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Quanta Services, Inc. - PWR STOCK NEWS

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.

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Quanta Services (NYSE: PWR) has acquired Cupertino Electric, Inc. (CEI), a leading electrical infrastructure solutions provider. The $1.54 billion acquisition includes $1.3 billion in cash and approximately 883,000 Quanta shares. Key highlights:

1. CEI brings expertise in technology, renewable energy, and infrastructure sectors.
2. Expected to contribute $2.1-$2.2 billion in revenue and $155-$175 million in adjusted EBITDA for 2024.
3. Enhances Quanta's presence in data center and renewable energy markets.
4. Projected to add $0.40-$0.50 to Quanta's adjusted diluted EPS in 2025.
5. Expands Quanta's skilled workforce by 4,300 employees.

The acquisition aligns with Quanta's growth strategy, diversifying its customer base and enhancing its end-to-end electrical infrastructure solutions.

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Quanta Services (NYSE: PWR) will release its Q2 2024 financial results on August 1, 2024, before market open. The company will hold a conference call and webcast at 9:00 a.m. Eastern time the same day. Quanta will share detailed operational and financial commentary on its Investor Relations website shortly after the earnings release. This commentary will replace extensive prepared remarks in the call, allowing more time for Q&A with institutional investors. Supplemental earnings materials will also be posted online. Investors can join the call via phone or webcast, and a replay will be accessible afterward.

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Powerfleet (Nasdaq: PWFL) will join the Russell 2000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective July 1, 2024. The company also announced a ticker symbol change to 'AIOT' to better reflect its identity as a global AIoT SaaS provider. CEO Steve Towe emphasized the company's growth and penetration into blue-chip customer markets. The Russell 2000® Index ranks the 4,000 largest US stocks by market capitalization, capturing them as of April 30, 2024.

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Quanta Services (NYSE: PWR) has announced the election of Warner L. Baxter and Jo-ann dePass Olsovsky as new independent directors and appointed Doyle N. Beneby as the new independent Chairman of the Board. Baxter offers extensive experience in the electric and natural gas utility sectors, having held senior positions at Ameren and other notable organizations. Olsovsky brings expertise in information technology and cybersecurity from her tenure at Salesforce and BNSF Railway. The new appointments aim to enhance the strategic insights and governance of Quanta Services.

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Quanta Services (NYSE: PWR) has declared a quarterly cash dividend of $0.09 per share, translating to an annualized rate of $0.36 per share. The dividend is payable on July 12, 2024, to stockholders recorded by July 1, 2024.

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Quanta Services (NYSE: PWR) announced its participation in two significant institutional investor conferences in May 2024. Key executives including CEO Duke Austin, CFO Jayshree Desai, and VP of Investor Relations Kip Rupp will engage with institutional investors at the Bernstein Strategic Decisions Conference on May 29 and the KeyBanc Capital Markets Industrials & Basic Materials Conference on May 30. Additionally, Austin and Desai will feature in a fireside chat hosted by Bernstein analyst Chad Dillard, which will be broadcast live online. Webcast links and replay options will be accessible on Quanta's Investor Relations website.

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Quanta Services, Inc. (NYSE: PWR) reported strong first-quarter 2024 results, with consolidated revenues reaching $5.03 billion, GAAP diluted EPS of $0.79, and adjusted diluted EPS of $1.41. Net income attributable to common stock was $118.4 million, and adjusted EBITDA stood at $387.3 million. The company achieved record cash flow, with operating cash flow of $238.0 million and free cash flow of $181.2 million. Quanta Services raised its full-year 2024 revenue and earnings per share expectations, showcasing robust performance across its Electric Power Infrastructure Solutions segment. The company's total backlog reached $29.9 billion, reflecting strong demand for its solutions supporting energy transition initiatives and infrastructure asset modernization.

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Quanta Services, Inc. (NYSE: PWR) will release its first quarter 2024 financial results on May 2, 2024, with a conference call and webcast scheduled. Operational and Financial Commentary will be available on the Quanta website post-release.
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Quanta Services, Inc. (NYSE: PWR) declares a quarterly cash dividend of $0.09 per share, totaling $0.36 per share annually, payable on April 17, 2024.
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Quanta Services, Inc. (NYSE: PWR) will participate in key institutional investor conferences in March 2024, including the Raymond James 45th Annual Institutional Investors Conference, the Bank of America Securities 2024 Power, Utilities and Clean Energy Conference, and the Daiwa Investment Conference Tokyo 2024. Company executives will engage with investors, present at fireside chats, and provide live webcasts for interested parties.
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FAQ

What does Quanta Services, Inc. specialize in?

Quanta Services, Inc. specializes in providing comprehensive infrastructure solutions for the electric power, oil and gas, and communication industries, including engineering, procurement, and construction (EPC) services.

Where is Quanta Services headquartered?

Quanta Services is headquartered in Houston, Texas.

What are the primary segments Quanta Services operates under?

Quanta Services operates under three primary segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground Utility and Infrastructure Solutions.

How did Quanta Services expand its renewable energy capabilities?

Quanta Services expanded its renewable energy capabilities by acquiring Blattner Company, a leader in renewable energy engineering, procurement, and construction (EPC) services, in 2021.

How did Quanta Services perform financially in the second quarter of 2023?

In the second quarter of 2023, Quanta Services 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.

What recent acquisition did Quanta Services make?

Quanta Services recently acquired Pennsylvania Transformer Technology, LLC, a manufacturer of power transformers and components, enhancing its capabilities in the energy market.

What is Quanta Services’ approach to future growth?

Quanta Services focuses on investing in employee safety and training programs, expanding front-end services, and implementing strategic supply chain initiatives to drive future growth.

What is the significance of Quanta Services’ backlog?

Quanta Services’ backlog reflects the strong demand for its services, driven by efforts to modernize and harden utility infrastructure and the transition towards renewable energy generation.

What are some key services offered by Quanta Services in the electric power sector?

In the electric power sector, Quanta Services offers services related to transmission and distribution, engineering, power plant construction, and renewable power solutions including wind and solar projects.

What makes Quanta Services a leader in its industry?

Quanta Services' leadership in integrated infrastructure solutions, strategic acquisitions, strong financial performance, and comprehensive service offerings make it a leader in its industry, particularly in supporting the energy transition and infrastructure modernization.

Quanta Services, Inc.

NYSE:PWR

PWR Rankings

PWR Stock Data

37.85B
146.39M
1.2%
92.93%
2.75%
Electrical Contractors and Other Wiring Installation Contractors
Construction
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United States of America
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