The company generated adjusted earnings of $1.68 per share on revenue of $4.42B that grew around 13% for Q4. For the full year, consolidated revenue was $17.07B, beating the consensus estimate of $16.93B.
Adjusted EPS was $6.34, just about higher than analysts' expectations of $6.33 per share. Both Q4 and full year top and bottom lines were record results for the company.
CEO Duke Austin remarked: "Quanta delivered strong fourth quarter results and completed another year that generated record revenues, profits and backlog. Our growing cash flow and strong financial profile, coupled with our visible, robust end-market dynamics, position us well to continue to deliver value for our stakeholders."
Cash flow from operations was $1.13B for 2022. Quanta expects revenues between $18.4B and $18.9B for 2023, with adjusted EPS between $6.75 and $7.25. The current consensus estimate is an EPS of $6.99 on revenue of $18.26B.
Austin noted: "Our 2023 expectations reflect the opportunity for continued growth in revenues, adjusted EBITDA, adjusted earnings per share and cash flow. Further, we are increasingly excited and confident about the opportunity to drive multi-year revenue and double-digit earnings per share growth. As evidenced by our record backlog and the other recent highlights we announced this morning, demand is strong for our infrastructure solutions that support our customers' energy-transition initiatives and increase reliability, safety, efficiency and connectivity through modernization."