WSP Global reports lower earnings for fourth quarter, full year though revenues rise

MONTREAL – WSP Global says it earned $120 million in the fourth quarter of 2022, down 5.3 per cent from the same quarter a year earlier.

That’s despite the Montreal-based consultancy company reporting revenues grew 23.2 per centto $3.56 billion during the quarter ended Dec. 31.

Earnings for the full financial year were $431.8 million, down 8.8 per cent from $473.6 million in 2021, while revenues were $11.93 billion, up 16.1 per cent.

WSP says the decreases in net earnings are due to several reasons including higher amortization and depreciation, and higher business acquisition and integration costs.

Earnings per share were 96 cents for the fourth quarter, down from $1.08 a year earlier.

Adjusted net earnings for the quarter were $209.3 million, up 21.9 per cent from $171.7 million a year earlier, while adjusted net earnings per share were $1.68, up from $1.46.

This report by The Canadian Press was first published March 8, 2023.

Companies in this story: (TSX:WSP)