Summary
Quanta Services, Inc. (PWR) reported strong revenue growth in 2013, reaching $6.52 billion, a 10.2% increase over 2012. This growth was driven by higher activity in both the Electric Power Infrastructure Services segment (up 6.5%) and the Oil and Gas Infrastructure Services segment (up 21.8%), with acquisitions contributing to these gains. The company also saw an improvement in gross profit margin to 16.2% from 15.8% in the prior year, attributed to better project execution and a favorable revenue mix, partially offset by a decrease in high-margin emergency restoration services. Net income attributable to common stock rose by 31.1% to $401.9 million, reflecting improved operational performance and a significant gain from the sale of an equity ownership interest in Howard Midstream Energy Partners, LLC. The company's robust performance was supported by continued investment in infrastructure, particularly in the North American electric power grid upgrade and expansion, as well as the ongoing development of natural gas and oil infrastructure fueled by shale resource extraction. Despite facing economic uncertainties and stringent regulatory requirements, Quanta's diversified business model and strategic acquisitions positioned it for sustained growth. The company ended the year with a strong balance sheet, including $488.8 million in cash and cash equivalents and significant availability under its credit facility.
Financial Highlights
52 data points| Revenue | $6.41B |
| Gross Profit | $986.93M |
| SG&A Expenses | $485.07M |
| Operating Income | $476.00M |
| Interest Expense | $2.67M |
| Net Income | $401.92M |
| EPS (Basic) | $1.87 |
| EPS (Diluted) | $1.87 |
| Shares Outstanding (Basic) | 214.93M |
| Shares Outstanding (Diluted) | 214.98M |
Key Highlights
- 1Total revenues increased by 10.2% to $6.52 billion in 2013, driven by both Electric Power and Oil and Gas Infrastructure Services segments.
- 2Gross profit margin improved to 16.2% in 2013 from 15.8% in 2012, reflecting operational improvements.
- 3Net income attributable to common stock increased by 31.1% to $401.9 million, boosted by operational performance and a gain on sale of investment.
- 4The company completed six acquisitions in 2013, expanding its service offerings and geographic reach in the electric power and oil and gas sectors.
- 5Cash flow from operations from continuing operations significantly increased to $446.6 million in 2013, up from $166.8 million in 2012.
- 6At year-end 2013, Quanta had $488.8 million in cash and cash equivalents and $1.08 billion available under its credit facility, indicating strong liquidity.
- 7The Electric Power Infrastructure Services segment accounted for 69% of total revenues, with the Oil and Gas Infrastructure Services segment contributing 29%.