Q2 2024 Quanta Services Inc Earnings Call Transcript
Key Points
- Quanta Services Inc (PWR) reported double-digit growth in revenue, adjusted EBITDA, and adjusted earnings per share for the second quarter of 2024.
- The company achieved a record total backlog of $31.3 billion, indicating strong future demand.
- Quanta Services Inc (PWR) completed the acquisition of Cooper to new electric for CI, expanding its service lines and customer base.
- The company generated healthy cash flows with $391.3 million from operations and $258.6 million in free cash flow.
- Quanta Services Inc (PWR) increased its full-year 2024 financial guidance, expecting another year of profitable growth with record revenues and double-digit growth in adjusted EBITDA, adjusted earnings per share, and free cash flow.
- The company faced a continued drag from certain renewable projects, impacting margins by approximately $20 million in the second quarter.
- There were some shifts in utility capital expenditures, with some utilities moving capital from gas to electric, affecting the distribution segment.
- The communications business remains dynamic and subject to budget fluctuations, impacting growth predictability.
- The Canadian business has been a drag, although improvement is expected in the second half of the year.
- There are concerns about the regulatory environment and the commitment of regulators to push through capital increases, which could impact future utility CapEx.
(audio in progress) earnings conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kip Rupp, Vice President of Investor Relations. Thank you, sir. You may begin.
Thank you, and welcome, everyone, to the Quanta Services second quarter 2024 earnings conference call. This morning, we issued a press release announcing our second quarter of 2024 results, which can be found in the Investor Relations section of our website at quantaservices.com.
This morning, we also posted our second quarter 2024 operational and financial commentary and our 2024 outlook expectations. Summary on clients. Investor Relations entered our remarks during this morning's call. The operational and financial commentary is intended to largely
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