WSP Global & Tutor Perini Announce Profit Results: What to Know

Last week, contracting firms WSP Global and Tutor Perini each announced profit results in two separate earnings calls—both full year 2019 and fourth quarter results. Here’s a quick rundown of the key points from the calls for each company: 

WSP Global

The Canadian contracting giant reported 2019 net revenues were up 23% from the same time period in 2018 at a total of $418.7 million in USD ($559.2 million in Canadian dollars). For the Americas segment, net revenues were up 34%. 

Net revenue for Q4 for the company reached an overall total of $1.8 billion, up 14.3%. 

In its 2019 report, the firm produced a timeline of notable achievements over the year, including a substantial number of acquisitions, including: 

  • Sepia (civil and geotechnical engineering) in February 2019
  • Leach Wallace Associates (MEP engineering design for health care) in April 2019 
  • Todt, Gmür + Partner AG (buildings) in April 2019
  • Indigo Planning Limited (city planning) in May 2019
  • Orbicon A/S (environmental consulting) in September 2019
  • Lievense (consulting firm) in October 2019 
  • Elton Consulting (consulting firm) in November 2019
  • Ecology and Environment (environmental consulting firm) in December 2019

The company did not specifically mention, however, rumors of an upcoming AECOM merger in 2020. 

Tutor Perini

The Los Angeles, California-based general contractor reported a $387.7 million net loss for for 2019 and a loss of $86.1 million for Q4 2019.

The net loss was attributed to two sizeable charges—one related a jury verdict surrounding the construction of the company’s Alaskan Way Viaduct Replacement project (SR 99) (loss of $123.9 million) and a goodwill impairment charge stemming from a drop in stock pricing during Q2 of 2019 (net loss of $387.7 million). 

Without the charges, the company seemed to have a relatively profitable year. The company’s civil segment revenue was up 12% year or year. Total revenue for Q4 was $1.2 billion, and Tutor Perini finished out 2019 with $4.5 billion in revenue for the full year. 

The firm closed out 2019 $11.2 billion in backlog, a 21% increase over 2018’s number. 

 

OUR DIGITAL PARTNERS