Summary
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.
Financial Highlights
53 data points| Revenue | $5.03B |
| Cost of Revenue | $4.41B |
| Gross Profit | $623.49M |
| SG&A Expenses | $402.34M |
| Operating Income | $155.35M |
| Interest Expense | $41.07M |
| Net Income | $118.36M |
| EPS (Basic) | $0.81 |
| EPS (Diluted) | $0.79 |
| Shares Outstanding (Basic) | 145.94M |
| Shares Outstanding (Diluted) | 149.35M |
Key Highlights
- 1Consolidated revenues increased by 13.6% to $5.03 billion for the three months ended March 31, 2024, compared to $4.43 billion in the prior year.
- 2Operating income grew by 23.4% to $155.4 million, with a notable surge of 109.9% in the Renewable Energy segment's operating income.
- 3Net income attributable to common stock rose by 24.5% to $118.4 million, and diluted EPS increased to $0.79 from $0.64.
- 4Cash flow from operating activities significantly improved, reaching $238.0 million, a 520% increase from $38.4 million in the prior year's comparable period.
- 5The Renewable Energy segment was the primary growth driver, with revenues increasing by 57.1% to $1.58 billion.
- 6The company acquired three businesses during the quarter, further executing its inorganic growth strategy.
- 7Total backlog remained strong at $29.9 billion as of March 31, 2024.