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Quanta Services offers infrastructure solutions for the electric and gas utility, renewable energy, communications, pipeline, and energy industries in the U.S., Canada, and Australia. The company was formerly known as Fabal Construction and changed its name to Quanta Services in 1997, the same year that it was incorporated.

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Quanta Services (PWR): Company Profile, Stock Price, News, Rankings

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Quanta Services

quanta services

Good morning, and welcome to the Qantas Services second quarter twenty twenty five earnings call. At this time, all participants are in a listen only mode. A question and answer session will follow management's prepared remarks, and we ask that you please hold all questions until that time. I will then provide instructions for the question and answer session. As a reminder, this conference is being recorded.

If you have any objections, please disconnect at this time. I will now turn the call over to Kip Ruck, Vice President, Investor Relations, for introductory remarks.

Thank you, and welcome, everyone, to the Quanta Services second quarter twenty twenty five earnings conference call. This morning, we issued a press release announcing our second quarter twenty twenty five results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our second quarter twenty twenty five operational and financial commentary and our 2025 outlook expectation summary on Quanta's Investor Relations website. While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. Please remember that information reported on this call speaks only as of today, 07/31/2025, and therefore, you are 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 and information intended to qualify under the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions, or beliefs about future events or financial performance that do not solely relate to historical or current facts. You should not place undue reliance on these statements as they involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expressed or implied. We will also present certain historical and forecasted non GAAP financial measures. Reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary. Please refer to these documents for additional information regarding our forward looking statements and non GAAP financial measures.

Lastly, please sign up for e mail alerts through the Investor Relations section of quantaservice.com to receive notifications of news releases and other information. Follow Quanta IR and Quanta Services on the social media channels listed on our website. With that, I would now like to turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services second quarter twenty twenty five earnings conference call. This morning, we reported our second quarter twenty twenty five results, which included strong double digit growth in revenue, adjusted EBITDA and adjusted earnings per share, along with record backlog of $35,800,000,000 and a number of other record financial metrics. This morning, we also announced the acquisition of Dynamic Systems, a premier turnkey mechanical, plumbing, and process infrastructure solutions provider with a diversified customer base that strengthens Quano's craft skill led critical path capabilities to provide certainty for growing technology, manufacturing, and other load center markets. Dynamic Systems' highly synergistic mechanical workforce add adds to Quanta's growth platform and expands our total addressable market across several strategic verticals.

Additionally, Dynamic Systems brings an exceptional management team and a premier craft skilled workforce that complement Quanta's culture. As a result of our solid second quarter results and the addition of Dynamic Systems, we are increasing our full year 2025 financial expectations for revenue, adjusted EBITDA and adjusted EPS. Additionally, in the second quarter, we made a strategic investment in Bell Lumber and Pole Company, which is the largest private producer of round wooden poles and other mass timber products, primarily serving the utility, telecom and construction industries. Quanta's investment in Bell expands our expands Quanta's portfolio of core utility infrastructure equipment and enhances Quanta's ability to offer critical path supply chain solutions to our customers. Quanta's core strategy is built on the foundation of craft skilled labor, execution certainty, investment discipline, and clear strategic rationale.

At the heart of Quanta's success is our unmatched craft workforce. We deliver essential infrastructure solutions with dedication to safety, quality, and performance. Our execution certainty combined with strategic investments in talent, technology, and complementary business strengths businesses strengthens Quanta's leadership position across our expanding addressable markets. Our investment decisions are guided by a disciplined strategic rationale aimed at reinforcing Quanta's differentiated platform, growing customer partnerships, and driving long term sustainable value creation. Quanta differentiates itself through a unique solution based approach that integrates craft labor with engineering, technology, and program management expertise to deliver comprehensive self perform infrastructure solutions.

Rather than providing isolated services, Quanta partners with customers to solve complex challenges across the full project life cycle, which creates deeper strategic relationships. Our collaborative model drives higher value for our customers and positions Quanta as a trusted partner and solutions provider, not a contractor. As demand accelerates for resilient electric grids, power generation, technology expansion, and energy infrastructure, Quanta's large addressable market continues to grow. Quanta has a proven track record of consistent profitable growth across both favorable and challenging conditions, demonstrating the resilience and sustainability of our business model, which is a testament to the strength of our portfolio approach, a diversified solutions based strategy that enables us to adapt to evolving industry dynamics while delivering mission critical infrastructure. The energy and infrastructure landscape is under undergoing a fundamental transformation, and Quanta is positioned at its center.

Utilities across The United States are experiencing and forecasting many meaningful increases in power demand, which is being driven by the adoption of new technologies and related infrastructure, including data centers and artificial intelligence, policies intended to reinforce domestic manufacturing and supply chain resources, and the need for all forms of energy generation. We continue to believe these drivers are leading to a potential historic investment in and an expansion of high voltage transmission infrastructure. And that Quanta's self perform platform, execution track record, and solution based mindset enable us to capitalize on these expanding opportunities, positioning Quanta for sustained leadership and long term growth. I will now turn the call over to Jayshree Desai, Quanta's CFO, to provide a few remarks about our results and 2025 guidance, and then we will take your questions. Jayshree?

Thanks, Duke, and good morning, everyone. This morning, we reported strong second quarter results, including revenues of $6,800,000,000 net income attributable to common stock of $229,000,000 or a dollar 52¢ per diluted share adjusted diluted earnings per share of $2.48 and adjusted EBITDA of $669,000,000 Additionally, we generated healthy cash flows in the second quarter with cash flow from operations of $296,000,000 and free cash flow of $170,000,000 Our second quarter performance was ahead of our expectations across most financial metrics and, similar to the first quarter, is allowing us to increase our full year expectations before considering Regarding our acquisition program, we take great pride in our ability to attract exceptional management teams and industry leading solution providers into the Quanta family, and the acquisitions and investment we announced this morning are great examples of that core competency. As Duke mentioned, these strategic deployments of capital expand both our portfolio of solutions and our addressable markets, and we believe acquiring great businesses while maintaining a prudent leverage profile adds significant value to our customers and our stockholders. We are currently evaluating refinancing alternatives to increase our post transaction liquidity profile, ensuring we can continue to support operations and opportunistically invest capital.

As a result of the solid performance in the second quarter and the expected contributions from the acquisitions and the investment made subsequent to our first quarter release, we are raising our financial expectations for the year. Revenues are now expected to range between 27.4 and $27,900,000,000, adjusted EBITDA between 2.76 and 2,890,000,000, and adjusted EPS between $10.28 and $10.88. While we recognize the variability in the regulatory environment, demand for Quanta's differentiated portfolio of self performed craft labor solutions remains strong. As our strategy continues to advance, we are deepening customer relationships and establishing new platforms for growth. As evidenced by another quarter of record backlog, we remain confident in our ability to continue growing revenues and earnings over the years ahead.

We believe our increased 2025 financial expectations demonstrate the strength of our portfolio approach to the business, our commitment to our long term strategy, favorable end market trends, and our partnership approach with our customers. Additional details and commentary about our 2025 financial guidance can be found in our operational and financial commentary and outlook expectation summary, both of which are posted on our IR website. With that, we are happy to answer your questions. Operator?

Thank you. We will now move to our question and answer session. We ask that all participants limit themselves to one question. If you have additional questions, you may requeue, and those questions will be addressed time permitting. If you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application.

When you are called on, please unmute your line and ask your question. We will now pause a moment to assemble the queue. Your first question comes from the line of Andrew Kaplowitz from Citi Research. Please unmute and ask your question.

Hey. Good morning, everyone. Can you hear me okay?

Duke, obviously, this quarter, there's been, let's call it, you know, some noise with the big beautiful bill and, you know, some increased politics out there. But, of course, AI related CapEx continues to ramp up. So maybe you can help us parse through the noise. Would you say even with the bill and its impact that you're more confident in sequential backlog growth for Quanta as you did again in Q2, you know, really on the strength of the incremental transmission bookings you're seeing? And then at your last Investor Day, you you talked about megatrends and capital deployment giving 15% plus EPS CAGR, you know, as sort of an upside.

Should we start thinking about that kind of growth for '26?

Yeah. Thanks, Andy. I think when you look at the company, it's 20 plus growth. In actuality, what we're talking about is is the ability to do that, and then 15 at the midpoint intend to derisk everyone. So I wanna be clear on that.

The company over the nine year, ten year year that we've seen, it's 20 plus. So, yes, I do believe the things that we're doing today set us up for the future '26, '27, '28, and '29. I I you know, what we've done is we basically built platforms that against TAMs that compound. And when we make acquisitions, it starts day one and compounds for the future. And I I think it's our ability to acquire companies, great companies, great family businesses, and into into the TAMs that we're addressing certainly is the strategic rationale around the company, and it's something that I believe goes unnoticed about how we compound free cash into earning streams.

And we've done it. We've done it over and over again. And when we talk about TAMs of, you know, of technology, you know, the 300,000,000,000 or so of capital, you see it going up. The the calls that I'm listening to on the utilities such as AEP, others, every one of them basically have gone up in their CapEx as well, and I I don't see anything other than a upper trend of the business. The demand on power is exponential.

It continues to come in. AI continues to prove out both economically as well as what we see from power demand under any scenario. And if we're going to lead the country and the world, you have to have power, and we're right in the middle of the infrastructures on both the largest TAMs that create the AI of the future.

Your next question comes from Jamie Cook with Truist Securities. Please unmute and ask your question.

If you are with called in by phone, please try 6 to unmute, Jamie. Thank you.

Sorry, Jamie. We can't hear you. We'll come back to you. How about that?

Your next question comes from Sherif Al Sabei with Bank of America. Please unmute and ask your question.

Hi. Good morning. Thank you for taking my question. I guess I just wanted to touch on your backlog has continued to build fairly consistently. And just with the the obviously large amount of work out there, has this changed the bidding process at all?

Are terms becoming more favorable, and are you able to increasingly be selective on your projects?

I mean, when we're looking at it, we're really trying to provide solutions. And so I I think the strategic rationale around the solutions is something different where it's longer term in nature. It's programmatic in nature, and, you know, there is constraints in certain areas of of craft. And us our self perform capabilities are what separates us. 8085% of 85% of what we're doing is self perform.

So Okay. Our ability to have certainty if if you think about quantity, you should think about certainty. And that certainty in the marketplace to be able to deliver on time, on budget is something that allows us to have a different discussion. And I would say, yes. It's longer in nature.

We're, you know, we're we're talking about 26, 27, 28 type time frames of growth and and CAGR growth and EPS growth and EBITDA growth and our ability to continue to compound. So you can't do that without having longer term discussions, and I would say it's better and better as we move forward, those discussions.

Understood. And and with those discussions, the longer term work and you touched on this a bit in your your opening comments. Just the we we've seen increased signs of utility CapEx pivoting towards transmission projects, larger projects. You know, there's there's clearly multiyear demand for this type of work that's that's likely contributing to your backlog. Can you give us some color on what indication you've received from conversations with your customers on on how they see the pipeline for this work evolving over the coming years?

I mean, I look. I still think the business is 85% is, you know, what I would consider base business. We're still 80 to 85. It's still that way. The larger projects, the larger programs are stacking.

Our LNTPs are probably at I'm I'm sure I'm confident they're at record levels. We convert the LNTPs in the in the contracts. We can look at them. We don't book we don't talk about LNTPs, and and we're not gonna start it. So but I would say everything that we're seeing on both TAMs, large TAMs that are at record levels of of, you know, with inbounds or LNTPs or verbal or or what we're discussing over the long term.

And so I think those relationships and our collaboration are are showing up daily. We're at the very early stages of a large transmission build that that's coming. It continues to compound, and we really like, you know, where the company sits in that build. Thank you.

Your next question comes from the line of Ati Molak with Goldman Sachs. Please unmute and ask your question.

Hey. Good morning, guys. Hey. Good morning. Duke, I guess, wanted to ask on what prompted the acquisition of Dynamic Systems because it seems like it has a broader end market exposure and how that fits into your strategy for the segment.

It also seems like it will open up the door to other EPC domains, And then is it reasonable to expect more m and a in that direction?

I I think, you know, when we looked at dynamic systems, you know, we've we've said all along, we're not looking for m and a, but we are addressing the strategic rationale around the markets that we serve. And when we looked at technology, it's really the customer asking us to do more. It's the customer saying, can you build more? Can you give us certainty across, you know, their addressable markets? And what does it take to go faster?

What does it take to be certain? And when we're looking at it and we see a company like Dynamic Systems that culturally fits us, that, you know, the craft is really the key to the company. They have advanced technology, you know, solutions on it when you think about their digital solutions upfront, and that advancement, what they do on the pre on the pre engineering and things of that nature. It really, you know, complements Cupertino. It complements all the other companies that we have and and surrounded by craft.

So I believe that the the craft concentric nature of Dynamic and the TAMs that we're addressing, why wouldn't we look at that, and why wouldn't we lean into that market with a great company? And, yes, I we will continue to look at great family businesses that add value to our strategy and our shareholders. And I I believe we've done that here, and you've seen the numbers, and you we've talked about it a little bit. But what you haven't seen is the synergies that we believe we will get. We don't talk about synergies in these deals.

And, certainly, we believe it will cross both both utility and technology addressable markets and give us something that we don't have today with that we can grow exponentially with the solution based approach.

Your next question comes from Philip Shen with Roth Capital. Please unmute yourself and ask your question.

Can you guys hear me? Good morning. Okay. Great. Hey, guys.

thank you. With the ITC winding down by year end twenty seven, to what degree can you pull forward renewables work? A lot of it depends on labor. And so just wondering to what degree you guys are trying to accelerate that as much as you can. And then if you can, can you share what your outlook for renewables might be for 2028 and beyond after the credits wind down? Thank you.

Yeah. I mean, I'll let Jeshree comment on some of the things that that she's saying. But I I do think when we look at our renewables and you look at really the low cost of energy, if you add solar wind in some places and batteries into a backstop of natural gas on a line, you get the lowest cost to the consumer. And so I still believe it's really about the lowest cost, the speed to market that the renewables provide. We are seeing pull ins on LNTPs.

I would expect us to know, our customer base has safe harbored nicely. We we can see out multiyears here, and I I don't think when you look at it long term, we're not concerned with where renewables are There will be noise in it, but that's nothing new. It's been that way for two decades. And I I think our ability to work through that with our customers or collaborate is an opportunity for us. I I see it nothing but an opportunity, but I'll let Deshree comment on the overall market.

Yeah. I echo everything Duke's saying firmly. I think the the working with tier one customers who've lived through regulatory dynamics over twenty plus years who understand how PTC, ITC cliffs, can manifest and then being able to get price discovery as they're working through, their projects on the demand side. We just see more and more strength, especially with the customers we're working with. No doubt there's gonna be some effects as the executive order comes in, as the tariffs come in in terms of just getting that price visibility.

But the demand side from every one of our customers we keep hearing is as strong as ever. And a lot of them are safe harbored well into '28 and even into '29. And beyond that, what they're already starting to think through about their pipelines and how with the speed to market that's necessary, the fact that data centers and technology continues to want power, capacity, solar, battery, and even wind provide value for both on the energy side as well as the capacity side. And so we just believe that it's gonna be continue to be a good market for us. If you recall, we actually entered the renewable market prior to the IRA.

And because we understand these dynamics very well, we understand those customers, and we understand how to how to manage these things. I do believe that strength of being through this historically is going to be an advantage for us, and we can be helpful to our customers as they as well navigate through these dynamics. So just continued positive momentum is what we see.

Great. Thanks. One follow-up here. Can you give us some more color on the core growth in Q2? And then share any expectations for inside electrical growth and the outlook there?

I mean I think the company itself organically is growing EPS very close to double digits. And on the top line, I would I would tell you mid single digits. And I what the things that we're doing from, you know, supply chain and all the things that we're able to do is accomplishing. You can't see the top line growth, but you can sure see it on the ROIC accretion and the EPS accretion. And so we're really looking at quality of earnings where we're we don't believe that the risk is there on earning from a top line.

We'll we'll shrink it and figure out how to put it in the portfolio and and expand it. So those things are always something we're looking at. Never happy with margins that are degradating. We're we continue to believe that we're getting better as a company overall, and you can see it in the margin profile and the quality of earnings. The top line will take care of itself.

And so I I we're really focused on where it counts, and that's driving cash and EPS.

Your next question comes from the line of Jamie Cook with Truist Securities. Please press 6 to unmute and ask your question.

Hi, Jamie. Please unmute your line and ask your question.

Please bear with me. I'm so sorry. So so two questions. Do you understand you have a lot of growth opportunities ahead of you, and and you're very bullish on the marketing. You can pivot to different directions.

But are are you doing any understanding you're still bullish on renewables. Are you doing anything internally to prepare for potential short term slowdown in terms of allocating resources or or people to other projects, maybe prioritizing transmission, you know, projects? I'm just trying to think about, you know, what you can do to manage for any sort of short term hiccup in this business. So I guess that's my first question. And then my second question, and if this was asked, tell me to get I can read the transcript later.

But my second question is just as it relates to, dynamic, have have you used I I assume revenue synergies aren't in your targets. Can you talk to potential revenue synergies? And do you think this is a business that has an opportunity to improve margins, you know, relative to where it is today? And thank you again for bearing with me today.

And thanks, Jamie. I'll struggle with that mute button too. So think I think we we're we're not concerned, you know, what what we see with renewables at this point. But our we've talked about, you know, one of the reasons we didn't separate wind and solar when we bought Bladner is because we we were fungible across across wind and solar. Those same people can build transmission substations, all kind of different things on on the front side of the business.

So we we do move labor quite a bit across segments, across TAMs, and I think it's really important to realize that it's fungible, and we're able to move in these different markets. And even with dynamic systems, they can move across markets. If you go, well, what about health care? What about farm? Yes.

They're in it. But what about technology? Yes. They're in it. What about power plants?

Yes. They can do that. So I think, in general, we're able to move that craft across these markets, and it's what we've done. We didn't do this today. We've we've been doing this for the last decade where we've derisked this company in a portfolio way.

So everything you're saying, we never intended to operate at a 100%. We've always intended to operate at 80. If we get to 90, we'll blow the margins out the out the window. So 80% of of our work is, you know, better than expected. We do have, you know, downturns.

We do have inefficiencies. We have this all the time. You've seen it with Canada. You've seen it across. We're able to operate through that because of the portfolio and because of the derisk.

So what you're saying is absolutely right. And when we when we hear a market, we've already moved past that. We've already thought about that. You know, when we're looking at acquiring these companies, we're not acquiring them because of data center boom. We're acquiring them because they're a great company that's long standing, well before data centers.

And when you think about what Dynamic does for us, yes, I mean, we're on the same job, and the revenue opportunity is the 40% of the solution based that comes with it. And you when you start thinking about our Cupertino and Dynamic on the same projects, yes. Are they talking to the same customer? Yes. And are we on the high voltage side?

Yes. So, I mean, when you start to when you start to look at it and and you have a large customer and they say, well, that's Quanta. Well, that's Quanta. It's just something that I believe will separate us over time. I think our strategies are sound.

Actually, I'm thinking about 2030, truthfully, and what we're what we're doing in 2030, we'll let you know soon. But I I think that's where we're at, and I I continue to really, you know, like the markets that we're in today. We'll continue to earn. We'll continue to, you know, work through this nicely, but we do derisk the company with the portfolio. No question.

Your next question comes from the line of Brian Brophy with Stifel Niclas. Please unmute and ask your question.

Yes, thanks. Good morning, everybody. Appreciate you taking the question. Looks like you've made a couple of acquisitions in the civil space here recently. Obviously, that's a very fragmented industry and continues to be.

Just curious how you're thinking about opportunity to continue to deploy capital here from an M and A perspective? And just thoughts around doing a larger platform like acquisition in the space.

I mean, I would consider Dynamic a platform for us, and we'll continue to grow off of it much like we've done with Cupertino and and Vlattner. So so that, to me, is a platform acquisition that has exponential growth to it. The synergies we don't put in, we've we've not talked about it. I would tell you that the deal model on Cupertino, we've blown it away. And, you know, we call it you can't see it because we won't talk about it as organic growth.

But if you if you say organic growth is beating the deal model, we're killing it. So I think in general, we we see the synergies. We see what we're doing there on these platform type acquisitions and our ability to exponentially grow. When we look at the civil piece of it, you know, I I it's something that on every site we're in, on all the things that we do internally, that we're able to self perform have self perform capabilities with what, you know, we can do in the industrial space with our industrial business. It's something that was a great company, a great family company that the management team is fantastic and all the characteristics that we want and provides to the overall solution.

So following the strategies of the TAMs and really addressing what the customer is asking us to do with great companies that they're not you know, we're not out looking. I'll say this again. You know, they they're coming inbound, and we're really able to, you know, discuss the longer term. If they fit, they fit. And so we'll lean into them when when it makes sense.

Your next I do wanna clarify. When I'm talking organic growth organic growth, when I'm saying that the organic growth is what we've stated in the past, but we don't get credit for the the beating the deal model. So that was to clarify that so I can keep accounting and legal off me that I wanna clarify that we beat the deal model, and we don't get credit for that piece of the organic that I consider synergies that we don't talk about.

Your next question comes from Chad Dillard with Bernstein. Please unmute and ask your question.

Hey. Good morning, guys. So I was hoping you could talk about the cross sell opportunities, with Dynamic. So, you know, how much customer overlap is there with Cupertino? Is MEP usually an integrated service, and, like, what sort of white space do you see to actually make that so, you know, within your your customers?

And then lastly, you know, are there are there programmatic contracts in the space, or is this, like, a potential expansion opportunity that you see ahead for Quanta?

Yeah. I mean, I I think when you when you think about Dynamic and Cupertino and and really data centers, Dynamic's business in the past, 30% was, call it, data centers. The rest, you know, 50 was technology or or better. So it really got there in chips. I mean, that's where they really started.

It was Texas Instruments years ago and following them across the country. They were a great supplier to Texas Instruments, and I think the chip and if I clean rooms, very technical, mechanical type, processing type business. That's what they're known for. The advanced process technology that they have up front superior. We really like that part of it.

So we're early, early in these projects. Cupertino is early in these projects. We don't they don't really look at it. They look at them independent. You know, the key to this is, can we provide the solution?

Can we can we provide the high voltage? Are we providing the high voltage? You know, I I think, are we providing the transformers? Are we at the civil? What can we do to really expedite this to the client?

And how does that look, you know, in the next five years? Who are they asking? What we give them is certainty and self perform capabilities of 85%. The markets that show up with both dynamic, you can cross sell from dynamics customers back over into Cupertino, Quanta. I just think there's a lot of customer synergies here that we're not discussing.

Quanta Services (PWR) Q2 2025 Earnings Call Transcript

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