Summary
Quanta Services, Inc. (PWR) reported a strong financial performance for the fiscal year ended December 31, 2024, with consolidated revenues increasing by 13.4% to $23.7 billion. This growth was primarily driven by significant increases in the Electric Power and Renewable Energy segments, reflecting robust demand for infrastructure solutions in grid modernization, renewable energy development, and the technology sector, particularly data centers. The company also demonstrated strong operational execution, leading to a 19.4% increase in operating income. Quanta's strategic acquisition of Cupertino Electric, Inc. (CEI) and seven other businesses during the year contributed to revenue growth and expanded its service capabilities, particularly in electrical infrastructure solutions for the technology and data center industries. Despite a decrease in revenues from the Underground and Infrastructure segment, primarily due to lower large pipeline project volumes, the company's overall backlog and remaining performance obligations saw substantial increases, indicating continued demand and a positive outlook for future revenue. The company's liquidity position remains strong, with significant available commitments under its senior credit facility.
Financial Highlights
52 data points| Revenue | $23.67B |
| Cost of Revenue | $20.16B |
| Gross Profit | $3.51B |
| SG&A Expenses | $1.82B |
| Operating Income | $1.35B |
| Net Income | $927.28M |
| EPS (Basic) | $6.16 |
| EPS (Diluted) | $6.03 |
| Shares Outstanding (Basic) | 146.93M |
| Shares Outstanding (Diluted) | 150.06M |
Key Highlights
- 1Consolidated revenues increased by 13.4% year-over-year to $23.7 billion, driven by strong performance in the Electric Power and Renewable Energy segments.
- 2Operating income grew by 19.4% to $1.35 billion, reflecting improved operational efficiency and favorable revenue mix.
- 3The company completed eight strategic acquisitions during the year, enhancing its service offerings and market reach, particularly in the technology and data center sectors.
- 4Backlog and remaining performance obligations increased significantly, reaching $34.5 billion and $16.8 billion, respectively, signaling robust demand for future services.
- 5Electric Power and Renewable Energy segments showed substantial revenue growth (15.2% and 27.2%, respectively), benefiting from increased utility and developer spending.
- 6Despite a revenue decrease in the Underground and Infrastructure segment (-7.1%), driven by lower large pipeline project volumes, the company's specialty services within this segment remain solid.
- 7Net income attributable to common stock increased by 21.5% to $904.8 million, demonstrating improved profitability.