MONTREAL — WSP Global Inc. missed expectations even as its net income surged in the fourth quarter but fell for all of 2020.
The Montreal-based engineering firm says its net income attributable to shareholders was $68.9 million or 61 cents per diluted share, up from $40.5 million or 38 cents per share a year earlier.
Adjusted profits for the three months ended Dec. 31 were $81.1 million or 71 cents per share, up from $55.3 million or 52 cents per share in the fourth quarter of 2019.
Net revenues dropped 4.1 per cent to $1.69 billion, and organic net revenues decreased 5.9 per cent.
WSP Global was expected to post 83 cents per share in adjusted profits on $1.74 billion of revenues, according to financial data firm Refinitiv.
For the full-year, it earned $276 million or $2.50 per diluted share on $6.86 billion of revenues, compared with $286.5 million or $2.71 per share on $6,89 billion of revenues in 2019.
Adjusted profits came in at $3.08 per share, five cents per share below analyst forecasts but up from $2.91 a year earlier.
This story by The Canadian Press was first published Feb. 24, 2021.
Companies in this story: (TSX:WSP)
The Canadian Press