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PFAS cleanup is the “flavor of the day,” according to WSP CEO and President Alexandre L’Heureux, as federal and other agencies move to build new water remediation facilities.
For-and polyfluoroalkyl substances, or PFAS, are a group of widely used chemicals known as “forever chemicals” that can pose serious risks to human health and the environment. Cleaning up PFAS in the US water supply has become a increased focus area of many grains AEC companies following an April EPA ruling that designated two types of PFAS as hazardous substances.
In recent months, the Canadian contractor has won many PFAS cleanup awards, mostly with the Defense Department, L’Heureux said on a call with investment analysts to discuss the Montreal-based project. company’s second quarter results.
“I think we have excellent capabilities in that regard to move forward and take a leadership position,” he said, adding that he “felt very good” about the company’s Earth and Environment sector in general
Numbers Q2
WSP reported revenue of CA$3.93 billion ($2.85 billion USD) in the second quarter, up 8.5% from CA$3.63 billion in Q2 2023. Its profits grew to 184.1 million of CA$ in the second quarter of 2024, up 22.2% from the same period last year.
The backlog was at a record high of CA$14.7 billion, up 2.8% from the second quarter of 2023. The company marginally raised its financial outlook for the year, saying it now expects between $11.4 billion and $11.8 billion in net income, up from the previous year. indicated range of $11.2 billion to $11.7 billion.
While Asia is going through a rough patch and there has been a slowdown in New Zealand, L’Heureux said its North American and European regions are performing very well and “it feels good that we are operating in the right markets “.
Alexandre L’Heureux
He sees more room for growth in the US, especially in the Midwest, the South and California.
In addition, L’Heureux said “the flow is great” in the company’s federal job backlog in the US and he doesn’t expect the presidential election to interrupt that momentum, especially as the Infrastructure Investment and Jobs Act still has a few more. years of funding to distribute.
“Whether we’re looking at infrastructure projects, CHIPS Act projects or inflation [Reduction] Act projects, things are going really well at the moment,” said L’Heureux.
L’Heureux also highlighted New Zealand, Australia and Canada as markets where the company sees opportunities.
Excited about acquisitions
In May, WSP completed the acquisition of Spanish consultancy 1A Ingenieros, which has around 250 employees and is active in the electricity and energy sector, L’Heureux said on the call.
Earlier this year WSP also announced the purchase from New York City-based AKF, a mechanical, electrical and plumbing company; The Finnish railway consultants Proxion Pro and Proxion Plan; and Communica Public Affairs, a Canadian Indigenous and stakeholder engagement company. WSP bought four other companies last year.
Acquisitions remain a critical part of accelerating WSP’s growth and expansion capabilities, L’Heureux said, adding that “the pipeline of opportunities remains strong.” 2023 was a year of consolidation, but now that the company has integrated many of these new firms, “I can tell you that we’re open for business now,” he said, and I’m “more excited now than I was six months ago.” does.”
But L’Heureux doesn’t want to rely solely on acquisitions to grow the company, adding that his goal is to demonstrate organic growth in addition to inorganic growth.
New projects
Heureux highlighted several major project wins over the past quarter, including:
