revenue growth across all reportable segments, and increases in adjusted EBITDA, adjusted net earnings and adjusted net earnings per share.

Here are some of the Q3 2022 financial highlights: 

  • Revenues and net revenues for the quarter reached $2.9 billion and $2.2 billion, up 9.3% and 8.3%, respectively, compared to Q3 2021. Net revenue organic growth of 8.2% in the quarter is attributable to all reportable segments, led by Canada, the US, the UK and Australia.
  • Backlog as at October 1, 2022 stood at $13.3 billion, representing 12.3 months of revenues. In the twelve-month period ended October 1, 2022, backlog grew organically by 15.2% across all reportable segments.
  • Adjusted EBITDA in the quarter of $407.0 million, compared to $377.7 million in Q3 2021. Adjusted EBITDA margin for the quarter reached 18.6%, stable as compared to Q3 2021. 
  • Financial outlook for 2022 issued in the Q4 2021 press release is adjusted with an increased net revenues range now expected to be between $8.80 billion and $8.90 billion and an increased adjusted EBITDA range now expected to be between $1.51 billion and $1.53 billion (previously expected to fall in the range of $8.25 billion to $8.75 billion and between $1.43 to $1.49 billion respectively).
  • Since the start of the year, the number of employees has increased organically by approximately 3,200, with approximately 1,000 in the third quarter alone. Combined with our recent acquisitions, headcount increased by 10,500 in 2022.

“I am pleased with our performance in the third quarter, driven by our people’s tremendous efforts and positive momentum across the organization,'' said Alexandre L’Heureux, President and Chief Executive Officer of WSP. “Our solid organic growth in net revenue and backlog are the result of our client-focused approach and high demand for our services.”

“During the quarter, we officially welcomed over 7,300 skilled professionals from recent acquisitions who will contribute to our vision to become the undisputed leader in our industry. We are moving into the year's final stretch with confidence and a continued focus on executing our plan with discipline,” added Alexandre L’Heureux.

Detailed information on WSP’s financial performance can be found in the official press release.

About WSP
As one of the world’s leading professional services firms, WSP exists to future-proof our cities and environment. We provide strategic advisory, engineering, and design services to clients in the transportation, infrastructure, environment, building, power, energy, water, mining, and resources sectors. Our 65,000 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities we serve through a culture of innovation, integrity, and inclusion. Sustainability and science permeate our work. WSP derived about half of its $10.3B (CAD) 2021 revenues from clean sources. The Corporation’s shares are listed on the Toronto Stock Exchange (TSX: WSP). To find out more, please visit www.wsp.com.