Quanta Services, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Record quarterly revenue of $3 billion, up 17% from Q2 2020.
  • Net income of $117 million (up from $74 million in Q2 2020) and adjusted diluted EPS of $1.06 (vs. $0.74 in Q2 2020).
  • Record backlog of $17 billion, up from $15 billion at year-end 2020 and $14.2 billion in Q2 2020.
  • Strong performance in Electric Power segment, driven by base business growth, programmatic utility spending, and favorable execution.
  • Raised full‑year 2021 guidance for revenue, margins, EBITDA, and EPS.

Segment Performance

Electric Power Infrastructure

  • Revenue: $2.1 billion, up 20% vs. Q2 2020.
  • Operating margin: 11%, up from 10.3% a year ago.
  • Drivers: Strong utility demand for grid modernization, system hardening, renewable interconnections, and EV infrastructure readiness.
  • LUMA Energy JV contributed ~$7 million in income.
  • Communications business (within segment) had mid‑single‑digit margins but expected to return to near double‑digit margins in 2H2021.

Underground Utility & Infrastructure

  • Revenue: $852 million, up 19% vs. Q2 2020.
  • Operating margin: 2.8%, down 20 basis points from Q2 2020.
  • Key impact: $23.6 million provision for credit loss tied to Limetree Refining bankruptcy (~280 bps margin impact).

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Operator: Greetings and welcome to the Quanta Services Second Quarter 2021 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host, Mr. Kip Rupp, Vice President, Investor Relations. Thank you, sir. Please go ahead. Kip Rupp: Thank you, and welcome, everyone, to the Quanta Services Second Quarter 2021 Earnings Conference Call. This morning, we issued a press release announcing our second quarter results, which can be found on -- in the Investor Relations section of our website at quantaservices.com, along with a summary of our 2021 outlook and commentary that we will discuss this morning. Additionally, we'll use a slide presentation this morning to accompany our prepared remarks, which is viewable through the call's webcast and is also available on the Investor Relations section of the Quanta Services website. Please remember that information reported on this call speaks only as of today, August 5, 2021. And therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements intended to qualify under the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance, but that do not solely relate to historical or current facts. Forward-looking statements involve certain risks

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