Revenues in the first quarter of 2021 were $2.70 billion compared to revenues of $2.76 billion in the first quarter of 2020, and net income attributable to common stock was $89.8 million, or $0.62 per diluted share, in the first quarter of 2021 compared to net income attributable to common stock of $38.7 million, or $0.26 per diluted share, in the first quarter of 2020. Adjusted diluted earnings per share attributable to common stock (a non-GAAP measure) was $0.83 for the first quarter of 2021 compared to $0.47 for the first quarter of 2020.
“Quanta is off to a solid start for the year, with continued strong performance and safe execution from our Electric Power Infrastructure Solutions segment and better than expected profitability from our Underground Utility and Infrastructure Solutions segment. Based on this performance and continued confidence in our ability to safely execute, we are increasing our full-year financial expectations,” said Duke Austin, President and Chief Executive Officer of Quanta Services.
“Our strategic focus on enhancing our front-end capabilities allows us to provide industry leading solutions to our customers and increases our total addressable market and growth opportunities. Spending by utilities on grid modernization, system hardening and renewable generation integration and spending by communications providers on broadband and 5G network deployment are driving strong demand for our services, as evidenced by our record backlog of $15.8 billion. These dynamics continue to enhance our near-term visibility and are expected to be meaningful drivers of our growth going forward, and, when coupled with increasing movement toward a carbon-neutral economy, incrementally increase our growth opportunities.”
Certain items that impacted the first quarter of 2021 results are reflected as adjustments in the calculation of Quanta’s adjusted diluted earnings per share attributable to common stock and are further described in the accompanying non-GAAP reconciliation of adjusted diluted earnings per share attributable to common stock to GAAP diluted earnings per share attributable to common stock. Quanta completed one acquisition during the first three months of 2021 and seven acquisitions during the full year 2020. Therefore, Quanta’s results include the results of the acquired businesses from their respective acquisition dates. For further information on the items that impacted comparability of 2021 and 2020, see the footnotes to the Supplemental Segment Data table and the non-GAAP reconciliations of adjusted EBITDA and adjusted diluted earnings per share attributable to common stock in the accompanying tables.
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