August 6, 2020
Quanta Services Reports Second Quarter 2020 Results
Quanta Services, Inc. (NYSE: PWR) today announced results for the three and six months ended June 30, 2020.
Revenues in the second quarter of 2020 were $2.51 billion compared to revenues of $2.84 billion in the second quarter of 2019, and net income attributable to common stock was $73.9 million, or $0.52 per diluted share, in the second quarter of 2020, compared to net income attributable to common stock of $27.3 million, or $0.19 per diluted share, in the second quarter of 2019. Adjusted diluted earnings per share attributable to common stock (a non-GAAP measure) was $0.74 for the second quarter of 2020 compared to $0.31 for the second quarter of 2019. The financial results for the three months ended June 30, 2019, including diluted and adjusted diluted earnings per share attributable to common stock, include a $79.2 million, or $0.54 per diluted share, charge associated with a terminated large telecommunications project in Peru.
“Quanta produced a solid second quarter, which exceeded our expectations, despite the unprecedented health and economic conditions that are challenging us all. We believe our results and improved outlook for the year demonstrate the resiliency of our business, the strengths of our strategies and the operational excellence of our people,” said Duke Austin, President and Chief Executive Officer of Quanta Services. “We ended the quarter with a strong balance sheet and liquidity position, and our competitive position in the marketplace and ability to serve the expanding needs of our customers have never been better. We believe Quanta has a bright future ahead for generating repeatable and sustainable earnings as we continue to execute on our strategic initiatives.”
“During the second quarter we announced that LUMA Energy, LLC, a joint venture 50% owned by Quanta, was selected for a 15-year agreement to operate, modernize and maintain Puerto Rico’s electric transmission and distribution system. We believe this opportunity is transformative for the company and supports our ongoing strategy of providing sophisticated and valuable solutions to the utility industry. We believe LUMA’s selection also demonstrates Quanta’s world-class capabilities and expertise in modernizing infrastructure and enabling technologies for the benefit of consumers that Quanta brings to the joint venture.”
Certain items that impacted the second quarter of 2020 results are reflected as adjustments in the calculation of Quanta’s adjusted diluted earnings per share attributable to common stock and are further described in the non-GAAP reconciliation of adjusted diluted earnings per share attributable to common stock to GAAP diluted earnings per share attributable to common stock in the accompanying table. Quanta completed two acquisitions during the first six months of 2020 and seven acquisitions during the full year 2019. Therefore, Quanta’s results include the results of the acquired businesses from their respective acquisition dates. For further information on the items that impacted comparability of 2020 and 2019, see the footnotes to the Supplemental Segment Data table and the non-GAAP reconciliations of adjusted EBITDA and adjusted diluted earnings per share attributable to common stock in the accompanying tables.