MONTREAL Engineering firm WSP Global (TSX:WSP) hopes infrastructure spending in Quebec will help kick start lagging business on the company home turf.
In addition to tightened government spending in Quebec and in Ontario outside of Greater Toronto, the company has been hit by a lack of new capital spending projects in the mining industry.
the first quarter, with revenues from existing operations falling 13 per cent on Nike Classic Cortez Nylon Green
Shoiry said the company performance and recent acquisitions put it on the path to achieve its objective of having $2.3 billion of annual revenues by the end of 2015.
Revenues were $511.1 million, up 6.8 per cent from $478.7 million year over year.
is encouraging now is we seeing increased activity, CEO Pierre Shoiry said during a conference call with analysts on Tuesday. have some important proposals in and we expect to stabilize the business and hopefully see some growth in 2015. Canadian operations continued to slow in Nike Cortez For Men
an 8.4 per cent decrease in Quebec.
WSP Group recently announced it was expanding its reach in Western Canada oil and gas sector with the acquisition of Focus Group Holding Inc., a 1,700 employee Alberta engineering and geomatics firm, for $366 million.
Despite vowing to balance the provincial budget in two years, Quebec new Liberal government has promised to spend $15 billion on infrastructure projects and Ottawa is proceeding with a multibillion dollar bridge in Montreal.
The Montreal based company said its net earnings attributable to shareholders were 33 cents per share for the period ended March 29, in line with analysts estimates. That compared with 28 cents per share or $14.5 million a year earlier.
weakness in Canada (particularly Eastern Canada) was offset by stronger performance from the rest of the business. With strong backlog momentum, we should see organic growth reacceleration Nike Cortez Pink Blast as the year progresses, he wrote in a report.
WSP (TSX:WSP) has said it will bid on several large contracts, including the Turcot highway near Montreal, the new Champlain bridge and a suburban Montreal transit project.
WSP Global said its backlog hit a record $1.72 billion, representing about 10 months of revenue, up 15 per cent from the fourth quarter.
Maxim Sytchev of Dundee Securities said while WSP Canadian business was Nike Cortez Ultra Moire Navy
down, it represented only a quarter of the overall company prior to the Focus acquisition.
are satisfied with our first quarter results, which are for the most part in line with our expectations, he told the analysts.
The company said its profits surged 19 per cent to $17.3 million in its latest quarter on higher revenues around the world aside from Canada, Germany and South Africa.
However, Shoiry said he confident Quebec operations will stabilize later this year now that municipal and provincial elections are history and the company has received certification to bid on new contracts.
WSP Global hopes infrastructure spending will boost lagging Quebec business
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