Workflow
Quanta Services(PWR) - 2024 Q4 - Annual Results
PWRQuanta Services(PWR)2025-02-20 11:59

Financial Performance - Consolidated revenues for Q4 2024 were 6.55billion,upfrom6.55 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 305.1million,or305.1 million, or 2.03 per diluted share, compared to 210.9million,or210.9 million, or 1.42 per diluted share in Q4 2023, reflecting a 44.5% increase in net income[3] - Full-year 2024 revenues reached 23.67billion,a13.423.67 billion, a 13.4% increase from 20.88 billion in 2023[8] - Adjusted EBITDA for Q4 2024 was 737.8million,whilefullyearadjustedEBITDAwas737.8 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 442.2million,a45.7442.2 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,representinga44.12.94, representing a 44.1% increase from 2.04 in Q4 2023[44] - EBITDA for Q4 2024 was 672.1million,a35.5672.1 million, a 35.5% increase from 496.0 million in Q4 2023[53] - Total revenue for the twelve months ended December 31, 2024, was 904.8million,anincreaseof21.5904.8 million, an increase of 21.5% from 744.7 million in 2023[44] Future Projections - Quanta expects 2025 revenues to range between 26.60billionand26.60 billion and 27.10 billion, reflecting double-digit growth[11] - The company anticipates adjusted diluted earnings per share for 2025 to range between 9.90and9.90 and 10.50[11] - Estimated net income attributable to common stock for the full year 2025 is projected to be between 1,035,700,000and1,035,700,000 and 1,126,500,000[61] - Adjusted net income attributable to common stock is expected to range from 1,497,700,000to1,497,700,000 to 1,588,500,000 for the same period[61] - EBITDA is projected to be between 2,485,100,000and2,485,100,000 and 2,620,900,000 for the full year 2025[66] - Adjusted EBITDA is expected to range from 2,664,700,000to2,664,700,000 to 2,800,500,000[66] - Free cash flow is projected to be between 1,200,000,000and1,200,000,000 and 1,700,000,000 for the full year 2025[69] - Net cash provided by operating activities is estimated to be between 1,700,000,000and1,700,000,000 and 2,250,000,000[69] Operational Highlights - The company achieved a record backlog of 34.54billionatyearend2024,withremainingperformanceobligationsof34.54 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 30.2millioninrevenuerelatedtoanarbitrationawardintheElectricPowerInfrastructureSolutionssegmentduringthethreemonthsendedDecember31,2024[30]Corporateandnonallocatedcostsincludedamortizationexpensesof30.2 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 75.2millionin2023[33]Alossof75.2 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 18,683,894in2024,comparedto18,683,894 in 2024, compared to 16,237,225 in 2023, reflecting a growth of 15.1%[27] - The company’s total stockholders' equity rose to 7,317,731in2024,upfrom7,317,731 in 2024, up from 6,272,241 in 2023, indicating a growth of 16.7%[27] - Cash and cash equivalents decreased to 741,960in2024from741,960 in 2024 from 1,290,248 in 2023, a decline of 42.6%[27] - The accounts receivable, net, increased to 5,170,935in2024from5,170,935 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,representing52.03,405,015, 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,withanoperatingmarginof13.1445,190, 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 915.5millioninQ42023[56]NetcashprovidedbyoperatingactivitiesforQ42024was915.5 million in Q4 2023[56] - Net cash provided by operating activities for Q4 2024 was 712.0 million, a decrease from 1.0billioninQ42023[56]Thecompanyincurred1.0 billion in Q4 2023[56] - The company incurred 4.5 million in acquisition and integration costs in Q4 2024, down from 16.5millioninQ42023[53]ForeigncurrencytranslationlossesforQ42024amountedto16.5 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]