With that, I would like to now turn the call over to Mr. Jim O'Neil, Quanta's President and CEO. Jim?
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.Read the rest of this transcript for free on seekingalpha.com
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