Quanta Services, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Q3 2020 revenue: $3.0 billion, reflecting strong demand across Electric Power and Communications; flat to slightly up year-over-year despite pandemic challenges.
  • Net income attributable to common stock: $163 million, up significantly versus Q3 2019.
  • GAAP diluted EPS: $1.13; Adjusted diluted EPS: $1.40 (a record), significantly higher than Q3 2019.
  • Record adjusted EBITDA and record backlog of $15.1 billion (up 13% year-over-year).
  • 12-month backlog: $8.1 billion, up year-over-year and sequentially.
  • Free cash flow: $70 million (up $40 million vs. Q3 2019).

Electric Power Segment

  • Revenue: $2.1 billion excluding Latin America (up 14% vs. Q3 2019).
  • Operating margin: 12.7% overall; 13.5% excluding Latin America—up from 9.6% in Q3 2019.
  • Margin improvements driven by strong execution, high utilization, storm work, and improved communications margins (above 10%, a notable improvement vs. 2019).
  • Storm response contributed approximately $200 million in revenue, offsetting a >20% decline in distribution work due to crew reallocation and lower fire hardening activity.
  • Emergency mobilization included ~7,000 workers deployed across multiple severe weather events.
  • Communications revenue up 40% year-over-year; backlog reached a record ~$975 million.

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Operator: Ladies and gentlemen, thank you so much for standing by today and welcome to the Quanta Services Third Quarter Earnings Conference Call. 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 is now my pleasure to introduce your host Mr. Kip Rupp, Vice President and Investor Relations. Thank you, sir. Please, go ahead. Kip Rupp: Thank you, and welcome everyone to the Quanta Services third quarter 2020 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 a summary of our 2020 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 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, October 29, 2020, 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 refl

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