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PWR · Quanta Services

50 filings

10-Q

PWR 10-Q Quarterly Reports

Quanta Services - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K108

PWR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 108 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · May ’17May ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Deal closed8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Aug ’25Aug ’25
  1. 2026-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2026

    Quanta Services, Inc. (PWR) demonstrated robust financial performance in the third quarter and first nine months of 2026, with significant year-over-year increases in revenues and operating income across both its Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments. This growth was driven by strong demand for infrastructure services, particularly in grid modernization, renewable energy projects, and data center development. The company's backlog and remaining performance obligations have surged, indicating strong future revenue potential. Financially, PWR reported substantial increases in net income and earnings per share. The company also generated significant cash flow from operations, which, along with existing credit facilities and debt issuances, provided ample liquidity for strategic acquisitions, capital expenditures, and shareholder returns. Acquisitions continue to play a key role in PWR's growth strategy, expanding its capabilities and market reach.

    Oct 29, 2026
  2. 2026-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2026

    Quanta Services, Inc. (PWR) demonstrated significant financial growth in the second quarter of 2026, driven by robust demand across both its Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments. Consolidated revenues surged by 41.1% year-over-year to $9.56 billion, while operating income more than doubled, increasing by 87.6% to $694.8 million. This performance was fueled by increased utility investments in grid modernization and hardening, alongside strong demand for renewable generation infrastructure and services supporting data centers and industrial facilities. The company's financial health remains strong, supported by a substantial increase in operating cash flow by 176% year-over-year to $1.49 billion for the first six months of 2026. This robust cash generation, combined with existing liquidity, allowed Quanta to execute its strategic growth initiatives, including significant acquisitions that expanded its service offerings and market reach. The company's backlog and remaining performance obligations have also seen substantial increases, indicating continued strong demand for its services moving forward.

    Jul 30, 2026
  3. 2026-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2026

    Quanta Services, Inc. (PWR) reported a strong first quarter for fiscal year 2026, demonstrating significant growth driven by robust demand across both its Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments. Revenues surged by 26.3% year-over-year to $7.87 billion, bolstered by increased utility investments in grid modernization, renewable energy infrastructure, and the continued demand from data centers and manufacturing. The company's profitability saw a substantial improvement, with operating income rising 41.7% to $338.8 million. This growth was supported by higher revenues, improved operating margins in both segments, and effective management of costs despite an increase in SG&A and amortization expenses related to recent acquisitions. The balance sheet remains strong, with total assets increasing to $25.75 billion, while remaining performance obligations and backlog reached $26.24 billion and $48.47 billion, respectively, indicating a healthy pipeline of future work. Quanta generated significant operating cash flow, up 61% year-over-year, allowing for strategic investments and return of capital. The company's strategic acquisitions, particularly Dynamic Systems, are integrating well and contributing to revenue growth and expanded service offerings. Looking ahead, Quanta remains optimistic about continued demand for its services, driven by ongoing electrification trends, infrastructure upgrades, and growth in technology-related sectors.

    Apr 30, 2026
  4. 2025-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2025

    Quanta Services, Inc. (PWR) reported strong revenue growth in the third quarter and first nine months of 2025, driven by robust demand in its Electric Infrastructure Solutions segment and continued strength in Underground Utility and Infrastructure Solutions. The company's strategic acquisitions, particularly Dynamic Systems (DSI) and Cupertino Electric Inc. (CEI), are contributing significantly to revenue and expanding service capabilities in key growth areas like data centers and renewable energy infrastructure. Despite increased operating expenses due to these acquisitions and higher amortization costs, Quanta demonstrated solid operating income growth, reflecting improved operational execution and a favorable mix of work. Financially, Quanta maintained a strong liquidity position, supported by significant cash flow from operations and an extended senior credit facility. The company also saw substantial growth in its backlog and remaining performance obligations, indicating continued demand for its services in the near to medium term.

    Oct 30, 2025
  5. 2025-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2025

    Quanta Services, Inc. (PWR) reported strong financial performance for the second quarter and first half of 2025, driven by robust demand across its Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments. Consolidated revenues surged by 21.1% year-over-year for the quarter, reaching $6.77 billion, and by 22.4% to $13.01 billion for the first half. This growth was fueled by increased investment in grid modernization, renewable energy infrastructure, and demand from data centers and industrial sectors. Profitability also saw significant improvement, with operating income up 20.5% to $370.3 million for the quarter and 31.7% to $609.4 million for the first half. The company's strategic acquisitions, notably Cupertino Electric Inc. (CEI) and the recent acquisition of Dynamic Systems (DSI), are contributing positively to revenue and results. Quanta's backlog and remaining performance obligations remain strong, indicating continued revenue visibility for the foreseeable future. The company also announced an extension of its senior credit facility maturity date, reinforcing its liquidity position.

    Jul 31, 2025
  6. 2025-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2025

    Quanta Services, Inc. (PWR) reported a strong first quarter for 2025, with significant year-over-year increases in revenues and operating income. This growth was driven by robust demand across both its Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments. The company's performance benefited from increased utility investments in grid modernization, renewable energy projects, and continued demand from the technology and data center industries. Strategic acquisitions also contributed to the revenue growth. Financially, Quanta Services demonstrated solid operational cash flow, which, combined with available credit facilities, supported strategic capital deployment, including significant acquisitions, stock repurchases, and dividend payments. The company maintains a healthy backlog and remaining performance obligations, indicating continued revenue visibility for the coming periods. Management expresses confidence in their ability to meet future cash requirements through a combination of operating cash flows and existing liquidity.

    May 1, 2025
  7. 2024-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2024

    Quanta Services, Inc. (PWR) reported strong financial performance for the nine months ended September 30, 2024, with significant increases in revenue and net income compared to the same period last year. Total revenues grew by 13.4% to $17.1 billion, driven by robust demand across its Electric Power and Renewable Energy segments, with the latter showing particularly strong growth. The company's strategic acquisitions, notably the significant acquisition of Cupertino Electric Inc. (CEI) in July 2024, have contributed to this growth, expanding its service offerings and market presence. These acquisitions, along with organic growth, have led to a substantial increase in remaining performance obligations and backlog, reaching $15.61 billion and $33.96 billion, respectively. This robust backlog suggests continued revenue momentum. Financially, Quanta demonstrated improved cash flow from operations, up 139% year-over-year, supporting its strategic investments and debt management. The company also successfully managed its debt, including issuing new senior notes and repaying existing debt, while maintaining ample liquidity. Despite some segment-specific pressures, such as cost absorption in the Underground Utility and Infrastructure segment, the overall financial health appears strong, supported by ongoing infrastructure investments by utilities and the accelerating transition to renewable energy.

    Oct 31, 2024
  8. 2024-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2024

    Quanta Services, Inc. (PWR) reported strong growth for the second quarter and first half of 2024, driven by increased demand across its key segments, particularly Renewable Energy Infrastructure Solutions. Total revenues rose by 10.8% for the quarter and 12.1% year-to-date, reflecting robust activity in renewable energy projects and continued utility investments in grid modernization. The company also demonstrated improved profitability, with operating income increasing by 10.0% for the quarter and 14.2% year-to-date. This growth was supported by strategic acquisitions and strong performance in the Electric Power and Renewable Energy segments, despite some challenges in the Underground and Infrastructure segment due to project timing. Quanta's financial position remains solid, with significant backlog and remaining performance obligations indicating continued future revenue potential. The company also executed a significant acquisition of Cupertino Electric, Inc. in July 2024, further bolstering its capabilities and market position. Investors should note the continued strong demand across its infrastructure solutions businesses, the positive impact of recent acquisitions, and the company's strategic focus on growth areas like renewable energy. While the company faces some project-specific headwinds and ongoing integration efforts, the overall financial health and outlook appear positive, supported by a substantial backlog and prudent capital management.

    Aug 1, 2024
  9. 2024-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2024

    Quanta Services, Inc. (PWR) reported strong revenue growth in the first quarter of 2024, with a 13.6% increase year-over-year to $5.03 billion, driven primarily by its Renewable Energy segment, which saw a substantial 57.1% revenue surge. The company's overall operating income also rose by 23.4% to $155.4 million, reflecting improved performance across most segments despite a slight decrease in revenue for the Electric Power segment. Net income attributable to common stock increased by 24.5% to $118.4 million, or $0.79 per diluted share, up from $0.64 in the prior year. The company's balance sheet remains solid, with total assets of $15.54 billion and total equity of $6.37 billion. Cash flow from operations saw a significant improvement, increasing by over 520% to $238.0 million, indicating enhanced operational efficiency and working capital management. The company also continues to execute its growth strategy through acquisitions, with three businesses acquired in the quarter, and maintains a strong backlog of $29.9 billion, positioning it well for future growth.

    May 2, 2024
  10. 2023-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2023

    Quanta Services, Inc. (PWR) reported a strong third quarter for 2023, with revenues increasing by 26.0% year-over-year to $5.62 billion, driven by robust demand across all operating segments, particularly Renewable Energy Infrastructure Solutions. This growth was supported by continued utility investments in grid modernization and reliability, the ongoing transition to a reduced-carbon economy, and strong demand for gas utility services. The company demonstrated significant operational leverage, with operating income growing by 39.6% to $400.3 million, leading to a substantial increase in net income attributable to common stock by 74.9% to $272.8 million. This strong performance is reflected in key financial metrics, with backlog and remaining performance obligations reaching $30.1 billion and $13.6 billion, respectively, indicating a healthy pipeline of future work. The company also maintains a strong liquidity position with available commitments under its senior credit facility and cash and cash equivalents totaling $2.01 billion as of September 30, 2023.

    Nov 2, 2023
  11. 2023-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2023

    Quanta Services, Inc. (PWR) reported strong financial performance for the second quarter and first half of 2023, driven by robust demand across its key segments: Electric Power, Renewable Energy, and Underground Utility & Infrastructure. Revenues saw a significant year-over-year increase of 19.3% for the quarter and 15.6% for the six-month period, reflecting strong execution and favorable market conditions, particularly in grid modernization, renewable energy infrastructure, and pipeline projects. The company's backlog and remaining performance obligations remain substantial, indicating continued strong future revenue potential. Profitability also improved, with operating income up 34.0% for the quarter and 24.3% for the six months, driven by revenue growth and improved operating efficiencies, though margins in certain segments faced pressure from increased unabsorbed costs related to future project activity and other operational factors. The company's balance sheet strengthened, with total assets growing and liquidity remaining solid. Strategic acquisitions continue to be a part of Quanta's growth strategy, with recent acquisitions contributing to revenue growth. Management expects continued strong demand for its services, supported by ongoing investments in energy infrastructure and the transition to a reduced-carbon economy.

    Aug 3, 2023
  12. 2023-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2023

    Quanta Services, Inc. (PWR) reported solid financial results for the first quarter of 2023, with revenues growing by 11.7% year-over-year to $4.43 billion. This growth was driven by strong demand across all three of its segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground and Infrastructure Solutions. The company also successfully completed three strategic acquisitions in January 2023, demonstrating its commitment to inorganic growth and expanding its service capabilities. Despite the revenue increase, operating income saw a modest increase of 7.1% to $125.9 million, and net income attributable to common stock grew by 12.3% to $95.0 million. This was partly due to higher interest and financing expenses, and increased selling, general, and administrative expenses. The company ended the quarter with a strong backlog of $25.27 billion, indicating continued demand for its services in the medium to long term. Management remains optimistic about future demand, driven by ongoing infrastructure investments and the energy transition. Overall, Quanta Services presented a positive financial update, highlighting revenue growth driven by robust segment performance and strategic acquisitions. While profitability saw moderate growth, the substantial backlog provides a strong outlook for future performance. Investors should note the increased debt levels and the ongoing legal matters, which are being managed by the company.

    May 4, 2023
  13. 2022-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2022

    Quanta Services, Inc. (PWR) reported strong revenue growth in the third quarter and first nine months of fiscal year 2022, driven by increased demand across its key segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground Utility and Infrastructure Solutions. Total revenues surged by 33.0% year-over-year for the quarter and 39.8% for the nine-month period, largely fueled by contributions from recent acquisitions, particularly Blattner in the Renewable Energy segment, and increased utility spending on grid modernization. Despite the top-line growth, net income attributable to common stock saw a decline of 10.6% for the quarter, primarily due to a significant unrealized loss on an investment in a publicly traded company (Starry) and increased amortization expenses from acquisitions. However, operating income showed resilience, increasing by 15.6% for the quarter, supported by robust performance in the Underground Utility and Infrastructure Solutions segment and steady contributions from Electric Power Infrastructure Solutions. The company maintained a strong backlog, ending the period with $20.87 billion, indicating continued demand for its services.

    Nov 4, 2022
  14. 2022-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2022

    Quanta Services, Inc. (PWR) reported strong revenue growth in the second quarter of 2022, with a 41.1% increase year-over-year to $4.23 billion. This growth was driven by all three reportable segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground Utility and Infrastructure Solutions. The Renewable Energy segment saw a significant surge of 178.4%, largely due to the acquisition of Blattner. Despite the robust revenue performance, net income attributable to common stock decreased by 24.8% to $88.0 million. This decline was primarily impacted by a substantial unrealized loss of $41.7 million on an investment in a publicly traded company (Starry Group Holdings, Inc.) and an $86.7 million increase in amortization expense related to recent acquisitions. The company's backlog and remaining performance obligations remain strong, indicating continued demand for its services. Remaining performance obligations increased to $6.92 billion, and total backlog stood at $19.85 billion as of June 30, 2022. Management expressed a positive long-term outlook, driven by ongoing investments in grid modernization, renewable energy infrastructure, and underground utility upgrades. However, the company faces challenges including supply chain disruptions, elevated consumables costs, and labor resource availability, which impacted operating margins in certain segments.

    Aug 4, 2022
  15. 2022-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2022

    Quanta Services, Inc. (PWR) reported its first quarter 2022 results, showcasing significant revenue growth driven by strong performance across all three segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground Utility and Infrastructure Solutions. While revenues surged by 46.7% year-over-year to $3.97 billion, net income attributable to common stock saw a slight decrease of 5.7% to $84.6 million, resulting in diluted EPS of $0.57, down from $0.62 in the prior year period. This divergence is largely attributable to increased selling, general, and administrative expenses, and a substantial rise in amortization of intangible assets, mainly due to recent acquisitions, particularly Blattner. The company's robust backlog and remaining performance obligations, reaching $20.5 billion and $6.84 billion respectively, indicate strong future revenue potential. Management highlighted continued investment in grid modernization, renewable energy infrastructure, and underground utility solutions as key growth drivers. Despite inflationary pressures and supply chain challenges noted by management, Quanta's strategic positioning and diverse service offerings are expected to support continued growth.

    May 5, 2022
  16. 2021-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2021

    Quanta Services, Inc. reported a strong performance in the third quarter of 2021, with consolidated revenues increasing by 11.0% year-over-year to $3.35 billion. This growth was driven by both segments: Electric Power Infrastructure Solutions saw a 10.5% revenue increase, while Underground Utility and Infrastructure Solutions experienced a 12.3% rise. Net income attributable to common stock grew by 7.0% to $174.4 million, resulting in diluted earnings per share of $1.21. The company also significantly bolstered its financial position, issuing $1.5 billion in senior notes and amending its credit facility to include a new $750 million term loan, primarily to finance the substantial acquisition of Blattner Holding Company. This acquisition is expected to enhance Quanta's position in the renewable energy infrastructure sector. Despite these positive financial trends, the company is navigating ongoing challenges, including supply chain disruptions and the potential impact of rising labor costs and the COVID-19 pandemic. Looking forward, Quanta Services remains optimistic about long-term growth opportunities across its key markets, particularly in electric power infrastructure modernization and renewable energy development. The company's robust backlog of $17.02 billion as of September 30, 2021, provides a solid foundation for future revenue generation. While the Underground Utility and Infrastructure Solutions segment faced some headwinds due to cyclicality in larger pipeline projects and the challenging energy market, the strategic focus on specialty services and regulated utility spending aims to provide more sustainable and predictable revenue streams.

    Nov 4, 2021
  17. 2021-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2021

    Quanta Services, Inc. (PWR) reported strong top-line growth for the second quarter and first half of 2021, with revenues increasing by 19.7% and 8.2%, respectively, compared to the prior year. This growth was primarily driven by the Electric Power Infrastructure Solutions segment, which benefited from increased demand for utility services and larger transmission projects, as well as contributions from acquisitions. The company also saw a significant increase in operating income and net income attributable to common stock, indicating improved profitability and operational efficiency. Despite the overall positive financial performance, the Underground Utility and Infrastructure Solutions segment experienced revenue declines due to reduced activity in larger pipeline projects and the ongoing challenging energy market, exacerbated by the COVID-19 pandemic. This segment was also impacted by a significant provision for credit loss related to receivables from a customer that filed for bankruptcy. However, the company maintained a strong liquidity position with substantial cash and available credit facilities, and its backlog of work remained robust, providing visibility into future revenue streams.

    Aug 6, 2021
  18. 2021-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2021

    Quanta Services, Inc. (PWR) reported its first-quarter 2021 results, showcasing a significant rebound in profitability compared to the prior year, despite a slight dip in overall revenues. Net income attributable to common stock more than doubled, driven by improved operational efficiency and a favorable tax benefit. The Electric Power Infrastructure Solutions segment was a strong performer, with increased revenues and operating income due to robust utility investments and larger transmission projects. Conversely, the Underground Utility and Infrastructure Solutions segment experienced a substantial revenue decline and reduced operating income, largely attributable to the challenging energy market conditions, lower demand for pipeline projects, and the ongoing impact of the COVID-19 pandemic. Despite these mixed segment performances, the company maintained a strong liquidity position with substantial cash and credit facility availability. Management remains optimistic about long-term growth opportunities, particularly in the electric power and communications sectors.

    May 7, 2021
  19. 2020-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2020

    Quanta Services, Inc. (PWR) reported its third-quarter 2020 financial results, showing a year-over-year revenue decrease of 9.9% to $3.02 billion, primarily driven by a decline in the Pipeline and Industrial Infrastructure Services segment. Despite the revenue dip, operating income saw a significant increase of 15.7% to $242.2 million, and net income attributable to common stock rose by 19.7% to $162.9 million, leading to a diluted EPS of $1.13, up 22.8% from the prior year. This improved profitability was supported by better performance in the Electric Power Infrastructure Services segment, which benefited from larger projects in Canada and increased emergency restoration services, coupled with effective cost management and improved equipment utilization. Financially, the company bolstered its liquidity by issuing $1.0 billion in senior notes and using the proceeds to repay term loans. The senior credit facility was also amended to increase revolving commitments and extend the maturity date. Management expressed a positive long-term outlook, driven by ongoing investments in grid modernization, renewable energy infrastructure, and the continued demand for communications services, despite acknowledging the lingering impacts of the COVID-19 pandemic on the energy sector and certain industrial operations. The company's strategic exit from Latin American operations is also progressing.

    Nov 2, 2020
  20. 2020-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2020

    Quanta Services, Inc. reported its financial results for the second quarter of 2020, ending June 30. The company experienced a year-over-year decrease in consolidated revenues, primarily driven by a significant decline in its Pipeline and Industrial Infrastructure Services segment, which was impacted by the COVID-19 pandemic and lower energy demand. However, the Electric Power Infrastructure Services segment saw a modest revenue increase and a substantial rise in operating income, benefiting from strong performance in North American communications and distribution services, as well as improved operational efficiency. Despite the revenue challenges in one segment, overall operating income and net income attributable to common stock saw significant year-over-year increases. This improvement was driven by better segment performance, reduced project losses in Latin America, and lower interest expenses. The company also generated a strong positive cash flow from operating activities, a significant improvement from the prior year's comparable period. Quanta continues to manage its liquidity effectively, with a substantial amount of cash and available credit facilities.

    Aug 7, 2020
  21. 2020-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2020

    For the first quarter of 2020, Quanta Services, Inc. (PWR) reported consolidated revenues of $2.76 billion, a slight decrease of 1.5% compared to the same period in 2019. While the Electric Power Infrastructure Services segment saw revenue growth, the Pipeline and Industrial Infrastructure Services segment experienced a decline, primarily due to a reduction in larger pipeline projects and impacts from adverse weather and COVID-19. Net income attributable to common stock significantly decreased by 67.9% to $38.7 million, or $0.26 per diluted share, largely impacted by project timing and a substantial deferred earnings recognition in the prior year's comparable period. The company managed its cash flow effectively, generating $227.5 million in operating cash flow, a significant improvement from the prior year. However, the company is navigating challenges related to the COVID-19 pandemic, which has led to disruptions and expected impacts on future performance, particularly in the Pipeline and Industrial Infrastructure Services segment.

    May 8, 2020
  22. 2019-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2019

    Quanta Services, Inc. (PWR) reported strong revenue growth for the nine months ended September 30, 2019, with revenues increasing by 11.7% to $9.00 billion compared to the same period in the prior year. This growth was driven by both the Electric Power Infrastructure Services segment and the Pipeline and Industrial Infrastructure Services segment. The company also successfully managed its gross profit margin, which remained relatively stable year-over-year, despite a notable charge related to a terminated telecommunications project in Peru impacting the Electric Power segment. The company continued its strategic acquisition activity, integrating several businesses to expand its service offerings and geographic reach. Financially, Quanta Services maintained a solid liquidity position, supported by its senior secured credit facility, and demonstrated effective cash flow management.

    Nov 1, 2019
  23. 2019-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2019

    Quanta Services, Inc. (PWR) reported mixed financial results for the second quarter and first half of 2019, with revenue growth but a significant decrease in profitability driven by a substantial charge related to a terminated telecommunications project in Peru. For the three months ended June 30, 2019, revenues increased by 6.9% year-over-year to $2.84 billion, while net income attributable to common stock decreased by 63.4% to $27.3 million. This decline was heavily influenced by a $79.2 million charge related to the Peru project, which significantly impacted gross profit and operating income. The Electric Power Infrastructure Services segment saw revenue growth but a sharp decline in operating income due to this project issue, while the Pipeline and Industrial Infrastructure Services segment experienced revenue growth and a substantial increase in operating income. For the first six months of 2019, revenues rose by 11.3% to $5.65 billion. However, net income attributable to common stock also decreased by 14.4% to $147.8 million. The company's balance sheet shows total assets of $8.02 billion and total liabilities of $4.25 billion at the end of June 2019. Key balance sheet changes include an increase in long-term debt, reflecting borrowings under its credit facility, and the adoption of new lease accounting standards which added significant operating lease assets and liabilities. The company continues to execute its growth strategy through acquisitions, with two acquisitions completed in the first half of 2019.

    Aug 2, 2019
  24. 2019-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2019

    Quanta Services, Inc. (PWR) reported strong financial performance for the first quarter ended March 31, 2019, with revenues increasing by 16.1% year-over-year to $2.81 billion. This growth was primarily driven by the Pipeline and Industrial Infrastructure Services segment, which saw a significant increase of 34.6% in revenues, alongside continued strength in the Electric Power Infrastructure Services segment. The company's profitability improved, with gross profit increasing by 20.9% and operating income growing by 59% compared to the prior year's quarter, demonstrating improved operational efficiency and leverage from higher revenues. The company also highlighted its strategic acquisitions and continued investment in its core businesses. Notably, the adoption of new lease accounting standards effective January 1, 2019, materially impacted the balance sheet by recognizing right-of-use assets and liabilities but had a limited impact on operations. While the company faces ongoing challenges such as project delays, potential legal proceedings, and credit risk exposure, particularly with the PG&E bankruptcy, overall performance indicates a positive trajectory driven by strong demand for infrastructure services.

    May 6, 2019
  25. 2018-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2018

    Quanta Services, Inc. reported strong third-quarter and year-to-date results for 2018, with significant revenue growth driven by both its Electric Power Infrastructure Services and Oil and Gas Infrastructure Services segments. The company saw a notable increase in gross profit and operating income, reflecting improved project execution and higher customer spending, particularly in large-scale pipeline and transmission projects. The adoption of new revenue recognition guidance did not materially impact the reported results. Financially, Quanta Services demonstrated a healthy balance sheet with increasing assets and equity. While debt levels increased due to financing activities, the company remained in compliance with its debt covenants. Cash flow from operations remained positive, though it decreased year-over-year for the quarter due to increased working capital needs associated with higher project activity. The company also continued its strategic acquisition activities, expanding its service offerings in key infrastructure areas. Overall, the report indicates a positive operational and financial trajectory for Quanta Services.

    Nov 7, 2018
  26. 2018-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2018

    Quanta Services, Inc. (PWR) reported robust financial performance for the second quarter and first half of 2018. Total revenues increased by 20.7% year-over-year for the quarter and 15.9% for the half, driven by strong demand in both the Electric Power and Oil & Gas Infrastructure Services segments. The company saw significant revenue growth in its Electric Power segment, attributed to increased customer spending on transmission and distribution projects, alongside favorable progress on a large Canadian transmission project and emergency restoration services. The Oil & Gas segment also experienced revenue growth, largely due to the inclusion of recently acquired businesses, though this was partially offset by a decrease in large-diameter pipeline work. Profitability metrics showed a mixed trend. While gross profit increased in absolute terms, the gross profit margin slightly compressed year-over-year, particularly in the Oil & Gas segment due to a lower proportion of higher-margin large diameter pipeline work. Operating income for the Electric Power segment saw substantial growth, while the Oil & Gas segment's operating income declined. The company's effective tax rate decreased due to the Tax Cuts and Jobs Act. Quanta also reported a strong backlog, indicating continued demand for its services.

    Aug 7, 2018
  27. 2018-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2018

    Quanta Services, Inc. (PWR) reported its first-quarter 2018 financial results, showing a significant increase in revenues driven primarily by its Electric Power Infrastructure Services segment. Revenues grew by 11.0% year-over-year to $2.42 billion, with the Electric Power segment revenue increasing by 28.6% due to strong demand for transmission projects and emergency restoration services. However, the Oil and Gas Infrastructure Services segment experienced a revenue decline of 11.4%, attributed to decreased customer spending on large pipeline projects. This segment's operating income also saw a substantial decrease. While overall gross profit improved, operating income remained relatively flat due to increased selling, general, and administrative expenses, largely driven by acquisition costs. The company's backlog remains robust, providing visibility into future revenue streams.

    May 9, 2018
  28. 2017-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2017

    Quanta Services, Inc. reported strong revenue growth in the third quarter and first nine months of 2017, driven by increased customer spending in both its Electric Power Infrastructure Services and Oil and Gas Infrastructure Services segments. The company saw a significant uplift in Electric Power due to emergency restoration services related to Hurricanes Harvey and Irma, while the Oil and Gas segment benefited from renewed customer capital spending on midstream gas pipeline projects and the acquisition of Stronghold. Despite this top-line growth, the company experienced margin pressure in certain areas, particularly in the Oil and Gas segment, due to higher costs on Canadian pipeline projects and disruptions from hurricanes. The company also reported an increase in SG&A expenses, largely attributed to acquired businesses and higher compensation costs. Financially, Quanta's debt levels increased, primarily due to borrowings to fund the Stronghold acquisition. The company remains optimistic about future growth driven by infrastructure upgrades and energy market dynamics, but acknowledges ongoing uncertainties related to commodity prices and regulatory environments.

    Nov 9, 2017
  29. 2017-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2017

    Quanta Services, Inc. reported strong financial performance for the second quarter and first half of 2017, with revenues increasing significantly year-over-year, driven by robust activity in both its Electric Power and Oil & Gas Infrastructure Services segments. The company demonstrated improved profitability, with gross profit and operating income showing substantial growth, primarily attributed to increased customer spending on large pipeline projects and the resolution of previously identified project losses. The company also highlighted strategic acquisitions that expanded its service offerings and geographic reach, contributing to revenue growth. Management expressed optimism about future growth opportunities across its core markets, anticipating a renewed multiyear up-cycle in both segments.

    Aug 8, 2017
  30. 2017-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2017

    Quanta Services, Inc. (PWR) reported strong revenue growth in the first quarter of 2017, with a 27.1% increase year-over-year to $2.18 billion. This growth was primarily driven by a significant rebound in the Oil and Gas Infrastructure Services segment, which saw an 82.0% revenue increase due to renewed customer capital spending on larger pipeline projects. The company also demonstrated improved profitability, with gross profit increasing by 30.9% and operating income more than doubling to $75.1 million. The Electric Power Infrastructure Services segment also showed steady performance, with revenues up 2.7% and operating income rising 14.1%. Despite some challenges, such as weather delays on a natural gas transmission project, the company's overall financial health appears robust, supported by a strong backlog and ample liquidity through its credit facility.

    May 9, 2017
  31. 2016-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2016

    Quanta Services, Inc. (PWR) reported its financial results for the nine months ended September 30, 2016. Total revenues were $5.55 billion, a slight decrease of 2.2% compared to the same period in the previous year. This decline was primarily driven by reduced customer spending in the Electric Power Infrastructure Services segment due to regulatory and environmental requirements, and lower oil and gas infrastructure services revenue impacted by regulatory delays and lower commodity prices. Despite the revenue dip, the company saw an improvement in gross profit, increasing by 0.8% year-over-year, with gross margin expanding to 12.7% from 12.3%. This improvement was attributed to better resource utilization and project performance. However, operating income decreased by 13.2% to $202.9 million, impacted by higher selling, general, and administrative expenses and significant project losses in the Electric Power Infrastructure Services segment related to an Alaska power plant project. The company also reported net income attributable to common stock of $110.8 million for the nine months ended September 30, 2016, a substantial decrease from $316.0 million in the prior year, largely due to a significant gain from discontinued operations in the prior year.

    Nov 8, 2016
  32. 2016-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2016

    Quanta Services, Inc. (PWR) reported its financial results for the quarter ending June 29, 2016. The company experienced a decrease in revenues compared to the prior year, primarily driven by reduced customer spending on large electric transmission projects due to regulatory and environmental requirements, as well as timing fluctuations in larger pipeline projects. This decline in revenue, particularly in higher-margin projects, also led to a decrease in gross profit and a lower gross profit margin. Despite the revenue challenges, Quanta Services has been active in strategic acquisitions, integrating three new companies in the first quarter of 2016 to enhance its service offerings. The company's financial position remains solid with a strong credit facility and a healthy working capital. Management is focused on navigating market and regulatory complexities while capitalizing on long-term growth opportunities in the infrastructure services sector, particularly in electric power and oil & gas.

    Aug 8, 2016
  33. 2016-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2016

    Quanta Services, Inc. (PWR) reported financial results for the first quarter ended March 31, 2016. The company experienced a revenue decrease of 7.9% year-over-year, primarily attributed to lower demand in the Oil and Gas Infrastructure Services segment due to project timing and reduced customer spending amid lower oil prices, as well as decreased revenues in Electric Power Infrastructure Services. This was partially offset by contributions from recent acquisitions. Despite the revenue decline, the company highlighted strategic acquisitions in both its key segments, aimed at enhancing service offerings. The company maintained a strong backlog, indicating future revenue potential. However, profitability was impacted by a shift in revenue mix towards lower-margin projects and increased costs associated with a specific power plant construction project in Alaska. Management is focused on managing costs and maintaining pricing discipline amidst competitive pressures.

    May 10, 2016
  34. 2015-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2015

    Quanta Services, Inc. reported a significant decline in revenues and profitability for the third quarter of 2015 compared to the same period in the prior year. Revenues decreased by 9.6% to $1.94 billion, primarily due to a slowdown in the electric power infrastructure services segment, impacted by reduced customer spending and project delays related to regulatory and permitting issues. Gross profit saw a steeper decline of 30.2% to $235.2 million, with gross margin shrinking to 12.1% from 15.7%, attributed to a less favorable revenue mix (more lower-margin smaller projects) and increased competition. The company also reported a substantial net income of $219 million, significantly boosted by a $171 million after-tax gain from the sale of its fiber optic licensing operations, which was completed in August 2015. Excluding this gain, the underlying operational profitability would have been considerably lower. Financially, Quanta Services significantly reduced its debt levels, with long-term debt decreasing from $72.5 million at the end of 2014 to $348.2 million net of current maturities, though this was largely driven by increased borrowings under its credit facility. The company also repurchased a substantial amount of its own stock during the quarter, spending over $1 billion under its new share repurchase program. While the sale of the fiber optic business provided a significant cash infusion, the core operational segments faced margin pressures and revenue headwinds.

    Nov 6, 2015
  35. 2015-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2015

    Quanta Services, Inc.'s (PWR) Q2 2015 filing reveals a mixed financial performance, with a notable decline in profitability compared to the prior year's second quarter. While revenues saw a slight increase, driven by the Oil and Gas Infrastructure Services segment and recent acquisitions, the company experienced a significant decrease in gross profit and operating income. This downturn was attributed to substantial losses on three specific projects, citing increased costs related to performance and site factors, as well as adverse weather impacts. Additionally, higher selling, general, and administrative expenses, partly due to acquisition integration and increased personnel costs, further pressured profitability. The company also announced the completion of the sale of its fiber optic licensing operations for approximately $1 billion, which is expected to result in a significant gain in the third quarter. Liquidity remains strong, supported by a substantial revolving credit facility, and the company announced a new $1.25 billion stock repurchase program, signaling confidence in its future prospects despite the short-term profitability challenges.

    Aug 10, 2015
  36. 2015-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2015

    Quanta Services, Inc. (PWR) reported its first-quarter 2015 financial results, showing a slight increase in revenue to $1.89 billion compared to $1.76 billion in the same period last year. This revenue growth was primarily driven by a significant increase in the Oil and Gas Infrastructure Services segment, bolstered by recent acquisitions. However, the Electric Power Infrastructure Services segment saw a modest decline in revenue. Despite revenue growth, gross profit decreased year-over-year due to unfavorable weather conditions in certain operating regions and foreign currency translation impacts. The company also announced a significant development: a definitive agreement to sell its fiber optic licensing operations for approximately $1 billion, a transaction anticipated to close by year-end 2015. This strategic divestiture aims to streamline operations and focus on core infrastructure services. Overall, the company demonstrated a solid operational performance, supported by strategic acquisitions and a strong backlog. The announced sale of the fiber optic segment signals a potential shift in strategic focus for Quanta Services.

    May 8, 2015
  37. 2014-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2014

    Quanta Services, Inc. (PWR) reported a strong third quarter for 2014, with revenues increasing significantly by 32.0% year-over-year to $2.17 billion. This growth was driven by robust performance in both the Electric Power Infrastructure Services and Oil and Gas Infrastructure Services segments. The company's strategic acquisitions throughout 2014 and 2013 are contributing to this expansion, particularly in Canada and Australia. Despite revenue growth, net income attributable to common stock saw a modest increase to $94.6 million, primarily due to a significant $52.5 million charge related to a disputed contract receivable from the Sunrise Powerlink project and increased selling, general, and administrative expenses. The company ended the quarter with a solid liquidity position, holding $144.2 million in cash and cash equivalents and having substantial availability under its credit facility.

    Nov 6, 2014
  38. 2014-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2014

    Quanta Services, Inc. (PWR) reported solid revenue growth for the six months ended June 30, 2014, driven by strong performance in its Electric Power and Oil and Gas Infrastructure Services segments. Total revenues increased by 18.5% year-over-year to $3.63 billion. The company has been actively expanding through acquisitions, completing six in the first half of 2014 and two more in the third quarter, primarily in the electric power and oil and gas infrastructure sectors. While revenue growth is positive, gross profit margins saw a slight decrease, impacted by adverse weather conditions and lower margins on certain power generation projects. The company also incurred a significant expense related to an unfavorable arbitration decision. Despite these challenges, Quanta Services maintains a strong financial position with ample liquidity, evidenced by $188.9 million in cash and cash equivalents and significant availability under its credit facility. The company is managing its capital effectively, including ongoing stock repurchase programs and planned capital expenditures for network expansion. Management expresses optimism about future growth opportunities across all served industries, driven by infrastructure upgrades, increased energy development, and strategic acquisitions, while acknowledging the ongoing economic and regulatory uncertainties.

    Aug 8, 2014
  39. 2014-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2014

    Quanta Services, Inc. (PWR) reported its first-quarter 2014 financial results, highlighting a notable increase in revenues driven by strong performance in its Electric Power and Oil and Gas Infrastructure Services segments. The company also completed five acquisitions, further expanding its capabilities in Canada and the U.S. While revenue grew, the company experienced a significant increase in selling, general, and administrative expenses primarily due to an adverse arbitration decision related to a past project. Despite this, the overall gross profit margin improved slightly, indicating operational resilience. Investors should note the company's substantial backlog provides a solid foundation for future revenue, though operational execution and managing project costs remain key focus areas.

    May 8, 2014
  40. 2013-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2013

    Quanta Services, Inc. (PWR) reported a solid financial performance for the nine months ended September 30, 2013, demonstrating significant revenue growth and improved profitability compared to the same period in the prior year. Total revenues reached $4.71 billion, an increase of 10.8%, driven by strong performance in both the Electric Power Infrastructure Services and Natural Gas and Pipeline Infrastructure Services segments. The company also successfully managed its expenses, leading to an increase in operating income and net income attributable to common stock. Acquisitions played a notable role in the company's growth strategy, with several strategic acquisitions completed in 2013 and 2012 to expand service offerings and geographic reach. The company's financial health remains robust, supported by a strong backlog and a well-managed balance sheet, including sufficient liquidity and access to credit facilities. The company also continued to invest in capital expenditures to support its growth initiatives.

    Nov 8, 2013
  41. 2013-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2013

    Quanta Services, Inc. (PWR) reported solid financial performance for the six months ended June 30, 2013, driven by strong revenue growth in its core Electric Power and Natural Gas & Pipeline Infrastructure Services segments. Total revenues increased by 12.7% year-over-year, reaching $3.06 billion, with operating income growing by an impressive 33.5% to $236.5 million. This growth was fueled by increased customer capital spending and successful performance improvements within the Natural Gas and Pipeline segment. The company's balance sheet remains strong, with total assets growing to $5.19 billion. While cash and cash equivalents saw a slight decrease, the company maintained a substantial available credit facility. The company continues to execute its growth strategy through targeted acquisitions, adding capabilities in key service areas. Notably, the company is well-positioned to benefit from ongoing infrastructure upgrades and the increasing demand for energy services.

    Aug 9, 2013
  42. 2013-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2013

    Quanta Services, Inc. (PWR) reported a strong first quarter in 2013, with revenues increasing by 19.3% year-over-year to $1.59 billion. This growth was primarily driven by a significant surge in the Electric Power Infrastructure Services segment, which saw a 26.7% increase in revenues due to higher customer capital spending. The company also demonstrated improved profitability, with gross profit up 28.1% and operating income up 50.6%, leading to a substantial increase in net income attributable to common stock by 57.4%. Financially, Quanta Services maintained a healthy liquidity position with $366.6 million in cash and cash equivalents and significant availability under its credit facility. The company's robust performance is supported by its diversified business segments, including Natural Gas and Pipeline Infrastructure Services which showed a notable turnaround from a loss to profitability, and Fiber Optic Licensing and Other, which continued its steady growth. While facing industry-wide challenges such as regulatory hurdles and economic uncertainties, Quanta Services appears well-positioned to capitalize on ongoing infrastructure upgrade needs across its core markets.

    May 8, 2013
  43. 2012-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2012

    Quanta Services, Inc. (PWR) reported strong revenue growth in the third quarter and first nine months of 2012, driven by increased capital spending from customers across its Electric Power, Natural Gas and Pipeline, and Telecommunications infrastructure services segments. The company saw significant year-over-year improvements in revenue and gross profit, with gross profit as a percentage of revenue increasing. This was supported by better operational performance and improved coverage of overhead costs due to higher revenue volumes. Selling, general, and administrative expenses also increased, largely due to higher compensation, professional fees, and costs associated with recent acquisitions. The company also reported a substantial increase in net income attributable to common stock. The effective tax rate decreased due to tax benefits related to uncertain tax positions and a higher proportion of income from international jurisdictions. Quanta continues to actively pursue acquisitions, with several completed in 2012 and 2011, which are contributing to revenue growth and the recognition of goodwill. The company's backlog remains robust, indicating continued demand for its services.

    Nov 7, 2012
  44. 2012-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2012

    Quanta Services, Inc. (PWR) reported strong revenue growth in the second quarter of 2012, with revenues increasing by 50% year-over-year to $1.52 billion. This growth was driven by significant increases in capital spending by customers across its Electric Power and Natural Gas and Pipeline Infrastructure Services segments. The company also saw improved gross margins, rising to 15.5% from 15.2% in the prior year's quarter, indicating better project execution and a favorable shift in project mix. Net income attributable to common stock more than doubled, reaching $65.5 million compared to $31.8 million in Q2 2011. This performance reflects the company's ability to leverage its increased revenue base and improve operational efficiency. PWR completed several strategic acquisitions in the first half of 2012, which contributed to revenue growth and expanded its service offerings. The company maintains a strong liquidity position with significant availability under its credit facility.

    Aug 8, 2012
  45. 2012-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2012

    Quanta Services, Inc. (PWR) reported a strong first quarter of 2012 (quarter ended March 31, 2012), with revenues rising 67.9% year over year to $1.43 billion, driven primarily by increased customer capital spending on electric power transmission and natural gas pipeline projects. Gross margin expanded sharply to 13.7% from 8.4%, and operating income swung to $79.5 million from an operating loss of $26.9 million in the prior-year quarter. Net income attributable to common stock was $45.7 million, or $0.22 per diluted share, versus a loss of $0.08 per share a year earlier. Management attributed the margin improvement to higher-margin electric transmission work and the absence of the adverse winter weather and project issues that hurt the prior-year natural gas pipeline projects. The balance sheet grew, with total assets of $4.76 billion and goodwill of $1.65 billion, reflecting three first-quarter acquisitions (Crux Subsurface, Microline Technology and Phasor Engineering) and a 2011 acquisition program. Cash fell to $177.4 million from $315.4 million at year-end, as operating cash flow was negative $60.2 million due to working capital build on large projects, and investing outflows of $81.0 million included acquisitions and a $4.9 million investment in Howard Midstream Energy Partners. Working capital was $1.01 billion, and the company had $517.6 million of availability under its $700 million credit facility. Investors should note the concentration of receivables (one customer at 11.5% of billed and accrued receivables), the unresolved California wildfire litigation involving subsidiary PAR, and a $32.6 million Central States pension partial withdrawal liability that could be revised upward. Management reaffirmed growth expectations across all segments for 2012, citing transmission build-out, shale-driven pipeline demand, ARRA-funded fiber projects and 4G/LTE deployment, and guided 2012 capital expenditures to $190 million to $225 million. Seasonality remains significant, as first-quarter revenue is typically the lowest of the year, so the quarter's results should be evaluated in that context.

    May 9, 2012
  46. 2011-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2011

    Quanta Services (PWR) reported a sharp divergence between its two segments in the third quarter of 2011. Revenue rose 3.7% year over year to $1.25 billion, and nine-month revenue grew 10.1% to $3.11 billion, driven by Electric Power Infrastructure Services, which surged 54.5% in the quarter. However, profitability weakened materially: gross margin slipped to 15.6% from 15.8% for the quarter and fell to 13.5% from 16.8% for the nine months, while operating income declined to $94.0 million from $94.6 million in the quarter and to $124.8 million from $201.7 million year to date. Net income attributable to common stock fell 17% in the quarter to $52.0 million, and diluted EPS was $0.25 versus $0.30. The Natural Gas and Pipeline segment swung to an operating loss of $3.9 million in the quarter after revenue fell 53%, reflecting delayed natural gas transmission projects and first-quarter project losses tied to weather and regulatory issues. Balance-sheet and cash-flow trends were mixed. Cash fell to $257.8 million from $539.2 million at year-end 2010 as Quanta repurchased $149.5 million of stock, paid $35.0 million for a 39% stake in Howard Midstream Energy Partners, and completed four acquisitions. Accounts receivable rose 32% to $1.01 billion, and operating cash flow for the nine months improved to a positive $92.8 million from negative $21.3 million a year earlier, largely because of lower working capital needs from the smaller gas transmission business. The company also replaced its credit facility with a $700 million revolver maturing in 2016 and reported $1.7 billion in outstanding performance bonds, with $190.3 million of letters of credit issued under the facility. Investors should weigh the strong electric power and telecommunications growth against the deterioration in the natural gas segment, the margin compression, and ongoing contingent exposure from the Witch Creek fire litigation and the Amador County fire claim. Management expects natural gas projects delayed from 2011 to shift into 2012 and guides 2011 capital expenditures to $180 million to $200 million.

    Nov 8, 2011
  47. 2011-Q2

    Quanta Services Quarterly Report for Q2 Ended Jun 30, 2011

    Quanta Services (PWR) reported a sharply weaker first half of 2011 driven by its Natural Gas and Pipeline segment. Q2 2011 revenue rose 16.1% to $1.01 billion, with Electric Power growth of 44% (including $55.0 million from the Valard acquisition) offsetting a 20.3% decline in Natural Gas and Pipeline revenue. However, gross margin compressed to 15.2% from 17.9%, and Q2 net income attributable to common stock fell slightly to $31.8 million ($0.15 per diluted share) from $33.0 million a year earlier. For the six months, the picture is considerably worse: revenue grew 14.9% to $1.86 billion, but operating income fell 71% to $30.8 million, and net income attributable to common stock dropped to $14.2 million ($0.07 per share) from $56.7 million, largely due to a Natural Gas and Pipeline operating loss of $38.2 million tied to weather-related performance issues and regulatory restrictions on gas transmission projects in Q1. Balance sheet and cash flow remain conservative. Cash fell to $380.4 million from $539.2 million at year-end 2010, reflecting $94.5 million in share repurchases under a newly authorized $150.0 million program, $35.0 million invested in a 39% equity stake in Howard Midstream Energy Partners, and $89.7 million in capital expenditures. Operating cash flow was positive at $52.0 million for the six months. Working capital stood at $972.6 million, and the company amended its credit facility on August 2, 2011 to $700.0 million maturing in 2016, which improves liquidity headroom. Management expects a second-half 2011 recovery in electric transmission spending but acknowledges that several natural gas projects have slipped into 2012. Key risks for investors include the earnings volatility in the natural gas pipeline business, uncertain timing of regulated utility spending, and contingent liabilities, most notably the Witch Creek fire litigation in San Diego County (where the company recorded a $35 million insurance receivable and liability) and the Amador County fire claim with USDA demands totaling roughly $59.8 million, against which an $8.5 million receivable was recorded.

    Aug 5, 2011
  48. 2011-Q1

    Quanta Services Quarterly Report for Q1 Ended Mar 31, 2011

    Quanta Services (PWR) reported a sharply weaker first quarter of 2011. Revenues rose 13.5% year over year to $849.0 million, driven mainly by the Valard acquisition and higher solar projects in Electric Power. However, gross margin fell to 8.4% from 17.3%, and the company posted an operating loss of $26.9 million versus operating income of $42.3 million a year earlier. Net loss attributable to common stock was $17.6 million, or $(0.08) per share, compared with net income of $23.7 million, or $0.11 per share, in Q1 2010. The decline was driven primarily by project losses of roughly $37 million in the Natural Gas and Pipeline segment, which the filing attributes to cost overruns on two gas transmission projects affected by weather and regulatory delays. The balance sheet remains strong. Cash fell to $503.0 million from $539.2 million, and the company has no outstanding revolver borrowings, with $287.1 million available under its $475.0 million credit facility after $187.9 million of letters of credit. Working capital was $1.08 billion. Operating cash flow was negative $4.2 million, and capital expenditures of $37.5 million exceeded net proceeds from equipment sales. Management's 2011 capital expenditure guidance is $180 to $210 million. On May 3, 2011, the board approved a $100.0 million share repurchase program, funded from cash on hand, effective May 9, 2011. Key risks to monitor include the Witch Creek wildfire litigation involving PAR Electrical, where a $35 million liability and insurance receivable has been recorded but a loss exceeding insurance coverage cannot be estimated, and the Amador County fire claim by the USDA, which is related to an $8.5 million recorded liability. Management says it expects transmission spending to accelerate and anticipates that many gas pipeline projects previously expected in 2011 have shifted to 2012.

    May 6, 2011
  49. 2010-Q3

    Quanta Services Quarterly Report for Q3 Ended Sep 30, 2010

    Quanta Services (PWR) reported a mixed third quarter of 2010. Revenue rose 54.5% year over year to $1.21 billion, driven mainly by the Price Gregory pipeline acquisition (completed October 1, 2009), which lifted Natural Gas and Pipeline revenue 319% to $551.7 million. Profitability was weaker than the top line suggests: gross margin fell to 15.8% from 18.9%, and operating margin slipped to 7.8% from 9.1%. Net income attributable to common stock was essentially flat at $62.8 million versus $63.4 million, and diluted EPS was $0.30 versus $0.32. Prior-year results were also flattered by tax benefits; the effective tax rate was 33.1% this quarter versus 7.7% a year ago. Cash generation was a concern. Operating cash flow was negative $54.7 million in the quarter, compared with $108.0 million positive a year earlier, as working capital built up on ramping natural gas transmission projects. Costs and estimated earnings in excess of billings rose to $266.0 million from $61.2 million at year-end 2009, and accounts receivable grew to $787.6 million. Nine-month operating cash flow was negative $21.3 million versus $278.6 million in the prior year. Cash fell to $441.2 million from $699.6 million, largely because of the $143.8 million redemption of the 3.75% convertible notes in May 2010, which eliminated that debt and left the balance sheet with only a nominal amount of long-term obligations. Management described the environment as difficult: electric distribution and telecom FTTx spending remained weak, and 2010 results were negatively affected. It pointed to growth opportunities in 2011 across electric transmission, gas transmission, renewables, telecom and fiber licensing, supported by ARRA stimulus. The company also closed the Valard Construction acquisition (Alberta, Canada) on October 25, 2010 for about $118.9 million in cash plus roughly $88.5 million in stock and exchangeable shares, after the quarter ended. Total backlog was $5.72 billion at September 30, 2010, up from $5.65 billion at year-end 2009.

    Nov 9, 2010
  50. 2010-Q2-A

    Quanta Services Quarterly Report (Amendment) for Q2 Ended Jun 30, 2010

    This filing is an amendment (10-Q/A) to Quanta Services, Inc.'s (PWR) quarterly report for the period ending June 30, 2010. The primary purpose of this amendment is to provide previously omitted disclosure regarding the unregistered issuance of common stock during the second quarter of 2010. Specifically, the company issued 241,300 shares of common stock in April 2010 in exchange for Limited Vote Common Stock, relying on Section 4(2) of the Securities Act of 1933 due to the purchasers being accredited investors in privately negotiated transactions. Beyond this specific disclosure, the amendment largely reflects the information presented in the original 10-Q filing. Investors should note that this amendment does not incorporate any events or updates that have occurred since the original filing date of August 9, 2010. For subsequent developments, investors should refer to Quanta Services' later SEC filings.

    Sep 13, 2010