Quanta Services Reports Strong Q3 2024 Earnings

Quanta Services ( (PWR) ) has released its Q3 earnings. Here is a breakdown of the information Quanta Services presented to its investors.

Quanta Services, an industry leader in providing specialized infrastructure solutions across utility, renewable energy, technology, and communications sectors, has announced its financial results for the third quarter of 2024, showcasing significant growth in several areas. The company operates globally, offering services such as designing, installing, and maintaining energy and technology infrastructure.

In the third quarter of 2024, Quanta Services reported consolidated revenues of $6.5 billion, marking a record high for this period. The company also achieved a GAAP diluted earnings per share (EPS) of $1.95 and an adjusted diluted EPS of $2.72. Net income attributable to common stockholders was $293.2 million, with an adjusted EBITDA of $682.8 million, highlighting strong financial performance compared to the same period in 2023.

Key financial metrics indicate a robust performance, with year-to-date cash flow from operations reaching $1.37 billion and free cash flow at $979.3 million. The company’s total backlog increased to $34.0 billion, and it has raised the mid-point of its full-year adjusted EPS expectations. Strategic initiatives include the acquisition of a power transformer manufacturing company and a minority investment in Hybar LLC, emphasizing Quanta’s focus on expanding its capabilities in sustainable energy solutions.

Looking ahead, Quanta Services is optimistic about achieving double-digit earnings growth in 2025, driven by increasing demand for its services and strong execution of its strategic plans. The company remains focused on expanding its market presence and enhancing its service offerings amid the convergence of utility, renewable energy, and technology industries.