Revenues in the first quarter of 2022 were $3.97 billion compared to revenues of $2.70 billion in the first quarter of 2021, and net income attributable to common stock was $84.6 million, or $0.57 per diluted share, in the first quarter of 2022 compared to net income attributable to common stock of $89.8 million, or $0.62 per diluted share, in the first quarter of 2021. Adjusted diluted earnings per share attributable to common stock (a non-GAAP financial measure) was $1.37 for the first quarter of 2022 compared to $0.83 for the first quarter of 2021.
“Quanta delivered a strong first quarter to start the year, with significant revenue growth in each segment, record total backlog of $20.5 billion and solid and safe execution by our portfolio of companies, which produced record first quarter adjusted earnings per share (EPS),” said Duke Austin, President and Chief Executive Officer of Quanta Services. “As a result of our first quarter results and continued confidence in the diversity and strength that our portfolio of companies provides, we are reiterating our 2022 consolidated financial expectations.
“As discussed during our recent Investor Day, Quanta is successfully executing on our strategic initiatives to drive sustainable and resilient operational excellence, total cost solutions for our clients, consistent profitable growth and value for our stakeholders. We believe we are uniquely positioned to capitalize on the megatrends and opportunities to lead the energy transition and enable technological development, with initiatives such as electric vehicle charging infrastructure and undergrounding of electrical infrastructure gaining momentum. As a result, we believe Quanta has built a platform with opportunity to deliver a 10% organic adjusted EPS compound annual growth rate (CAGR) and a strategy with opportunity to deliver a +15% adjusted EPS CAGR through 2026.”
Certain items impacted the first quarter of 2022 results and are reflected as adjustments in the calculation of Quanta’s adjusted diluted earnings per share attributable to common stock (a non-GAAP measure). These items are described in the accompanying tables reconciling adjusted diluted earnings per share attributable to common stock to GAAP diluted earnings per share attributable to common stock. Quanta completed no acquisitions during the first three months of 2022 and ten acquisitions during the full year 2021 and the results of the acquired businesses are included in Quanta’s consolidated results from the respective acquisition dates. For further information on the items that impacted comparability of 2022 and 2021, see the footnotes accompanying tables presenting Supplemental Segment Data and reconciliations of adjusted EBITDA and adjusted diluted earnings per share attributable to common stock (non-GAAP measures) to their comparable GAAP financial measures.
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