Net income dropped to
"Net earnings have been significantly impacted by the extreme volatility observed in the main market indexes and in foreign exchange rates mainly resulting from the COVID-19 pandemic," WSP said in quarterly filings.
The engineering firm sought to reassure investors with the release of financial results Wednesday, three weeks after it withdrew its 2020 guidance due to "unprecedented uncertainty" prompted by the pandemic.
"In most of WSP's major hubs, many of the services or projects are considered as essential services and the corporation has, to date, maintained good productivity levels and our clients have thus far generally remained committed to their projects, particularly in the public sector," the company said.
Public sector projects accounted for 56 per cent of revenues last year, leaving the firm relatively stable during the crisis with most staff working remotely.
WSP is "in a good spot," said analyst
"
About four per cent of the company's business stems from oil, one of the lowest resource exposure levels in the engineering industry, Bastien said.
"No engineering consultancy will exit the COVID-19 crisis unscathed, to be clear."
The
CEO
"Our April results are better than we had expected going into the month," he said in a release.
At the end of March, WSP had
On a per share basis, diluted net earnings decreased to
WSP says revenues edged up by 1.7 per cent year over year to reach
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