PWR - Quanta Services beats Q2 top and bottom line estimates; raises FY23 outlook

2023-08-03 07:02:31 ET

• Quanta Services press release ( NYSE: PWR ): Q2 Non-GAAP EPS of $1.65 beats by $0.01 .
• Revenue of $5.05B (+20.2% Y/Y) beats by $340M .

• Adjusted EBITDA of $472.1 Million.

• Remaining Performance Obligations of $12.5 Billion and Total Backlog of $27.2 Billion.

• Raising Full-Year 2023 Revenue, Adjusted EBITDA and EPS Expectations: Quanta now expects revenues to range between $19.6 billion and $20.0 billion vs. consensus of $18.95B and net income attributable to common stock to range between $705 million and $765 million. Quanta also now expects diluted earnings per share attributable to common stock to range between $4.75 and $5.15 and adjusted diluted earnings per share attributable to common stock to range between $6.90 and $7.30 vs. consensus of $7.08. Quanta now expects EBITDA to range between $1.73 billion and $1.82 billion and adjusted EBITDA to range between $1.88 billion and $1.97 billion. Additionally, for the full year ending December 31, 2023, Quanta now expects net cash attributable to operating activities to range between $1.20 billion and $1.40 billion and free cash flow (a non-GAAP financial measure) to range between $800 million and $1.00 billion.

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