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Quanta Services Management Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: PWR

With that, I would like to now turn the call over to Mr. Jim O'Neil, Quanta's President and CEO. Jim?

James Haddox

Thanks, Jim, and good morning, everyone. Today, we announced revenues of $1.51 billion for the fourth quarter of 2011 compared to $1.11 billion in the prior year's fourth quarter, reflecting growth of 36.8% quarter-over-quarter.

Net income attributable to common stock for the quarter was $66.3 million or $0.32 per diluted share. Included in net income attributable to common stock for the fourth quarter of 2011 is a $32.6 million charge to cost of services or $20.4 million net of tax related to a pension plan withdrawal liability. Also included in net income attributable to common stock for the fourth quarter of 2011 is $10.7 million of income from the release of income tax contingencies and settlements of certain tax audit. The net impact of these 2 items to the fourth quarter of 2011 resulted in a $0.04 reduction in diluted earnings per share.

The growth in consolidated revenues in 4Q '11 was driven by strong growth in the Electric Power and Telecom Infrastructure Services segments, partially offset by a decrease in revenues from our Natural Gas and Pipeline Infrastructure Services segment.

Contributing to our increased revenues in the fourth quarter of 2011 was the incremental contribution of approximately $52 million in revenues in the quarter from companies acquired since the beginning of 4Q 2010. Excluding revenues from these acquisitions, consolidated revenues would have grown 32% quarter-over-quarter.

Our consolidated gross margin decreased from 14.4% in 4Q '10 to 13.3% in 4Q '11. This decrease was due to the impact of the previously mentioned $32.6 million pretax charge for pension plan withdrawal liability, which affected the Natural Gas and Pipeline Infrastructure Services segment. Consolidated gross margins without the effects of this charge were 15.4%, an increase of 100 basis points over 4Q of '10.

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