Summary
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.
Financial Highlights
50 data points| Revenue | $1.39B |
| Gross Profit | $212.90M |
| SG&A Expenses | $105.23M |
| Operating Income | $98.34M |
| Interest Expense | $958K |
| Net Income | $65.54M |
| EPS (Basic) | $0.31 |
| EPS (Diluted) | $0.31 |
| Shares Outstanding (Basic) | 212.99M |
| Shares Outstanding (Diluted) | 213.09M |
Key Highlights
- 1Revenue increased by 50.0% to $1.52 billion for the three months ended June 30, 2012, compared to $1.01 billion for the same period in 2011.
- 2Gross profit increased by 52.8% to $235.4 million, with gross margin improving slightly to 15.5% from 15.2%.
- 3Net income attributable to common stock more than doubled to $65.5 million, up from $31.8 million in the prior year.
- 4Operating income significantly improved, reaching $111.1 million, a 92.5% increase from $57.7 million in Q2 2011.
- 5The company completed four acquisitions in the first half of 2012, expanding its service capabilities in electric power and natural gas infrastructure services.
- 6Electric Power Infrastructure Services segment revenues grew by 52.1% to $1.01 billion, driven by increased customer capital spending.
- 7Natural Gas and Pipeline Infrastructure Services segment revenues increased by 62.1% to $339.9 million, benefiting from increased pipeline project activity.