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Sep 30, 2023
Quanta Services Q3 2023 Earnings Report
Quanta Services reported record revenues for Q3 2023, driven by strong performance in the Electric Power and Renewable Energy segments, and acquired Pennsylvania Transformer Technology, LLC.
Key Takeaways
Quanta Services reported record third-quarter revenues of $5.62 billion, a significant increase from $4.46 billion in the same period last year. GAAP diluted EPS was $1.83, and adjusted diluted EPS was $2.24. The company's total backlog reached an all-time high of $30.1 billion. Quanta also announced the acquisition of Pennsylvania Transformer Technology, LLC.
Record third quarter consolidated revenues of $5.62 billion.
GAAP diluted EPS of $1.83 and adjusted diluted EPS of $2.24.
Net income attributable to common stock of $272.8 million.
Total backlog reached $30.1 billion, an all-time high.
Quanta Services
Quanta Services
Forward Guidance
Quanta Services provided full-year 2023 revenue guidance of $20.1 billion to $20.4 billion and net income between $729 million and $759 million.
Positive Outlook
- Revenues expected to range between $20.1 billion and $20.4 billion.
- Net income attributable to common stock to range between $729 million and $759 million.
- Diluted earnings per share attributable to common stock to range between $4.90 and $5.10.
- Adjusted diluted earnings per share attributable to common stock to range between $7.00 and $7.20.
- Net cash attributable to operating activities to range between $1.20 billion and $1.40 billion.
Challenges Ahead
- Weather, regulatory, and permitting issues may affect project timing.
- Supply chain challenges could impact financial results.
- Uncertainty associated with overall challenges to the domestic and global economy.
- Inflation and increased interest rates could impact financial results.
- Potential recessionary economic conditions.