WSP is very pleased with its performance in the first quarter of 2021 starting the year with significant increases in adjusted EBITDA, adjusted EBITDA margin and adjusted net earnings per share due to robust productivity levels. WSP is also reporting net revenues in line with Management's expectations, in addition to a healthy backlog and observing positive momentum in most of our key markets. Balance sheet and cash collection remain solid for the quarter.
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS
In line with Management's expectations, revenues and net revenues for the quarter reached
The Corporation anticipates low-single digit consolidated organic growth in its second quarter ending
Backlog as at
Adjusted EBITDA in the quarter of
Earnings before net financing expense and income taxes in the first quarter of 2021 of
Government subsidies of
Net earnings attributable to shareholders of
Adjusted net earnings 2 for the first quarter of 2021 of
DSO as at
Strong free cash flow of
Cash inflows from operating activities of
The net debt to adjusted EBITDA ratio stood at 0.2x, compared to 0.1x as at
Quarterly dividend declared of
'I am pleased with our solid start to the year. Despite starting the first quarter with a reduced headcount and two less billable days, resulting in the expected decrease in our net revenues, our productivity levels remained high allowing us to deliver strong margins,' said
DIVIDEND
FINANCIAL REPORT
This release includes, by reference, the 2021 first quarter financial reports, including the unaudited interim condensed consolidated financial statements and the Management's Discussion & Analysis ('MD&A') of the Corporation.
NON-IFRS MEASURES
The Corporation reports its financial results in accordance with IFRS. However, in this press release, the following non-IFRS measures are used by the Corporation: net revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted net earnings; adjusted net earnings per share; backlog; free cash flow; days sales outstanding ('DSO') and net debt to adjusted EBITDA ratio.
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 meanings 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.
ABOUT WSP
As one of the world's leading professional services firms, WSP provides engineering and design services to clients in the Transportation & Infrastructure, Property & Buildings, Earth & Environment, Power & Energy, Resources and Industry sectors, as well as offering strategic advisory services. WSP's global experts include engineers, advisors, technicians, scientists, architects, planners, environmental specialists and surveyors, in addition to other design, program and construction management professionals. Our talented people are well positioned to deliver successful and sustainable projects, wherever clients need us.
FORWARD-LOOKING STATEMENTS
Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, strategic ambitions, objectives, expectations, opinions, forecasts, projections, guidance, outlook or other statements that are not statements of fact. Forward-looking statements made by the Corporation in this press release are based on a number of assumptions believed by the Corporation to be reasonable as at
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, including risks relating to the COVID-19 pandemic. 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 risk factors, which, if realized, could cause the Corporation's actual results to differ materially from those expressed or implied in forward-looking statements, are included in WSP's Management's Discussion and Analysis for the quarter ended
Contact:
Tel: 438-843-7317
Email: alain.michaud@wsp.com
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