Q3 2024 Quanta Services Inc Earnings Call Transcript
Key Points
- Quanta Services Inc (PWR) reported double-digit growth in revenues, adjusted EBITDA, and adjusted earnings per share for the third quarter of 2024.
- The company achieved a record total backlog of $34 billion and free cash flow of $539 million.
- Quanta Services Inc (PWR) is well-positioned at the intersection of utility, renewable energy, and technology industries, benefiting from increased power demand and infrastructure upgrades.
- The integration of Cupertino Electric is progressing well, with positive customer feedback and potential for improved project speed to market.
- The company expects adjusted EPS to grow approximately 20% at the midpoint of their guidance over last year, with record levels of free cash flow anticipated for the year.
- Supply chain constraints, particularly in large transformers, continue to pose challenges for Quanta Services Inc (PWR).
- The renewable segment's backlog growth has been slower than expected, with some delays in converting bids into contracts.
- The underground segment faced impacts from storms, affecting the industrial business and pushing out projects.
- Labor shortages and inflationary pressures in the data center business are concerns, although Quanta Services Inc (PWR) is investing in training programs.
- The company's Canadian transmission collection is delayed, impacting cash flow expectations for the current year.
Greetings, and welcome to the Quanta Services Third Quarter 2024 Earnings Conference Call. (Operator Instructions) 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 third quarter 2024 earnings conference call. This morning, we issued a press release announcing our third quarter 2024 results, which can be found in the Investor Relations section of our website at quantaservices.com.
This morning, we also posted our third quarter 2024 operational and financial commentary and our 2024 outlook expectations summary on Quanta's Investor Relations website. While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community.
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