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WSP Global's fourth quarter shows impact of acquisitions: revenue, costs up

MONTREAL – WSP Global Inc. (TSX:WSP) has reported a net loss of $7.6 million or 10 cents per share in the fourth quarter, including costs related to business acquisitions, restructuring and operational reorganization.

The Montreal-based company’s revenue, which has been bolstered by its purchase of Parsons Brinckerhoff last October, jumped to $1.158 billion including subconsultants, from $530.4 million in the comparable period of 2013.

The 2014 fourth quarter included $61.8 million of costs from what WSP labels “non-underlying items” that it believes should be excluded from the company’s financial performance — compared with $4.3 million in the comparable period of 2013.

It also booked $15.8 million for amortization of intangible assets, up from $8.7 million in the 2013 fourth quarter.

Excluding those items, WSP said its net earnings attributable to shareholders after tax were $50.8 million or 84 cents per share for the fourth quarter and $141.7 million or $2.21 per share for the full year..

WSP had $2.9 billion of annual revenue, and $62.2 million or 98 cents per share of net earnings for all of 2014, compared with $2.016 billion of revenue and $70.2 million of net income in 2013.