QUANTA SERVICES REPORTS SECOND QUARTER 2022 RESULTS.

HOUSTON: Quanta Services, Inc. (NYSE: PWR) today announced results for the three months ended June 30, 2022. Revenues in the second quarter of 2022 were $4.23 billion compared to revenues of $3.00 billion in the second quarter of 2021, and net income attributable to common stock was $88.0 million, or $0.59 per diluted share, in the second quarter of 2022 compared to net income attributable to common stock of $117.0 million, or $0.81 per diluted share, in the second quarter of 2021. Adjusted diluted earnings per share attributable to common stock (a non-GAAP financial measure) was $1.54 for the second quarter of 2022 compared to $1.06 for the second quarter of 2021.

"Quanta generated record revenues in the second quarter, exceeding $4 billion for the first time in our history, and achieved strong double-digit growth of adjusted EBITDA and adjusted earnings per share, which we believe reflects the benefits of our operations portfolio strategy, as well as our strategic capital deployment and safe execution," said Duke Austin, President and Chief Executive Officer of Quanta Services. "Our solid financial performance in the first half of 2022, coupled with our record twelve-month backlog, ongoing active customer discussions and robust end market dynamics, reaffirms our confidence in our full-year 2022 consolidated financial expectations.

"Our customers' multi-year programs to modernize and harden utility infrastructure, along with their initiatives to move towards a reduced-carbon economy continue to drive demand for our services and present incremental growth opportunities. Notably, we are seeing growing demand for our renewable generation and infrastructure solutions in 2023 and beyond, giving us continued confidence in our multi-year financial targets. We believe Quanta's position in the marketplace remains strong and that we are successfully executing on the strategic initiatives that drive sustainable and resilient operational excellence, total cost solutions for our clients, consistent profitable growth and value for our stakeholders."

Certain items impacted the second 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...