Quanta Services, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Quanta reported record quarterly results, including all-time highs in revenue, adjusted EBITDA, EPS, and total backlog.
  • Total backlog reached $17 billion (a record), up for the fifth consecutive quarter. 12‑month backlog also hit a record $9.8 billion.
  • Blattner, a major renewable utility‑scale contractor, was acquired in October 2021 and is expected to significantly enhance Quanta’s renewable energy and energy transition capabilities.

Financial Results (Q3 2021)

  • Total revenue: $3.4 billion, a quarterly record.
  • Electric Power segment revenue: $2.3 billion, up 10% vs. Q3 2020.
  • Underground Utility & Infrastructure revenue: $1.02 billion, up 12% vs. Q3 2020.
  • Net income: $174 million ($1.21 diluted EPS).
  • Adjusted diluted EPS: $1.48.
  • Negative free cash flow: -$40 million (vs. +$70 million in Q3 2020) due primarily to higher working capital needs and timing shifts.
  • DSO: 89 days, up 7 days from Q3 2020, driven largely by delays on two major Canadian transmission projects.

Operational Highlights

  • Electric Power Solutions: Strong execution, record emergency restoration revenue (~$230M) from Hurricane Ida. Continued demand for grid modernization and renewable interconnections.

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Operator: Hello, and welcome to the Quanta Services Third Quarter 2021 Earnings Call and webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Kip Rupp, Investor Relations for Quanta Services. Please go ahead. Kip Rupp: Thank you, and welcome, everyone, to the Quanta Services Third Quarter of 2021 Earnings Conference Call. This morning, we issued a press release announcing our third quarter results, which can be found in the Investor Relations section of our website at quantaservices.com, along with the summary of our 2021 outlook and commentary that we will discuss this morning. Additionally, we will 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, November 4th, 2021, and therefore, you are 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, assumption

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