Quanta Services Inc. PWR kicked off 2019 on an impressive note, backed by strong Electric Power Infrastructure Services business. The company reported first-quarter 2019 adjusted earnings of 96 cents per share, surpassing the Zacks Consensus Estimate of 86 cents by 11.6%.Moreover, the reported figure considerably increased 146.2% from 39 cents recorded a year ago. The performance was backed by robust spending by electric utilities on grid modernization and system hardening, and by gas utilities on distribution system modernization and safety programs.Total revenues came in at a record level of $2.81 billion, surpassing the consensus mark of $2.61 billion by 7.4%. Also, the top line increased 16.1% year over year, aided by robust revenue growth across the board.Segment DetailsOf the total quarterly revenues, the Electric Power Infrastructure Services segment accounted for 59.3%, and Pipeline and Industrial Infrastructure Services contributed 40.7%.Revenues from Electric Power Infrastructure came in at $1,664 million, up 6.1% year over year. Operating income of $161.6 million was up 14.7% from the year-ago level. Operating margins expanded 70 basis points (bps) to 9.7%.Pipeline and Industrial Infrastructure Services segment revenues grew 34.6% from the prior-year quarter to $1,143.2 million. Moreover, operating income of $40.7 million was up 304% from the year-ago period. Operating margins of 3.6% were up 240 bps.Quanta Services, Inc. Price, Consensus and EPS Surprise Quanta Services, Inc. Price, Consensus and EPS Surprise | Quanta Services, Inc. QuoteOperating HighlightsIn the reported quarter, overall operating income came in at $119.5 million compared with the prior-year figure of $75.2 million. Operating margin surged 120 bps from a year ago.Total backlog as of Mar 31, 2019 was a record $12.6 billion and 12-month backlog was $6.9 billion. This compares favorably with $12.3 billion of total backlog and $7 billion of 12-month backlog at 2018-end.LiquidityAs of Mar 31, 2019, Quanta Services’ cash and cash equivalents were $85.4 million, up from $78.7 million at 2018-end. The company’s long-term debt and notes payable (net of current maturities) amounted to $1,345 million, up from $1,040.5 million as of Dec 31, 2018.Net cash used in operating activities in the quarter under review totaled $82.8 million versus $26 million cash provided by operating activities.Free cash flow was negative $140.5 million in the quarter compared with $35 million a year ago.AcquisitionsQuanta Services completed one acquisition during the January to March quarter of 2019 and four acquisitions during 2018.2019 Guidance UpBuoyed by strong performance in the first quarter, accompanied with increased visibility for electric power services, the company lifted its 2019 expectation.The company now expects adjusted earnings in the range of $3.40-$3.86 per share versus $3.30-$3.75 expected earlier. Revenues are projected in the range of $11.2-11.6 billion, up from prior expectation of $10.8-$11.2 billion.Adjusted EBITDA is now expected in the range of $905-$1 billion versus $875-$975 million projected earlier.Zacks Rank & Other Stocks to ConsiderQuanta Services currently carries a Zacks Rank #2 (Buy).Other top-ranked stocks in the Zacks Engineering - R and D Services industry include Apergy Corp. APY, Jacobs Engineering Group Inc. JEC and AECOM ACM. While Apergy and Jacobs sport a Zacks Rank #1 (Strong Buy), AECOM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Apergy and Jacobs’ three-five year expected EPS growth rate is projected at 24.2% and 10.1%, respectively.AECOM surpassed earnings estimates in all the trailing four quarters, with the average being 3.7%.Zacks' Top 10 Stocks for 2019In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.See Latest Stocks Today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quanta Services, Inc. (PWR): Free Stock Analysis Report Jacobs Engineering Group Inc. (JEC): Free Stock Analysis Report AECOM (ACM): Free Stock Analysis Report Apergy Corporation (APY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research