Quanta Services Inc (PWR) Reports Record Third Quarter 2023 Results
Quanta Services Inc (NYSE:PWR) reported record third quarter consolidated revenues of $5.62 billion, marking a significant increase from $4.46 billion in the third quarter of 2022.
The company's net income attributable to common stock stood at $272.8 million, compared to $156.0 million in the same period last year.
Quanta Services Inc (NYSE:PWR) also announced the strategic acquisition of Pennsylvania Transformer Technology, LLC, a domestic manufacturer of power transformers and components.
The company raised its full-year 2023 revenue and adjusted EBITDA expectations.
On November 2, 2023, Quanta Services Inc (NYSE:PWR) announced its third quarter 2023 results, showcasing a strong financial performance. The company reported record third quarter consolidated revenues of $5.62 billion, a significant increase from $4.46 billion in the third quarter of 2022. The net income attributable to common stock was $272.8 million, or $1.83 per diluted share, compared to $156.0 million, or $1.06 per diluted share, in the third quarter of 2022.
Financial Highlights
Quanta Services Inc (NYSE:PWR) reported strong financial results for the third quarter of 2023. The company's GAAP diluted EPS stood at $1.83, with an adjusted diluted EPS of $2.24. The company also reported a strong free cash flow and cash flow from operations of $406.6 million. The company's remaining performance obligations amounted to $13.6 billion, with a total backlog of $30.1 billion.
Strategic Acquisition
Quanta Services Inc (NYSE:PWR) also announced the strategic acquisition of Pennsylvania Transformer Technology, LLC, a domestic manufacturer of power transformers and components. The acquisition is expected to provide Quanta and its clients with an important supply chain solution, consistent with the company's strategy.
Full-Year 2023 Outlook
Despite challenges related to weather, regulatory, permitting, and supply chain, the company has raised its full-year 2023 revenue and adjusted EBITDA expectations. For the full year ending December 31, 2023, Quanta now expects revenues to range between $20.1 billion and $20.4 billion and net income attributable to common stock to range between $729 million and $759 million.
Conclusion
Quanta Services Inc (NYSE:PWR) has demonstrated a strong financial performance in the third quarter of 2023, with record revenues and net income. The company's strategic acquisition of Pennsylvania Transformer Technology, LLC is expected to further strengthen its position in the market. With a positive outlook for the full year 2023, Quanta Services Inc (NYSE:PWR) continues to showcase its financial strength and strategic growth.
Explore the complete 8-K earnings release (here) from Quanta Services Inc for further details.
This article first appeared on GuruFocus.
