Quanta Services, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Q4 2020 revenue was $2.9 billion, up from Q4 2019. Full-year revenue reached $11.2 billion, reflecting an 8.1% CAGR since 2015.
  • Q4 2020 net income was $170.1 million, or $1.17 per diluted share. Adjusted diluted EPS was $1.22.
  • Record 2020 results in adjusted EPS ($3.82), adjusted EBITDA (over $1 billion), cash flow ($892 million), and backlog ($15.1 billion).
  • Electric Power segment revenue (excluding Latin America) grew 15.7% year-over-year in Q4, benefiting from strong base business, acquisitions, and record emergency restoration services.
  • Underground Utility & Infrastructure Solutions revenue declined 36% year-over-year due to reduced large pipeline activity and COVID-related industrial demand disruption.
  • Total year-end backlog reached $15.1 billion, with 12-month backlog of $8.3 billion, both increases from 2019.

Strategic & Operational Updates

  • Segment renaming: Both operating segments now include “Solutions” to reflect Quanta's end-to-end, collaborative customer approach. The pipeline & industrial segment was renamed Underground Utility & Infrastructure Solutions.
  • Base business strength: Over 90% of revenues now come from base recurring work, reducing reliance on large projects.

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Operator: Greetings and welcome to the Quanta Services Fourth Quarter and Full Year 2020 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: Great, thank you and welcome everyone to the Quanta Services fourth quarter and full year 2020 earnings conference call. This morning we issued a press release announcing our fourth quarter and full year results, which can be found 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 viewable or available on the Investor Relations section of the Quanta Services website. Please remember that information reported on this call speaks only as of today, February 25, 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

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