How did Quanta perform in the fourth quarter and full year of 2024?

Q4 2024 revenue was $6.55 billion (up from $5.78 billion), and GAAP diluted EPS was $2.03 versus $1.42 a year earlier. For the full year, revenue was $23.67 billion, GAAP diluted EPS was $6.03, and adjusted diluted EPS was $8.97, all records for the company.

What is Quanta's 2025 outlook?

Management expects double-digit growth in revenue, adjusted EBITDA, and EPS in 2025, along with the ability to achieve record backlog. The estimated GAAP diluted EPS range is $6.85 to $7.45, adjusted diluted EPS is $9.90 to $10.50, adjusted EBITDA is $2.66 to $2.80 billion, and free cash flow is $1.2 to $1.7 billion.

Why does the segment change matter to investors?

Beginning Q1 2025, Quanta will report two segments: Electric Infrastructure Solutions, which combines the former Electric Power and Renewable Energy segments, and Underground Utility and Infrastructure Solutions. Management says this better reflects how resources are allocated and how converging power, renewable, technology, and communications demand is being served. Investors should use the recast data in Exhibit 99.2 to compare periods.

What is the gap between GAAP and adjusted earnings, and what drives it?

For 2024, GAAP diluted EPS of $6.03 compares with adjusted EPS of $8.97. The difference is mainly non-cash amortization of acquired intangibles ($383 million, or about $2.55 per share) and non-cash stock-based compensation ($151 million), net of taxes. Investors should weigh both measures, since amortization is tied to the company's acquisition strategy.

What did the company say about capital allocation and shareholder returns?

Quanta completed eight acquisitions in 2024 and two more in early 2025 for about $562 million in aggregate upfront consideration. About $500 million remains under the stock repurchase program, and the quarterly dividend was raised 11% to $0.10 per share, or $0.40 annualized.

PWR 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed February 20, 2025. Cited figures are marked; the original filing is the authoritative source.

Quanta Services (PWR) reported strong fourth-quarter and full-year 2024 results on February 20, 2025, with record revenues, net income, and cash flow.

Q4 2024 consolidated revenues were $6.55 billion^a (up from $5.78 billion, roughly 13%), GAAP diluted EPS was $2.03 (vs. $1.42), and adjusted diluted EPS was $2.94 (vs. $2.04). Full-year 2024 revenues reached $23.67 billion (up from $20.88 billion), GAAP diluted EPS was $6.03 (vs. $5.00), and adjusted diluted EPS was $8.97 (vs. $7.16). Adjusted EBITDA rose to $2.33 billion for the year, and free cash flow was $1.55 billion.

Year-end total backlog reached $34.54 billion^b and remaining performance obligations were $16.76 billion, both supporting management's expectation of record backlog in 2025. Management guided to double-digit growth in 2025 revenue, adjusted EBITDA, and EPS. The estimated 2025 GAAP diluted EPS range is $6.85 to $7.45, and adjusted diluted EPS is $9.90 to $10.50, on estimated adjusted EBITDA of $2.66 to $2.80 billion and free cash flow of $1.2 to $1.7 billion.

Results include a one-time $15.4 million^c after-tax benefit from an arbitration award on a Peru telecom project, partly offset by foreign currency translation losses from the liquidation of Latin American operations. Amortization of acquired intangibles, which rose sharply to $383 million in 2024, remains a significant drag on GAAP earnings relative to adjusted results. Quanta also announced a segment reorganization effective Q1 2025, consolidating into two segments: Electric Infrastructure Solutions (combining the former Electric Power and Renewable Energy segments) and Underground Utility and Infrastructure Solutions.

Exhibit 99.2 provides recast historical data. The company completed eight acquisitions in 2024 and two more in early 2025, and it still has about $500 million^d remaining under its stock repurchase authorization. The quarterly dividend was raised 11% to $0.10 per share.

02—Key points

Key Highlights

Q4 2024 revenue grew about 13% year over year to $6.55 billion, and Q4 GAAP diluted EPS rose to $2.03 from $1.42 (adjusted EPS $2.94 vs. $2.04).
Full-year 2024 revenue reached a record $23.67 billion (up 13% from $20.88 billion), with GAAP diluted EPS of $6.03 and adjusted diluted EPS of $8.97.
Adjusted EBITDA was $2.33 billion for 2024 and $738 million in Q4; operating cash flow was $2.08 billion and free cash flow was $1.55 billion for the year.
Year-end total backlog hit $34.54 billion, with remaining performance obligations of $16.76 billion, including record Electric/Renewable segment backlog.
2025 guidance calls for double-digit growth in revenue, adjusted EBITDA, and EPS, with estimated adjusted diluted EPS of $9.90 to $10.50 and free cash flow of $1.2 to $1.7 billion.
Segment reporting will shift to two segments starting Q1 2025, combining Electric Power and Renewable Energy into Electric Infrastructure Solutions; recast data is in Exhibit 99.2.
Capital deployment continues: eight acquisitions completed in 2024, two more in early 2025 (about $562 million aggregate upfront), a Lumen long-haul fiber award expected in Q1 2025 backlog, and a quarterly dividend increased 11% to $0.10 per share.

03—Questions

Frequently Asked Questions

How did Quanta perform in the fourth quarter and full year of 2024?
Q4 2024 revenue was $6.55 billion (up from $5.78 billion), and GAAP diluted EPS was $2.03 versus $1.42 a year earlier. For the full year, revenue was $23.67 billion, GAAP diluted EPS was $6.03, and adjusted diluted EPS was $8.97, all records for the company.
What is Quanta's 2025 outlook?
Management expects double-digit growth in revenue, adjusted EBITDA, and EPS in 2025, along with the ability to achieve record backlog. The estimated GAAP diluted EPS range is $6.85 to $7.45, adjusted diluted EPS is $9.90 to $10.50, adjusted EBITDA is $2.66 to $2.80 billion, and free cash flow is $1.2 to $1.7 billion.
Why does the segment change matter to investors?
Beginning Q1 2025, Quanta will report two segments: Electric Infrastructure Solutions, which combines the former Electric Power and Renewable Energy segments, and Underground Utility and Infrastructure Solutions. Management says this better reflects how resources are allocated and how converging power, renewable, technology, and communications demand is being served. Investors should use the recast data in Exhibit 99.2 to compare periods.
What is the gap between GAAP and adjusted earnings, and what drives it?
For 2024, GAAP diluted EPS of $6.03 compares with adjusted EPS of $8.97. The difference is mainly non-cash amortization of acquired intangibles ($383 million, or about $2.55 per share) and non-cash stock-based compensation ($151 million), net of taxes. Investors should weigh both measures, since amortization is tied to the company's acquisition strategy.
What did the company say about capital allocation and shareholder returns?
Quanta completed eight acquisitions in 2024 and two more in early 2025 for about $562 million in aggregate upfront consideration. About $500 million remains under the stock repurchase program, and the quarterly dividend was raised 11% to $0.10 per share, or $0.40 annualized.

04—Continue

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