Welcome to our dedicated page for Quanta Services news (Ticker: PWR), a resource for investors and traders seeking the latest updates and insights on Quanta Services stock.
Quanta Services, Inc. (NYSE: PWR) is a premier provider of specialty contracting services, delivering a comprehensive range of infrastructure solutions for the electric power, oil and gas, and communication industries across the United States, Canada, Australia, and other international markets. Headquartered in Houston, Texas, Quanta Services operates under three primary segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground Utility and Infrastructure Solutions.
Quanta's core services include engineering, procurement, and construction (EPC) services, focusing on the design, installation, maintenance, and repair of critical infrastructure. The company is renowned for its expertise in electric power transmission and distribution, renewable energy projects like wind and solar, and complex pipeline and facilities construction for the oil and gas sector.
In 2021, Quanta acquired Blattner Company, a leader in renewable energy EPC services, significantly bolstering its capabilities in the renewable energy sector. This strategic acquisition has enabled Quanta to expand its service offerings and strengthen its market position in the renewable energy industry.
Quanta Services has a strong financial track record, consistently delivering robust revenue growth and profitability. In the second quarter of 2023, Quanta reported record revenues of $5.05 billion, up from $4.23 billion in the same quarter of 2022, and net income attributable to common stock of $165.9 million, or $1.12 per diluted share, compared to $88.0 million, or $0.59 per diluted share, in the second quarter of 2022. The company’s total backlog reached a record $27.20 billion, reflecting strong demand for its services driven by the modernization and hardening of utility infrastructure and the growing focus on renewable energy generation.
Quanta continues to invest in its future growth through employee safety and training programs, expansion of front-end services, and strategic supply chain initiatives. The company’s strategic approach and financial strength position it well to drive stockholder value through organic growth and targeted acquisitions.
Recent achievements include the strategic acquisition of Pennsylvania Transformer Technology, LLC, enhancing Quanta’s capabilities in manufacturing power transformers and components, crucial for the evolving energy market. Quanta’s leadership in providing integrated infrastructure solutions ensures its significance in the ongoing energy transition and infrastructure modernization efforts.
Quanta Services, Inc. (NYSE: PWR) will release its third quarter 2021 financial results on November 4, 2021, before market opening. A conference call and webcast will follow at 9:00 a.m. Eastern time on the same day. Interested participants can join the call by dialing (201) 689-8345 or accessing it via the company's Investor Relations website. An archive of the conference will be available post-call for those unable to attend live.
Quanta Services (NYSE: PWR) has successfully completed the acquisition of Blattner Holding Company, a prominent utility-scale renewable energy solutions provider in North America. Founded in 1907, Blattner specializes in engineering, procurement, project management, and construction services for renewable energy projects including wind, solar, and energy storage. This acquisition aims to enhance Quanta's capabilities in delivering comprehensive electric infrastructure solutions, supporting the transition to a carbon-neutral economy.
Quanta Services (NYSE:PWR) will participate in a fireside chat hosted by Wolfe Research analyst Steve Fleishman on September 30, 2021, at 10:25 a.m. Eastern time. The event will be broadcast live online, with links and archived replays available on Quanta's Investor Relations page. Quanta Services specializes in infrastructure solutions for utility, communications, pipeline, and energy sectors, operating across the U.S., Canada, Australia, and other regions.
Quanta Services announced the pricing of its offering of senior notes totaling $1.5 billion. This includes three series: 0.950% due 2024, 2.350% due 2032, and 3.050% due 2041. Each series will be offered at prices close to their face value. The offering is expected to close on September 23, 2021, pending customary closing conditions. Proceeds will finance the cash portion of the acquisition of Blattner Holding Company. BofA Securities and Wells Fargo Securities are the joint managers for this offering.
Quanta Services (NYSE: PWR) has announced a definitive agreement to acquire Blattner Holding Company for approximately $2.7 billion. Blattner is a leading utility-scale renewable energy infrastructure provider in North America, generating $2.4 billion in revenue and $291 million in adjusted EBITDA in 2020. The acquisition is expected to enhance Quanta's growth and financial profile, contributing revenues between $2.5 billion and $2.7 billion for 2022. The deal has been unanimously approved by both companies' boards and is anticipated to close in Q4 2021, pending regulatory approvals.
Quanta Services reported a record revenue of $3.00 billion for Q2 2021, up from $2.51 billion in Q2 2020. Net income rose to $117.0 million, or $0.81 per diluted share, compared to $73.9 million, or $0.52 per diluted share, in the previous year. Adjusted diluted EPS increased to $1.06 from $0.74. The company's backlog reached $17.0 billion, driven by demand for utility infrastructure and renewable energy investments. However, a $23.6 million provision for credit loss due to Limetree Refining's bankruptcy affected results. Quanta also repurchased $40.7 million of its stock in Q2 2021.
Quanta Services, Inc. (NYSE: PWR) released its 2020 Corporate Responsibility Report, highlighting its commitments to People, Planet, and Principles. The interactive microsite showcases data on ESG initiatives and Quanta's role in supporting a carbon-neutral future. The report aligns with the United Nations Sustainable Development Goals and discusses key topics such as COVID leadership, infrastructure needs, and the introduction of LUMA Energy. CEO Duke Austin emphasized the importance of modernized infrastructure for resilience and quality of life.
Quanta Services, Inc. (NYSE: PWR) will announce its second quarter 2021 financial results on August 5, 2021, before market opens. A conference call will be held at 9:00 a.m. Eastern time the same day, accessible via phone and live stream. A slide presentation will accompany the call, available on Quanta's Investor Relations website. Those unable to attend live can access a recorded version of the webcast shortly after the call. Quanta provides specialized contracting services in utility, communications, pipeline, and energy sectors across multiple countries.
Quanta Services (NYSE:PWR) has appointed Holli C. Ladhani to its Board of Directors, enhancing its leadership with her extensive experience in the energy sector and finance. Previously, Ladhani served as President and CEO of Select Energy Services until January 2021 and has held significant roles at Rockwater Energy Solutions and Dynegy. David McClanahan, Chairman of the Board, emphasized her operational and financial expertise, forecasting valuable insights for Quanta. Ladhani also serves on boards of Marathon Oil and Priority Power Management, bringing diverse industry experience.
On June 1, 2021, Quanta Services announced that its joint venture, LUMA Energy, has officially taken over the operations and maintenance of Puerto Rico's electric power transmission and distribution system. This transition from the Puerto Rico Electric Power Authority (PREPA) follows nearly a year of preparation and is part of a 15-year Operation and Maintenance Agreement. Quanta, along with ATCO, aims to enhance the reliability of Puerto Rico's power grid while contributing to local economic development. The venture underscores a commitment to modernize the energy infrastructure of Puerto Rico.
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