WSP Global again misses expectations as 2019 capped by weaker fourth quarter

MONTREAL – WSP Global Inc. missed expectations as it capped 2019 with a weaker fourth quarter than in the previous year.

The Montreal-based engineering consultant says its net income attributable to shareholders was $40.5 million for the period ended Dec. 31, down from $43.3 million a year earlier.

Excluding one-time items, adjusted profits fell 4.2 per cent to $56.6 million or 53 cents per diluted share, compared with $59.1 million or 57 cents per share in the prior year.

Net revenues grew 14.3 per cent to $1.76 billion.

WSP was expected to earn 86 cents per share in adjusted profits on $1.77 billion of revenues, according to financial markets data firm Refinitiv.

For the full year, its net income increased to $286.5 million from $248.1 million. Adjusted profits rose 10.7 per cent to $326.7 million or $3.10 per share, up from $295.2 million or $2.83 per share in 2018.

Revenues increased to $6.89 billion from $6 billion.

Analysts had expected adjusted earnings of $3.44 per share on $6.9 billion of revenues.

This report by The Canadian Press was first published Feb. 26, 2020.

Companies in this story: (TSX:WSP).