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Mar 31, 2023
Quanta Services Q1 2023 Earnings Report
Quanta Services' first quarter results for 2023 were announced, featuring revenue growth and a record total backlog.
Key Takeaways
Quanta Services reported a strong start to 2023, with a record total backlog of $25.3 billion. First quarter revenues reached $4.43 billion, and adjusted EPS was $1.24. The company is raising full-year 2023 revenue expectations and reiterating full-year 2023 EPS expectations.
Quanta Services reported first quarter consolidated revenues of $4.43 billion.
GAAP diluted EPS was $0.64, and adjusted diluted EPS was $1.24.
Net income attributable to common stock was $95.0 million, and adjusted EBITDA was $332.4 million.
The company's remaining performance obligations reached $10.3 billion, and total backlog was $25.3 billion.
Revenue by Segment
Forward Guidance
Quanta Services expects revenues to range between $18.60 billion and $19.10 billion and now expects net income attributable to common stock to range between $688 million and $762 million for full year 2023.
Positive Outlook
- Revenues are expected to range between $18.60 billion and $19.10 billion.
- Net income attributable to common stock is expected to range between $688 million and $762 million.
- Diluted earnings per share attributable to common stock is expected to range between $4.62 and $5.11.
- Adjusted diluted earnings per share attributable to common stock is expected to range between $6.75 and $7.25.
- Net cash attributable to operating activities is expected to range between $1.15 billion and $1.40 billion.
Challenges Ahead
- Weather can affect project timing and execution.
- Regulatory factors can affect project timing and execution.
- Permitting issues can affect project timing and execution.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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