Key Takeaways EME is seeing strong demand in data centers, healthcare and manufacturing, supported by a $12.61B RPO base.PWR's Electric segment drove 80.9% of revenues in Q3 2025, fueled by grid modernization and large-load demand.Easing rates and infrastructure demand support both stocks, despite execution and margin risks.The U.S. engineering and infrastructure services landscape continues to benefit from sustained public and private investment, with demand remaining strong across power, grid modernizatio ...

Key Takeaways Global infrastructure growth now spans energy, water, telecom, data centers and public works.DY, STRL, MTZ, EME, and PWR show strong backlogs and visibility into 2026 infrastructure demand.Infrastructure tailwinds include U.S. IIJA funding, grid upgrades and surging data center expansion.Global infrastructure spending remains structurally strong heading into year-end 2025, supported by aging assets, energy transition mandates, grid resiliency needs and the rapid expansion of data-center capaci ...

格隆汇12月12日｜纽约对冲基金经理Bill Harnisch今年初警告市场估值过高，且特朗普的关税议程可能 扰乱全球贸易秩序。当同行们在2025年将资金分散押注于大型科技股和宏观交易时，他却将旗下 Peconic Partners基金超过90%的多头仓位集中于三只为人工智能、高速互联网和清洁能源热潮铺设电力 线路与光纤网络的基础设施建设商股票Quanta Services、Dycom Industries和MasTec。这一策略助力其管 理的31亿美元基金今年回报率达79%，远超标普500指数逾四倍。展望2026年，Harnisch维持谨慎立场， 预计标普500将"持平甚至下跌"，与华尔街主流观点背道而驰。 ...

Core Insights - Quanta Services, Inc. (PWR) is valued at $67.8 billion and is a leading provider of infrastructure solutions, focusing on electric power, renewable energy, communications, and pipeline utility systems [1] - PWR is categorized as a large-cap stock, reflecting its significant size and influence in the engineering and construction industry [2] Financial Performance - PWR's stock experienced a 2.9% decline from its 52-week high of $469.43, reached on July 25, but gained 21.8% over the past three months, outperforming the Dow Jones Industrial Average's 5.8% increase [3] - Year-to-date, PWR shares have risen 44.3%, and over the past 52 weeks, they have climbed 34.2%, significantly outperforming the Dow's YTD gains of 12.6% and 7.1% over the last year [4] - On October 30, PWR's stock rose 1.2% following stronger-than-expected Q3 2025 results, with adjusted EPS at $3.33 and revenue increasing 17.5% year-over-year to $7.63 billion [5] Growth Outlook - The company raised its full-year revenue guidance to between $27.8 billion and $28.2 billion and reaffirmed an adjusted EPS midpoint of $10.58, indicating strong confidence in its growth trajectory [5] - PWR has been trading above its 200-day moving average since early May and above its 50-day moving average since mid-September, confirming a bullish trend [4]

PresentationSteven FisherUBS Investment Bank, Research Division Okay. I think we're good to go here. Good morning. Thanks, everybody, for joining. I'm Steve Fisher, UBS Machinery, Engineering Construction and U.S. Building Materials analyst. Really thrilled to have the management of Quanta Services with us here today. We have CEO, Duke Austin; CFO, Jayshree Desai. We have Kip and Sean here and a couple of other members of management. Just before we get started, one disclosure here. As a research analyst, I ...

Quanta Services (NYSE:PWR) Conference December 02, 2025 10:30 AM ET Company ParticipantsDuke Austin - CEOJayshree Desai - CFOConference Call ParticipantsSteve Fisher - Managing Director and Research AnalystSteve FisherOkay, I think we're good to go here. Good morning. Thanks to everybody for joining. I'm Steve Fisher, UBS Machinery Engineering Construction and US Building Materials Analyst. Really thrilled to have the management of Quanta Services with us here today. We have CEO Duke Austin, CFO Jayshree De ...

Group 1 - Quanta Services (PWR) stock is highlighted as a key investment opportunity, having risen 47% year to date as of Friday [1] - The company specializes in building electric plants and providing services for the power grid, attracting interest from institutional investors [1] - The overall market sentiment is positive, with stocks rising and several companies, including Quanta Services, being in focus for potential buy zones [4] Group 2 - Shopify stock has rebounded and is back in a buy zone after testing a key moving average [2] - Other power stocks have reached new highs, indicating a strong performance in the sector [2] - The AI infrastructure sector continues to see growth, with companies like Quanta Services and CrowdStrike being monitored for investment opportunities [4]

Core Insights - Quanta Services, Inc. (PWR) is strategically expanding its Total Solutions Platform to meet the increasing demand for integrated power infrastructure, positioning itself as an end-to-end partner for complex energy programs [1][4] Group 1: Strategic Expansion - The Total Solutions Platform now includes a more comprehensive power generation offering, building on the company's history of constructing over 80,000 megawatts across various energy assets [2] - The enhanced model aims to deliver fully integrated generation and infrastructure solutions, catering to utilities, large-load consumers, and industrial operators [2][4] Group 2: Joint Ventures and Risk Management - PWR has formed a joint venture with Zachry to execute a major program for NiSource, which encompasses generation, battery storage, transmission, substation, and underground infrastructure [3] - This joint venture allows for risk sharing and strengthens execution certainty, which is crucial as project sizes expand [3] Group 3: Competitive Landscape - Competitors like MasTec, Inc. and Fluor Corporation are also positioned in adjacent markets, with MasTec focusing on power delivery and renewable generation, but lacking the integration advantages of PWR's unified platform [5] - Fluor competes on large-scale EPC projects but carries higher execution risk and less self-performed craft labor, potentially limiting its ability to offer end-to-end certainty [6] Group 4: Financial Performance - PWR's shares have increased by 39.8% year-to-date, outperforming the Zacks Engineering - R and D Services industry's growth of 9.7% [7] - The company currently has a forward 12-month price-to-earnings ratio of 36.4X, compared to the industry's 23.92X [10] Group 5: Earnings Estimates - Quanta's earnings estimates for 2025 and 2026 indicate year-over-year growth of 17.8% and 16.7%, respectively [11]

Core Insights - The energy-infrastructure sector is experiencing a significant transformation as utilities, data-center operators, and industrial customers seek to expand capacity and modernize grids [2] - Quanta Services, Inc. (PWR) and Fluor Corporation (FLR) are two major U.S.-listed contractors playing pivotal roles in this transformation, focusing on power generation, transmission, and large-scale EPC services [2][3] - Each company is adopting different strategies to navigate the current market cycle, with Quanta emphasizing execution certainty and integrated solutions, while Fluor is pursuing a more asset-light approach [3] Quanta Services, Inc. (PWR) - PWR is witnessing strong momentum in its core markets, particularly in electric infrastructure and renewable energy, with the Electric segment contributing 80.9% of total revenues in Q3 2025, amounting to $6.17 billion, reflecting a 17.9% year-over-year growth [5][10] - The company reported a record backlog of $39.2 billion at the end of Q3 2025, up from $33.96 billion a year ago, indicating strong demand across utility and technology-driven markets [6][10] - PWR anticipates ongoing strength in electricity needs, driven by data centers and manufacturing, which will support further investments in infrastructure [8] Fluor Corporation (FLR) - Fluor is capitalizing on healthy activity across key markets, with strong execution in Energy Solutions and progress in Mission Solutions, leading to improved performance in LNG, mining, and government services [11][12] - The company raised its full-year guidance due to stronger-than-expected performance and a total backlog of $28.2 billion, with 82% being reimbursable projects, indicating a lower-risk mix [12] - Fluor expects constructive conditions in LNG, clean energy, and government work, with a strengthening pipeline of engineering and EPC opportunities [14] Stock Performance & Valuation - Over the past six months, Quanta's share price has outperformed Fluor's and the Zacks Engineering - R and D Services industry [15] - Quanta is currently trading at a premium compared to Fluor based on a forward 12-month price-to-earnings (P/E) ratio [16] Earnings Estimates - The Zacks Consensus Estimate for PWR's 2025 and 2026 earnings indicates year-over-year improvements of 17.8% and 16.7%, respectively, while FLR's 2025 EPS estimate shows a 7.7% decline [19][20] - PWR's EPS for 2025 is estimated at $10.57, while FLR's is projected at $2.15 [20][21] Conclusion - Both Quanta and Fluor hold a Zacks Rank 3 (Hold), supported by different fundamental drivers, with Quanta focusing on utility infrastructure and Fluor benefiting from a stronger mix of reimbursable work [22][23]

Core Viewpoint - Quanta Services, Inc. will participate in the UBS Global Industrials and Transportation Conference on December 2, 2025, where management will engage with institutional investors and participate in a live fireside chat [1] Group 1: Company Participation - Duke Austin, CEO, and Jayshree Desai, CFO, will represent the company at the conference [1] - The fireside chat will be hosted by UBS research analyst Steve Fisher at 10:30 a.m. Eastern time on the same day [1] - Live webcast links and archived replays will be available on Quanta's Investor Relations website [1] Group 2: Company Overview - Quanta Services is a leader in providing specialized infrastructure solutions across various industries, including utility, renewable energy, technology, communications, pipeline, and energy [2] - The company offers comprehensive services such as designing, installing, repairing, and maintaining energy and communications infrastructure [2] - Quanta operates in the United States, Canada, Australia, and select international markets, equipped with the necessary manpower and resources to handle projects of varying scopes [2]