Quanta Services Inc.
) released first-quarter 2013 results with GAAP earnings per
share of 34 cents beating the Zacks Consensus Estimate of 29
cents by 17.2% as well as the prior-year earnings of 22 cents by
Non-GAAP earnings in the reported quarter were 38 cents a
share, up 31.0% from the Zacks Consensus Estimate of 29 cents a
share. The reported figure was also 46.2% higher than the
prior-year quarter. Profits were primarily driven by increasing
demand for the company's services.
Total revenue for the quarter was $1.59 billion, up 19.3% from
$1.33 billion in the prior-year quarter, aided by increased
revenues from the company's Electric Power Infrastructure
Services segment. Quanta reported revenue growth across all of
its operating segments.
Electric Power revenues in the quarter were $1.2 billion, up
26.7% from $932 million in the prior-year period. Revenues during
the quarter were positively impacted by higher revenues from
electric power transmission projects and solar power generation
projects as a result of increased capital spending by customers.
The segment had a backlog of $132.5 million compared to $114.2
million in the prior-year quarter.
Natural Gas and Pipeline revenues came in at $358.9 million,
flat year over year as the increased project costs as a result of
performance issues caused by adverse weather conditions on
certain projects. The segment had a backlog of $10.4 million
compared to negative $10.5 million in the prior-year quarter
Fiber Optic Licensing revenues were up 15.7% to $45.8 million
from $39.5 million in the comparable quarter last year. The
segment had a backlog of $16.9 million compared to $14.5 million
in the prior-year quarter
Income and Expenses
Operating income in the quarter was $119.2 million compared to
$78.8 million in the prior-year quarter, reflecting an increase
of 51.4%. SG&A expense was $113.7 million compared to $98.1
million in the comparable quarter last year.
Balance Sheet and Cash Flow
Cash and cash equivalents at the end of the quarter were
$366.6 million and shareholders' equity was $3.83 billion.
Capital expenditures were approximately $56 million, which
resulted in $12 million in negative free cash flow for the first
quarter of 2013 compared with $104 million in negative free cash
flow for the first quarter of 2012.
Quanta is positive about its performance going forward. Quanta
expects revenues for the second quarter of 2013 to be in the
range of $1.45 billion to $1.55 billion. GAAP earnings are
expected to be in the range of 30 cents to 32 cents while
non-GAAP earnings for the quarter are projected in the range of
35 cents to 37 cents.
Quanta expects revenues for the full year 2013 to range
between $5.9 billion and $6.3 billion. GAAP earnings for the year
are expected to be in the range of $1.20 and $1.40 per share and
non-GAAP earnings are expected to range from $1.37 to $1.57 per
Quanta currently has a Zacks Rank #3 (Hold). However, some
other players operating in the same industry and worth
Chicago Bridge & Iron
Orion Marine Group Inc
), all having Zacks Rank #2 (Buy).
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FLUOR CORP-NEW (FLR): Free Stock Analysis
ORION MARINE GP (ORN): Free Stock Analysis
QUANTA SERVICES (PWR): Free Stock Analysis
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