HOUSTON – Quanta Services Inc. (NYSE: NYSE:PWR) reported a strong first quarter, surpassing Wall Street's expectations with both earnings and revenue, and raised its full-year guidance, sending its shares up 3% in response.
The provider of specialty contracting services announced adjusted earnings per share (EPS) of $1.41, exceeding analysts' estimates by $0.11. Revenue for the quarter was also higher than anticipated, coming in at $5.03 billion against the consensus estimate of $4.92 billion.
The company's first-quarter revenue marked a significant increase from the $4.43 billion reported in the same period last year, representing a growth of approximately 13.5%. This revenue growth, coupled with a robust adjusted diluted EPS increase from $1.24 in the first quarter of 2023 to $1.41 in the current year, reflects Quanta's expanding operational capacity and market reach.
Looking ahead, Quanta has raised its full-year 2024 revenue forecast to a range of $22.5 billion to $23 billion, from the analyst consensus of $22.599 billion. The company's EPS guidance for the full year is set at $8.15 to $8.65, with the midpoint of $8.40 slightly above the consensus estimate of $8.35.
This optimistic outlook underscores Quanta's confidence in its ability to continue delivering strong financial performance.
The company's CEO commented on the results, noting, "Our record first-quarter results demonstrate Quanta's ability to effectively manage our operations and capitalize on the robust demand across our markets. We are raising our full-year guidance based on the solid foundation we've built and our positive outlook for the remainder of the year."
Investors have reacted positively to the news, with the stock price climbing 3% following the earnings release. This movement indicates a strong market endorsement of Quanta's current trajectory and future prospects.
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