Quanta Services, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Revenue reached a record 5.6 billion dollars, up significantly year over year (Q3 2022 revenue was approximately 4.5 billion dollars).
  • Adjusted earnings per share were a record 2.24 dollars, up from 1.62 dollars in Q3 2022.
  • Total backlog reached an all-time high of 30.1 billion dollars, increasing 2.9 billion dollars from Q2 2023 and up sharply from 22.9 billion dollars in Q3 2022.
  • Strong performance driven by grid modernization, renewable energy expansion, and transmission projects.
  • Free cash flow for the quarter was 280 million dollars.

Segment Performance

Electric Power Infrastructure Solutions

  • Revenue: 2.5 billion dollars (strong year over year growth).
  • Operating margin: 11.9 percent, consistent with the company's long-term target range.
  • Demand robust across grid modernization, security and storm hardening, and communications.
  • Segment backlog expanded meaningfully, supporting visibility into 2024.

Renewable Energy Infrastructure Solutions

  • Revenue: 1.7 billion dollars, up ~50 percent year to date compared to 2022.
  • Operating margin: 8.7 percent, up sequentially but pressured by lower-than-expected contingency releases and early-stage project mix.

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Operator: Greetings, and welcome to the Quanta Services Third Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kip Rupp, Vice President and Investor Relations. Thank you, Kip. You may begin. Kip Rupp: Thank you, and welcome, everyone, to the Quanta Services third quarter 2023 earnings conference call. This morning, we issued a press release announcing our third quarter 2023 results, which can be found in the Investor Relations section of our website at quantaservices.com, along with a summary of our 2023 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, November 2, 2023. 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, including all statements reflecting expectations, intentions, assumptions or beliefs about future events or performance or that do not solely

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