{"id":523810,"date":"2021-08-05T06:58:22","date_gmt":"2021-08-05T10:58:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/quanta-services-reports-second-quarter-2021-results\/"},"modified":"2021-08-05T06:58:22","modified_gmt":"2021-08-05T10:58:22","slug":"quanta-services-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/quanta-services-reports-second-quarter-2021-results\/","title":{"rendered":"Quanta Services Reports Second Quarter 2021 Results"},"content":{"rendered":"
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Record Second Quarter Consolidated Revenues of $3.0 Billion<\/h2>\n

Record Second Quarter GAAP and Adjusted Diluted EPS of $0.81 and $1.06<\/h2>\n

Remaining Performance Obligations of $4.4 Billion and Record Total Backlog of $17.0 Billion<\/h2>\n

Raises Full-Year 2021 Financial Outlook<\/h2>\n

LUMA Energy Joint Venture Commenced Operation and Maintenance of Puerto Rico’s Electric Power and Distribution System<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HOUSTON<\/span>, Aug. 5, 2021<\/span> \/PRNewswire\/ —\u00a0Quanta Services, Inc. (NYSE: PWR) today announced results for the three months ended June 30, 2021<\/span>. Revenues in the second quarter of 2021 were $3.00 billion<\/span> compared to revenues of $2.51 billion<\/span> in the second quarter of 2020, and net income attributable to common stock was $117.0 million<\/span>, or $0.81<\/span> per diluted share, in the second quarter of 2021 compared to net income attributable to common stock of $73.9 million<\/span>, or $0.52<\/span> per diluted share, in the second quarter of 2020. Adjusted diluted earnings per share attributable to common stock (a non-GAAP measure) was $1.06<\/span> for the second quarter of 2021 compared to $0.74<\/span> for the second quarter of 2020. <\/p>\n

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“Quanta generated record second quarter revenues, net income, adjusted EBITDA and earnings per share, led by the solid performance and safe execution from our Electric Power Infrastructure Solutions segment. Backlog of $17.0 billion<\/span> at the end of the quarter set another record, reflecting our collaborative approach with customers and the growth of programmatic spending with existing and new customers,” said Duke Austin<\/span>, President and Chief Executive Officer of Quanta Services. <\/p>\n

“Our customers’ multi-year programs to modernize and harden utility infrastructure, along with their efforts to achieve carbon-neutrality through increased renewable generation investment and electrification trends such as electric vehicles (EV), continue to drive demand for our services and present incremental growth opportunities. These opportunities include large, multi-year master services agreements, larger high-voltage electric transmission projects and large-scale EV infrastructure program engagements. These dynamics, coupled with active broadband and 5G network deployments and the opportunity for recovery of certain operations that have been affected by the global pandemic, give us a positive outlook for the remainder of this year and the belief that our business and opportunities for profitable growth in 2022 and beyond are gaining momentum.”<\/p>\n

Negatively impacting the results for the three months ended June 30, 2021<\/span>, was a provision for credit loss of $23<\/span>.6\u00a0million, or $0.12<\/span> per diluted share, with respect to outstanding receivables owed by Limetree Refining, LLC and its affiliate, which are customers within Quanta’s Underground Utility and Infrastructure Solutions segment. In July 2021<\/span>, Limetree Refining filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, as amended, after experiencing operational and financial difficulties and shutting down operations at its refinery. The provision for credit loss represents the current estimated amount of expected loss associated with approximately $31<\/span>.5\u00a0million of billed and unbilled receivables owed to Quanta by the customers.<\/p>\n

Certain other items impacted the second quarter of 2021 results and are reflected as adjustments in the calculation of Quanta’s adjusted net income and adjusted diluted earnings per share attributable to common stock and are further described in the accompanying non-GAAP reconciliation of those non-GAAP financial measures to net income and diluted earnings per share attributable to common stock. Quanta completed two acquisitions during the first six months of 2021 and seven acquisitions during the full year 2020. Therefore, Quanta’s results include the results of the acquired businesses from their respective acquisition dates. For further information on the items that impacted comparability of 2021 and 2020, see the footnotes to the Supplemental Segment Data table and the reconciliation of non-GAAP financial measures in the accompanying tables.<\/p>\n

\n RECENT HIGHLIGHTS<\/b>\n <\/p>\n