Quanta Services, Inc. (PWR, Financial) (PWR - $52.86 - NYSE) is a specialty contractor in the electrical power, oil and gas, and communication industries. Quanta Services reported a very strong quarter as operating margins exceeded expectations. The company also reported strong cash flow generation in the quarter with YTD results already towards the low-end of upwardly-revised, full-year Free Cash Flow guidance. e backlog fell sequentially as the company removed the Atlantic Coast Pipeline (ACP) project but still increased almost 10% year/year. Quanta's balance sheet remains strong with net debt to EBITDA below its targeted range of 1.5x to 2x and the company reauthorized a $500 million share repurchase program.
From Keeley Asset Management Corp (Trades, Portfolio)'s Mid Cap Dividend Value Fund third-quarter 2020 commentary.
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