WSP Global benefitting from government focus on infrastructure projects, says CEO
BNN Bloomberg
WSP Global Inc.’s top executive says the company is reaping the benefits from increased spending from governments around the world on large-scale infrastructure projects.
Alexandre L’Heureux, president and CEO of WSP, says there has been renewed focus on building infrastructure like mass transit and airports, which will translate into higher demand for WSP’s services.
The Montreal-based engineering consulting firm reported a record high backlog of $17.1 billion in its fourth-quarter results.
It also reported net earnings attributable to shareholders of $256.3 million in the quarter, up from $166.9 million during the same period a year earlier.
Revenue came in at $4.85 billion, rising year-over-year from $4.66 billion.
L’Heureux also says the company remains more insulated from AI disruption than other sectors because it manages complex physical projects.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
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