LONDON, UK / ACCESSWIRE / December 14, 2017 / Active-Investors free earnings report on Quanta Services, Inc. (NYSE: PWR) ("Quanta") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/'symbol=PWR. Quanta posted third quarter fiscal 2017 results (Q3 FY17) as on November 01, 2017. The leading full-service engineering services provider's revenue increased by 27.77%. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
During Q3 FY17, Quanta posted revenues of $2.61 billion compared to $2.04 billion, reflecting growth of 27.77% due to an increase in US production of liquid fuels and revenues generated from penetration in downstream and midstream petrochemical markets. Revenue numbers exceeded analysts' estimates of $2.30 billion.
Quanta's gross profit increased 15.88% to $350.63 million on a y-o-y basis in the reported quarter compared to $302.58 million in Q3 FY16. The Company's operating income was $140.43 million for Q3 FY17 compared to $130.16 million in Q3 FY16.
Quanta's net income reflected growth of 21.12% to $89.31 million in Q3 FY17 compared to $73.74 million in Q3 FY16. The Company's diluted EPS was $0.57 in Q3 FY17 compared to $0.47, advancing 21.28% on a y-o-y basis. Quanta's adjusted earnings, adjusted for one-time gains and costs for Q3 FY17, was $0.63, which exceeded Wall Street's expectations of $0.59. Quanta completed three acquisitions during the first nine months of 2017.
Quanta's Segment Details
Quanta has two business segments, namely: (i) Electric Power Structure Services (ii) Oil and Gas Infrastructure Services.
During Q3 FY17, the Electric Power Structure Services segment's revenue of $1.50 billion in Q3 FY17, compared to $1.22 billion in Q3 FY16, reflecting growth of 23.09% on y-o-y basis. The segment's operating income increased 26.10% to $150.05 million in the reported quarter, compared to $119.00 in the prior-year quarter.
The Oil and Gas Infrastructure Services segment's revenue totaled $1.10 billion in Q3 FY17 compared to $819.75 million in Q3 FY16, surging 34.74 % on a y-o-y basis. The segment's operating income was $58.51 million in Q3 FY17 compared to $65.66 million, slightly declining by 10.89%.
Quanta's revenue in the reported quarter on a geographical basis was 79.00% in the US, 16.00% for Canada, 2.00% for Australia, 3.00% for the Latin American region (LATAM) and other.
The Company's estimated revenue in the reported quarter, on the basis of contract type, was 32.00% from fixed price, 23.00% from cost-plus contract type, and 45.00% from unit price contract type.
Quanta's estimated revenue in the reported quarter, on the basis of project type, was 49.00% from New Construction project type, 41.00% from Master Service Agreement project type, 8.00% from maintenance and repair project type, 2.00% from Engineering project type.
Balance Sheet
Quanta held cash and cash equivalents of $91.53 million on September 30, 2017, compared to $112.18 million on December 30, 2016. The Company's long-term debt was $760.21 million on September 30, 2017, and $353.56 million in Q4 FY16.
Outlook
For full fiscal 2017, Quanta expects revenues in the range of $9.25 billion to $9.35 billion, with diluted earnings per share (EPS) to be in the band of $1.58 to $1.68, and adjusted earnings per share (EPS) in the range of $1.90 to $2.00, due to upbeat industry trends. The Company expects its Electric Power segment's revenues to increase slightly between 5.00% to 10.00% and Oil and Gas Infrastructure segments to increase more than 10.00% and operating income margins in the range of 5.00% to 6.00%. Quanta also booked more than $200.00 million of new communications work during the quarter.
Stock Performance Snapshot
December 13, 2017 - At Wednesday's closing bell, Quanta Services' stock dropped 2.12%, ending the trading session at $38.29.
Volume traded for the day: 1.58 million shares, which was above the 3-month average volume of 1.25 million shares.
Stock performance in the last month - up 4.28%; previous three-month period - up 5.02%; past twelve-month period - up 9.18%; and year-to-date - up 9.87%
After yesterday's close, Quanta Services' market cap was at $5.90 billion.
Price to Earnings (P/E) ratio was at 20.64.
The stock is part of the Industrial Goods sector, categorized under the General Contractors industry. This sector was up 0.5% at the end of the session.
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