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Sep 30, 2022
Quanta Services Q3 2022 Earnings Report
Quanta Services reported solid results in Q3 2022, with record financial metrics and strategic initiatives driving growth and value.
Key Takeaways
Quanta Services reported record third-quarter revenues of $4.46 billion, a GAAP diluted EPS of $1.06, and an adjusted diluted EPS of $1.77. The company's net income attributable to common stock was $156.0 million, and adjusted EBITDA was $467.4 million. Strong free cash flow and a total backlog of $20.9 billion were also reported, reaffirming the company's confidence in its full-year 2022 financial expectations.
Quanta delivered solid results in the third quarter, with multiple record financial metrics.
The company continues to profitably grow and perform at a high-level, demonstrating its repeatable and sustainable model.
Quanta is capitalizing on the energy transition, which has been enhanced by the passage of the Inflation Reduction Act of 2022.
The company expects significant backlog growth as it enters 2023, which supports its expectations for profitable growth next year.
Revenue by Segment
Forward Guidance
Quanta Services expects revenues to range between $16.80 billion and $17.00 billion, net income attributable to common stock to range between $473 million and $507 million, diluted earnings per share attributable to common stock to range between $3.19 and $3.43 and adjusted diluted earnings per share attributable to common stock to range between $6.15 and $6.39 for the full year ending December 31, 2022.
Positive Outlook
- The long-term outlook for Quanta’s business is positive.
- The company expects revenues to range between $16.80 billion and $17.00 billion.
- Net income attributable to common stock to range between $473 million and $507 million.
- Diluted earnings per share attributable to common stock to range between $3.19 and $3.43.
- Adjusted diluted earnings per share attributable to common stock to range between $6.15 and $6.39.
Challenges Ahead
- Weather, regulatory, permitting, supply chain challenges and other factors impacting project timing and execution have impacted the company’s historical results and may impact Quanta’s future financial results.
- The company continue to consider future uncertainty associated with overall challenges impacting the domestic and global economy, including inflation, increased interest rates and recessionary economic conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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