February 24, 2022
Quanta Services Reports Fourth Quarter and Full-Year 2021 Results
Quanta Services, Inc. (NYSE: PWR) today announced results for the three and twelve months ended December 31, 2021.
Revenues in the fourth quarter of 2021 were $3.92 billion compared to revenues of $2.91 billion in the fourth quarter of 2020, and net income attributable to common stock was $104.8 million, or $0.71 per diluted share, in the fourth quarter of 2021 compared to net income attributable to common stock of $170.1 million, or $1.17 per diluted share, in the fourth quarter of 2020. Adjusted diluted earnings per share attributable to common stock (a non-GAAP measure) was $1.54 for the fourth quarter of 2021 compared to $1.22 for the fourth quarter of 2020.
“Quanta’s strong fourth quarter results complete a year in which we produced record revenues, profits and backlog, while also strategically transforming our ability to collaborate with our customers on their energy-transition initiatives. We believe our 2021 results reflect the success of our strategic initiatives and collaborative relationships with customers, as well as strong, sustainable and visible end-market drivers,” said Duke Austin, President and Chief Executive Officer of Quanta Services. “I want to recognize the dedication and hard work of our world-class employees and thank them for delivering another record year for Quanta.
“Moving towards a carbon-neutral economy is estimated by industry sources to require hundreds of billions of dollars of investment over the next several decades, a significant portion of which is expected to be invested in renewable energy generation, electric transmission and distribution systems, electric vehicle charging and other forms of clean power infrastructure. We believe Quanta is developing strong leadership positions across these service areas and expect that there are opportunities that will benefit the company for many years. In particular, we believe the addition of Blattner’s renewable generation solutions to Quanta’s existing electric power infrastructure solutions positions the company to be a leader in facilitating North America’s energy transition, much of which will be reflected in our new Renewable Energy Infrastructure Solutions segment.
“Our 2022 expectations reflect growth in revenues, net income, adjusted EBITDA and adjusted earnings per share. Demand is strong for our infrastructure solutions that support our customers’ energy-transition initiatives and that increase reliability, safety, efficiency and connectivity through modernization, which we believe will continue to provide multi-year growth opportunities. We are successfully executing on our strategic growth initiatives, which, coupled with our strong financial profile, position us well to continue to deliver value to stockholders.”
Certain items impacted the fourth quarter of 2021 and 2020 results and are reflected as adjustments in the calculation of Quanta’s adjusted diluted earnings per share attributable to common stock (a non-GAAP measure). These items are described in the accompanying tables reconciling adjusted diluted earnings per share attributable to common stock to GAAP diluted earnings per share attributable to common stock. Quanta completed ten and seven acquisitions during 2021 and 2020, and the results of the acquired businesses are included in Quanta’s consolidated results from the respective acquisition dates. For further information on the items that impacted comparability of 2021 and 2020, see the footnotes to the accompanying tables presenting Supplemental Segment Data and reconciliations of adjusted EBITDA and adjusted diluted earnings per share attributable to common stock (non-GAAP measures) to their comparable GAAP financial measures.