HOUSTON - Quanta Services , Inc. (NYSE: NYSE:PWR) today reported financial results for the fourth quarter of 2023, with a revenue surpassing analyst expectations. The company announced a fourth-quarter revenue of $5.78 billion, a significant increase from the consensus estimate of $5.18 billion. Adjusted diluted earnings per share (EPS) for the quarter were $2.04, which was $0.06 higher than the analyst estimate of $1.98.
The company's strong performance in the fourth quarter, which saw a revenue jump from $4.42 billion in the same quarter last year, was the primary driver behind a 3.2% increase in the company's stock price. This positive market response reflects investor confidence following the revenue beat.
Duke Austin, President and Chief Executive Officer of Quanta Services, credited the robust results to the company's "robust, profitable growth that delivered record revenues, profits, and cash flow." He also highlighted the company's strategic initiatives and operational excellence as key factors in their success.
Looking ahead, Quanta Services provided full-year 2024 guidance, anticipating revenues to range between $22.25 billion and $22.75 billion, with net income attributable to common stock expected to be between $851 million and $925 million. The company forecasts diluted earnings per share attributable to common stock to be in the range of $5.71 to $6.21 and adjusted diluted earnings per share between $8.00 and $8.50. When considering the midpoint of these ranges, Quanta's guidance suggests confidence in continued growth and performance.
Quanta Services is a leading specialized infrastructure solutions provider for the utility, renewable energy, communications, pipeline, and energy industries. With these latest financial results and positive outlook for 2024, the company appears well-positioned to capitalize on the growing demand for its services in the evolving energy and infrastructure sectors.
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