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WSP Global beats earnings expectations as it locks down large projects

WSP Global beats earnings expectations as it locks down large projects

MONTREAL—WSP Global Inc. boosted profits and revenue last quarter, beating expectations as it secured key project wins across three continents.

The engineering firm also enjoyed organic backlog growth of nearly 16 per cent to $11 billion in its first quarter.

The increase came as it locked down contracts tied to Ontario’s GO Transit expansion plans, an offshore energy hub in the Adriatic Sea and a hospital redevelopment in Melbourne, Australia.

The Montreal-based company is reporting net earnings attributable to shareholders of $95 million or 81 cents per share in the quarter ended April 2 compared with $87.9 million or 77 cents per share in the same period last year.

Revenues leaped 29 per cent to $2.71 billion from $2.10 billion a year earlier.

Adjusted net earnings climbed to $136.4 million or $1.16 per share in the first quarter from $94.2 million or 83 cents per share a year earlier, beating the average analyst estimate by six cents per share, according to financial data firm Refinitiv.

© 2022 The Canadian Press

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