Quanta Services, Inc. has announced results for the three and nine months ended Sept. 30, 2014. Revenues in the third quarter of 2014 were $2.17 billion compared to revenues of $1.65 billion in the third quarter of 2013. Revenues for the first nine months of 2014 were $5.80 billion compared to revenues of $4.71 billion in the first nine months of 2013.
“We achieved record backlog of $9.6 billion in the third quarter. We continue to see opportunities for sizeable energy infrastructure projects, as reflected by Nalcor Energy's recent award to Quanta of the largest high-voltage electric transmission contract in Quanta's history," said Jim O'Neil, president and chief executive officer of Quanta Services. "High levels of customer spending, coupled with our continued solid project execution, translated into greater than 30% growth in both revenues and adjusted EPS during the quarter. We anticipate that positive trends will continue, supporting our ongoing expectation for double digit growth opportunities through at least 2015."
Quanta completed eight acquisitions in the first nine months of 2014 and three acquisitions in the fourth quarter of 2013. Therefore, the results for the three and nine months ended September 30, 2014 include these acquisitions from their respective acquisition dates and are compared to the pre-acquisition historical results of Quanta for the three and nine months ended September 30, 2013.
Quanta expects revenues for the fourth quarter of 2014 to range between $1.95 billion and $2.05 billion.