November 4, 2021
Quanta Services Reports Third Quarter 2021 Results
Quanta Services, Inc. (NYSE: PWR) today announced results for the three months ended March 31, 2021.
Quanta Services, Inc. (NYSE: PWR) today announced results for the three months ended September 30, 2021. Revenues in the third quarter of 2021 were $3.35 billion compared to revenues of $3.02 billion in the third quarter of 2020, and net income attributable to common stock was $174.4 million, or $1.21 per diluted share, in the third quarter of 2021 compared to net income attributable to common stock of $162.9 million, or $1.13 per diluted share, in the third quarter of 2020. Adjusted diluted earnings per share attributable to common stock (a non-GAAP financial measure) was $1.48 for the third quarter of 2021 compared to $1.40 for the third quarter of 2020.
“Quanta produced another quarter of solid results, which included a number of record third quarter financial metrics, such as revenues, adjusted EBITDA, earnings per share and backlog. Our results were led by record revenue and strong margins from our Electric Power Infrastructure Solutions segment, which were produced by solid and safe execution, high utilization and record levels of emergency response activity,” said Duke Austin, President and Chief Executive Officer of Quanta Services.
“We also completed the previously announced acquisition of Blattner, which is a premier utility-scale renewable energy infrastructure solutions provider in North America. We believe this transaction positions Quanta to be a leader in the energy transition and will transform our ability to collaborate with our customers on their energy transition initiatives. Altogether, we are increasingly excited and confident about the opportunity to drive multi-year revenue and earnings growth by supporting the long-term programmatic spend of our customers.”
Certain items impacted the third quarter of 2021 results and are reflected as adjustments in the calculation of Quanta’s adjusted net income and adjusted diluted earnings per share attributable to common stock and are further described in the accompanying non-GAAP reconciliation of those non-GAAP financial measures to net income and diluted earnings per share attributable to common stock. Quanta completed four acquisitions during the first nine months of 2021 and seven acquisitions during the full year 2020. 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 2021 and 2020, see the footnotes to the Supplemental Segment Data table and the reconciliation of non-GAAP financial measures in the accompanying tables.