The Globe and Mail reports in its Friday edition that WSP Global reported accelerating growth in its most recent quarter and forecasts continued growth, despite investor concerns that artificial intelligence may impact corporate profits in the sector.
The Globe's Nicolas Van Praet writes that WSP Global, which has ballooned through acquisitions and is currently trying to negotiate a multibillion-dollar takeover of Dutch engineering consultancy group Arcadis, on Thursday reported results that beat analyst expectations. It raised its financial guidance slightly for the year.
Net revenue for the quarter ended June 26 came in at $4.3-billion, up 23 per cent over the same period last year, including a 5-per-cent pick-up in growth from existing operations. All regions performed well, notably Canada and the United States.
Adjusted earnings before interest, taxes, depreciation and amortization jumped 29 per cent year-over-year to $815-million or $2.88 a share, compared with the $2.82 a share analysts expected. Net earnings were $246-million or $1.83 a share, down from the year before, on higher acquisition and integration costs among other items. WSP continues to hunt for acquisitions to increase its operational expertise.
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