MONTREAL, QUEBEC--(Marketwired - Nov. 8, 2017) - WSP Global Inc. (TSX:WSP) ("WSP" or the "Corporation") today announced its financial and operating results for the third quarter of fiscal 2017, which ended on September 30, 2017.


The quarter delivered robust consolidated organic growth in net revenues of 4.4% and adjusted EBITDA margin of 12.5%, both slightly ahead of Management's expectations. Backlog remained stable compared to prior quarter and DSO was in line with seasonality cycle.

  • Revenues and net revenues of $1,636.8 million and $1,286.2 million, up 5.4% and 8.1%, respectively, compared to Q3 2016.
  • Adjusted EBITDA of $160.4 million, up $13.2 million or 9.0%, compared to Q3 2016.
  • Adjusted EBITDA margin at 12.5%, compared to 12.4% in Q3 2016.
  • Adjusted net earnings of $79.5 million, or $0.77 per share, up 18.8% and 16.7%, respectively, compared to Q3 2016.
  • Adjusted net earnings excluding amortization of intangible assets related to acquisitions of $89.9 million, or $0.88 per share, up 16.5% and 14.3%, respectively, compared to Q3 2016.
  • Net earnings attributable to shareholders of $72.6 million, or $0.71 per share, up 14.7% and 12.7%, respectively, compared to Q3 2016.
  • Backlog at $5,963.9 million, representing 10.2 months of revenues, comparable to Q2 2017 and up $592.7 million, or 11.0% compared to Q3 2016.
  • DSO stood at 86 days, stable when compared to Q3 2016.
  • Free cash flow, on a trailing twelve-month basis, at $251.3 million and 105.1% of net earnings.
  • Quarterly dividend declared of $0.375 per share, with a 52.8% Dividend Reinvestment Plan ("DRIP") participation.
  • Net debt to adjusted EBITDA ratio stood at 1.8x, in line with our target range.
  • Full-year 2017 financial outlook reiterated, biased towards the higher end of the ranges provided pertaining to net revenues, organic growth in net revenues and adjusted EBITDA. As previously disclosed, the billable days differential between Q4 2017 and Q4 2016 will negatively impact certain critical Q4 2017 comparative performance metrics.

"We are pleased with another solid performance this quarter, as we posted 4.4% net revenue organic growth, which was attributable to all operating segments. This performance is a reflection of the strength of our operating model and commitment to the execution of our strategy," said Alexandre L'Heureux, President and CEO of WSP. "On the M&A front, the acquisition of POCH and ConCol in Latin America represent a significant step forward in our ambition to become a top-tier pure player in the region, where we now have 2,500 professionals. These transactions, which were financed using our available cash and credit facilities, are in line with the Corporation's 2015-2018 Strategic Plan and we would like to welcome all our new colleagues to the team. Additionally, we announced the anticipated acquisition of Opus, a 3,000-employee firm based in New Zealand. Once closed, this transaction will enable us to fulfill our strategic ambitions of enhancing activities in the Australia/New Zealand region, while strengthening our expertise in the water-related infrastructure sector and asset development/management," he added.


The Board of WSP declared a dividend of $0.375 per share. This dividend will be payable on or about January 15, 2018, to shareholders of record at the close of business on December 31, 2017.


This release includes, by reference, the 2017 third quarter financial reports, including the unaudited interim consolidated financial statements and the Management's Discussion & Analysis ("MD&A") of the Corporation.

For a copy of our full financial results for the third quarter of 2017, including the MD&A and the unaudited interim consolidated financial statements, please visit our website at


WSP will hold a conference call at 4 p.m. (Eastern Time) on November 8, 2017, to discuss these results. To participate in the conference call, dial 1-647-788-4922 or 1-877-223-4471 (toll-free). A presentation of the 2017 third quarter highlights and results will be available on the same day at in the Investors section.

The conference call will also be broadcasted live and archived in the Investor section of the WSP website.

A replay of the call will be available until December 8, 2017. The telephone numbers to access the replay of the call are 1-416-621-4642 or 1-800-585-8367 (toll-free), access code 9769538. The replay of the conference call will also be available in the Investors section of the WSP website under Presentations & Events, in the days following the event.


2017 2016 2017 2016
(in millions of dollars, except number of shares and per share data) For the
period from July 2 to September 30
For the
period from June 26 to September 24
For the
period from January 1 to September 30
For the
period from January 1 to September 24
Revenues $1,636.8 $1,552.5 $4,987.9 $4,581.2
Less: Subconsultants and direct costs $350.6 $362.7 $1,109.9 $1,013.8
Net revenues* $1,286.2 $1,189.8 $3,878.0 $3,567.4
Personnel costs $953.4 $884.5 $2,958.6 $2,717.0
Occupancy costs $61.5 $56.9 $171.5 $170.9
Other operational costs(1) $111.2 $101.5 $334.1 $318.0
Share of earnings of associates $(0.3 ) $(0.3 ) $(1.4 ) $(2.2 )
Adjusted EBITDA* $160.4 $147.2 $415.2 $363.7
Acquisition and integration costs* $9.4 $5.3 $16.1 $17.8
EBITDA* $151.0 $141.9 $399.1 $345.9
Amortization of intangible assets $20.6 $20.5 $61.3 $60.7
Depreciation of property, plant and equipment $19.4 $18.5 $57.3 $54.7
Financial expenses $10.0 $10.1 $26.6 $29.2
Share of depreciation of associates $0.2 $0.3 $0.9 $1.1
Earnings before income taxes $100.8 $92.5 $253.0 $200.2
Income-tax expense $28.2 $29.6 $69.9 $57.1
Share of tax of associates $- $- $0.1 $0.4
Net earnings $72.6 $62.9 $183.0 $142.7
Attributable to:
- Shareholders $72.6 $63.3 $183.0 $143.1
- Non-controlling interests $- $(0.4 ) $- $(0.4 )
Basic net earnings per share $0.71 $0.63 $1.79 $1.43
Diluted net earnings per share $0.71 $0.63 $1.79 $1.43
Basic weighted average number of shares 102,684,023 100,715,048 102,234,641 100,192,698
Diluted weighted average number of shares 102,816,146 100,751,886 102,343,828 100,222,875
* Non-IFRS measures are described in the 'Glossary' section
(1) Other operational costs include operational foreign exchange gains/losses and interest income


The Corporation reports its financial results in accordance with IFRS. However, the following non-IFRS measures are used by the Corporation: net revenues; EBITDA; adjusted EBITDA; adjusted EBITDA margin; adjusted EBITDA before Global Corporate costs; adjusted EBITDA margin before Global Corporate costs; adjusted net earnings (loss); adjusted net earnings (loss) per share; adjusted net earnings (loss) excluding amortization of intangible assets related to acquisitions; adjusted net earnings (loss) excluding amortization of intangible assets related to acquisitions per share; acquisition and integration costs; backlog; funds from operations; funds from operations per share; free cash flow; free cash flow per share; days sales outstanding (or DSO) and net debt to adjusted EBITDA. Additional details for these non-IFRS measures can be found in WSP's MD&A, which is posted on WSP's website at, and filed with SEDAR at

Management believes that these non-IFRS measures provide useful information to investors regarding the Corporation's financial condition and results of operations as they provide key metrics of its performance. These non-IFRS measures are not recognized under IFRS, do not have any standardized meaning prescribed under IFRS and may differ from similar computations as reported by other issuers, and accordingly may not be comparable. These measures should not be viewed as a substitute for the related financial information prepared in accordance with IFRS.


As one of the world's leading professional services firms, WSP provides technical expertise and strategic advice to clients in the Property & Buildings, Transportation & Infrastructure, Environment, Industry, Resources (including Mining and Oil & Gas) and Power & Energy sectors. We also offer highly specialized services in project delivery and strategic consulting. Our experts include engineers, advisors, technicians, scientists, architects, planners, surveyors and environmental specialists, as well as other design, program and construction management professionals. With approximately 38,000 talented people in 500 offices across 40 countries, we are uniquely positioned to deliver successful and sustainable projects, wherever our clients need us.


Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. WSP's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP's actual or projected results are included in the Management's Discussion and Analysis for the year ended December 31, 2016, which is available on SEDAR at The forward-looking statements contained in this press release are made as of the date hereof and WSP does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.

Contact Information:

Isabelle Adjahi
Senior Vice President, Investor Relations and Communications
WSP Global Inc.
(438) 843-7548