Quanta Services Reports Strong Financial Results for Third Quarter 2024

Quanta Services, Inc. recently released its financial results for the third quarter ending on September 30, 2024. The company reported consolidated revenues of $6.49 billion, showing significant growth compared to $5.62 billion for the same period in 2023. Net income attributable to common stock was $293.2 million, or $1.95 per diluted share, marking an increase from $272.8 million, or $1.83 per diluted share, in the third quarter of the previous year. Adjusted diluted earnings per share for the third quarter of 2024 stood at $2.72 compared to $2.24 for the same period in 2023.

Paul M. Nobel, the Senior Vice President and Chief Accounting Officer of Quanta Services, highlighted the company’s strong performance, noting double-digit growth in various financial metrics. He emphasized that Quanta’s solid execution, expanding market demand, and strategic relationships with customers have contributed to its success.

Among recent achievements, Quanta completed several strategic moves in 2024. This includes the acquisition of a Power Transformer Manufacturing Company based in Buffalo, New York, a strategic investment in Hybar LLC, and the publication of its 2023 Sustainability Report. Quanta also finalized the acquisition of Cupertino Electric, enhancing its offerings in electrical infrastructure solutions.

Looking ahead, Quanta Services remains optimistic about its outlook. The company raised the mid-point of its full-year 2024 adjusted earnings per share expectations. Despite potential challenges such as weather conditions, regulatory factors, and supply chain disruptions, Quanta’s management is aligning its financial projections with the backlog and anticipated opportunities for the rest of 2024.

Quanta’s long-term business prospects appear positive, even as the company addresses uncertainties surrounding the economy, inflation, and interest rates. Management aims to provide updated guidance with additional insights before the end of the year, bolstered by anticipated opportunities and strategic planning initiatives.

The company will further discuss its financial results and future outlook in an earnings conference call scheduled for October 31, 2024. Interested parties can access this information through Quanta’s Investor Relations section.

Please note that all financial figures mentioned in this article are extracted from Quanta Services’ third-quarter filing for 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Quanta Services’s 8K filing here.

About Quanta Services

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company’s Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.