Quanta Services(PWR) - 2024 Q4 - Annual Results

Financial Performance - Consolidated revenues for Q4 2024 were $6.55 billion, up from $5.78 billion in Q4 2023, representing a growth of 13.3%[3] - Net income attributable to common stock for Q4 2024 was $305.1 million, or $2.03 per diluted share, compared to $210.9 million, or $1.42 per diluted share in Q4 2023, reflecting a 44.5% increase in net income[3] - Full-year 2024 revenues reached $23.67 billion, a 13.4% increase from $20.88 billion in 2023[8] - Adjusted EBITDA for Q4 2024 was $737.8 million, while full-year adjusted EBITDA was $2.33 billion, indicating strong operational performance[2] - Adjusted net income attributable to common stock for Q4 2024 reached $442.2 million, a 45.7% increase compared to $303.4 million in Q4 2023[44] - Adjusted diluted earnings per share for Q4 2024 was $2.94, representing a 44.1% increase from $2.04 in Q4 2023[44] - EBITDA for Q4 2024 was $672.1 million, a 35.5% increase from $496.0 million in Q4 2023[53] - Total revenue for the twelve months ended December 31, 2024, was $904.8 million, an increase of 21.5% from $744.7 million in 2023[44] Future Projections - Quanta expects 2025 revenues to range between $26.60 billion and $27.10 billion, reflecting double-digit growth[11] - The company anticipates adjusted diluted earnings per share for 2025 to range between $9.90 and $10.50[11] - Estimated net income attributable to common stock for the full year 2025 is projected to be between $1,035,700,000 and $1,126,500,000[61] - Adjusted net income attributable to common stock is expected to range from $1,497,700,000 to $1,588,500,000 for the same period[61] - EBITDA is projected to be between $2,485,100,000 and $2,620,900,000 for the full year 2025[66] - Adjusted EBITDA is expected to range from $2,664,700,000 to $2,800,500,000[66] - Free cash flow is projected to be between $1,200,000,000 and $1,700,000,000 for the full year 2025[69] - Net cash provided by operating activities is estimated to be between $1,700,000,000 and $2,250,000,000[69] Operational Highlights - The company achieved a record backlog of $34.54 billion at year-end 2024, with remaining performance obligations of $16.76 billion[2] - Quanta completed eight acquisitions in 2024, enhancing its service capabilities and market position[4] - The company recognized $30.2 million in revenue related to an arbitration award in the Electric Power Infrastructure Solutions segment during the three months ended December 31, 2024[30] - Corporate and non-allocated costs included amortization expenses of $115.8 million for the three months ended December 31, 2024, compared to $75.2 million in 2023[33] - A loss of $11.9 million was recorded on the disposition of a non-core business in the Underground Utility and Infrastructure Solutions segment, impacting operating income by approximately 25 basis points[32] Asset and Equity Changes - Total assets increased to $18,683,894 in 2024, compared to $16,237,225 in 2023, reflecting a growth of 15.1%[27] - The company’s total stockholders' equity rose to $7,317,731 in 2024, up from $6,272,241 in 2023, indicating a growth of 16.7%[27] - Cash and cash equivalents decreased to $741,960 in 2024 from $1,290,248 in 2023, a decline of 42.6%[27] - The accounts receivable, net, increased to $5,170,935 in 2024 from $4,410,829 in 2023, reflecting a growth of 17.3%[27] Segment Performance - Electric Power Infrastructure Solutions segment revenues reached $3,405,015, representing 52.0% of total revenues, up from 42.5% in the prior year[30] - Renewable Energy Infrastructure Solutions segment revenues decreased slightly to $1,975,473, accounting for 30.1% of total revenues, compared to 35.0% in 2023[30] - Operating income for the Electric Power Infrastructure Solutions segment was $445,190, with an operating margin of 13.1%, up from 10.5% in the same quarter last year[30] Cash Flow and Expenses - Free cash flow for Q4 2024 was $575.4 million, down 37.1% from $915.5 million in Q4 2023[56] - Net cash provided by operating activities for Q4 2024 was $712.0 million, a decrease from $1.0 billion in Q4 2023[56] - The company incurred $4.5 million in acquisition and integration costs in Q4 2024, down from $16.5 million in Q4 2023[53] - Foreign currency translation losses for Q4 2024 amounted to $18.5 million, attributed to substantial liquidation from Latin American operations[54]