The following is a summary of the Quanta Services, Inc. (PWR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Quanta reported Q1 2024 revenues of $5 billion and net income of $118.4 million, resulting in earnings per share of $0.79.
Quanta's adjusted EBITDA stood at $387.3 million or 7.7% of revenues.
The company achieved record cash flow with operations and free cash flow being $238 million and $181.2 million respectively.
The total backlog amounted to $29.9 billion, indicating a strong outlook for 2024.
Business Progress:
Quanta Services continues to strategically align with the ongoing energy transition and infrastructure investment, managing risk with their portfolio approach and craft-skill labor focus.
The company is investing in renewable energy and AI, preparing for a rise in renewable energy projects.
Emphasis on utility infrastructure transformation to support data center loads is notable.
Quanta cite advancements in utilities through grid modernization and recess permits.
Management confidently anticipates growth despite delays and believes in the potential for increased capital in the years ahead.
Strategy formulated for future investments in perspectives of growth centres, namely data centres and electric utilities.
More details: Quanta Services IR
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