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quanta services inc (PWR) Key Developments

Quanta Services, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year 2015

Quanta Services, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's revenues were $2,052,982,000 against $1,817,623,000 a year ago. Operating income was $108,775,000 against $149,385,000 a year ago. Income from continuing operations before income taxes was $107,670,000 against $262,646,000 a year ago. Net income from continuing operations attributable to common stock was $66,203,000 or $0.30 per basic and diluted share against $166,697,000 or $0.77 per basic and diluted share a year ago. Net income attributable to common stock was $66,576,000 or $0.30 per basic and diluted share against $166,697,000 or $0.77 per basic and diluted share a year ago. Adjusted net income from continuing operations attributable to common stock for adjusted diluted earnings per share from continuing operations was $112,816,000 against $108,003,000 a year ago. Adjusted diluted earnings per share from continuing operations were $0.51 against $0.50 a year ago. The net impact of this provision on Quanta's results for the fourth quarter of 2014 was a reduction of $0.14 per diluted share. Also impacting the current fourth quarter results were acquisition costs of $6 million, net of tax, or $0.03 per diluted share. The increase in consolidated revenues in the fourth quarter of 2014 as compared to the same quarter of last year was primarily due to an 11.4% increase in revenues from Electric Power Infrastructure Services segment and a 15.9% increase in revenues from Oil and Gas Infrastructure Services segment. The fourth quarter of 2014 had strong cash flow - free cash flow of approximately $203 million, which contributed to the overall year and there's somewhat typical seasonal effect due to lower sequential revenues and often fewer new jobs ramping up at the end of the year, reducing working capital demand. For the year, the company's revenues were $7,851,250,000 against $6,522,842,000 a year ago. Operating income was $475,575,000 against $526,928,000 a year ago. Income from continuing operations before income taxes was $473,117,000 against $639,249,000 a year ago. Net income from continuing operations attributable to common stock was $297,341,000 or $1.35 per basic and diluted share against $401,921,000 or $1.87 per basic and diluted share a year ago. Net income attributable to common stock was $296,714,000 or $1.35 per basic and diluted share against $401,921,000 or $1.87 per basic and diluted share a year ago. Adjusted net income from continuing operations attributable to common stock for adjusted diluted earnings per share from continuing operations was $436,404,000 against $368,494,000 a year ago. Adjusted diluted earnings per share from continuing operations were $1.99 against $1.71 a year ago. For the full year of 2014, cash flow provided by operating activities of continuing operations was approximately $311 million and net capital expenditures were approximately $287 million, resulting in approximately $24 million of free cash flow as compared to free cash flow of approximately $198 million for the full year of 2013, which was influenced favorably by substantially higher storm revenues in the fourth quarter of 2012 that were collected in the first quarter of 2013. The company expects revenues for the first quarter of 2015 to range between $1.8 billion and $1.9 billion and diluted earnings per share from continuing operations to be $0.31 to $0.37 on a GAAP basis. These estimates compare to revenues of $1.76 billion and GAAP diluted earnings per share from continuing operations of $0.25 in the first quarter of 2014, which included $38.8 million or $25.8 million net of tax of incremental expense as a result of an arbitration decision related to a contract dispute on a directional drilling project that occurred in 2010. The net impact of this decision on Quanta's first quarter of 2014 results was a $0.12 reduction in diluted earnings per share from continuing operations. GAAP EPS forecast for the first quarter of 2015 includes an estimate of $11.5 million for non-cash stock-based compensation expense and $9.1 million for amortization expense. Excluding these expenses, non-GAAP adjusted diluted earnings per share from continuing operations for the first quarter of 2015 is expected to be $0.37 to $0.43 and compares to non-GAAP adjusted diluted earnings per share from continuing operations of $0.44 in the first quarter of 2014. The company expects revenues for the full year of 2015 to range between $8.2 billion and $8.6 billion and diluted earnings per share from continuing operations to be $1.80 to $2.05 on a GAAP basis. GAAP EPS forecast for 2015 includes an estimate of $43 million for non-cash stock-based compensation expense and around $36 million of amortization expense. Excluding these expenses, comparable to historical calculations, non-GAAP adjusted diluted earnings per share from continuing operations for 2015 is expected to be between $2.04 and $2.29, which compares to $1.99 in 2014. GAAP tax rate to be between 34.5% and 34.8% for 2015 and diluted share count to be about 213 million shares, reflecting the shares repurchased that I discussed previously. The company expects capex for all of 2015 to be approximately $275 million to $300 million, which includes capex for Fiber Licensing and Other segment of about $50 million to $60 million and this compares to capex for all of 2014 of $301 million.

Quanta Services Seeks Acquisitions

Jim O'Neil - Quanta Services, Inc.'s Chief Executive Officer and Director answered a query related to future acquisitions and said, "I mean, we are always opportunistic on acquisitions. We could acquire the same dollar value of companies this year that we did the last several years, but maybe not." Jim further added, "And I think the short answer is we are going to continue to be opportunistic and find good deals, because I do think that we are still in the most prolific time in the history of both the electric power and oil and gas industries. And I think some of the strategic moves we make over the next several years will help establish our leadership position for the next few decades. And I truly believe that."

Quanta Services, Inc. to Report Q4, 2014 Results on Feb 19, 2015

Quanta Services, Inc. announced that they will report Q4, 2014 results at 9:00 AM, Eastern Standard Time on Feb 19, 2015

Quanta Services, Inc., Q4 2014 Earnings Call, Feb 19, 2015

Quanta Services, Inc., Q4 2014 Earnings Call, Feb 19, 2015

Alberta PowerLine Selects Quanta Services, Inc. and ATCO Group

Quanta Services, Inc. announced that Alberta PowerLine, a limited partnership formed by the company and ATCO Group, was selected by the Alberta Electric System Operator (AESO) for the Fort McMurray West 500 Kilovolt (kV) Transmission Project under its newly created competitive transmission process. The AESO received interest for this project from companies around the world, including Asia, Europe, South America and North America. After an extensive process that examined technical, financial and development expertise, the AESO chose Alberta PowerLine. The Fort McMurray West 500 kV Transmission Project will consist of approximately 500 kilometers of transmission line between the Wabamun area west of Edmonton and the Fort McMurray area and two new 500 kV substations. The company will provide turnkey EPC services for the entire project. Led by Valard Construction, a Quanta Services company, the team will leverage the capabilities of a number of Quanta's operating units. Quanta expects construction to begin in 2017 after the necessary permits and rights of way for the project are obtained, and expects to complete the project in 2019.

 

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