Total Revenue

+16% YoY " "

The increase from prior-year revenues was driven by strong demand for both electric power and renewable energy infrastructure solutions, combined with improved execution on large projects and contributions from acquired businesses. These factors more than offset the decline in the Underground segment. " "

Electric Power

+20% YoY " "

Growth was fueled by utility investments in grid modernization, security, and system hardening initiatives, as well as steady backlog from multiyear capital expenditure programs. This build on the prior period’s success, which also reflected the company’s ability to capitalize on favorable regulatory support. " "

Renewable Energy

+29% YoY " "

The segment benefited from strong demand for renewable generation and transmission services, coupled with easing supply chain constraints compared to the prior period. Additionally, newly acquired businesses and higher project volume supported further revenue acceleration. " "

Underground and Infrastructure

-9% YoY " "

Lower revenues from large pipeline projects in Canada weighed on this segment, continuing the trend from earlier quarters where project timing and resource utilization were inconsistent. However, gains in U.S. pipeline work and contributions from acquisitions partially offset the decline. " "

United States

+22% YoY " "

The U.S. market benefited from increased demand for renewable and electric power infrastructure, aligned with federal and state policy incentives. This continued the growth momentum from the prior year, stemming from a robust backlog and higher investments in grid reliability. " "

Canada

-43% YoY " "

Revenues in Canada were impacted by the completion or wind-down of large pipeline and transmission projects, as well as ongoing workforce allocation challenges. This marks a sharper decline than in the previous period, reflecting fewer new large-scale projects and resource redeployment to other regions. " "

Australia

+32% YoY " "

Australian operations saw heightened activity in utility and renewable projects, building on initial successes from the previous year. The region benefited from favorable regulatory drivers and the company’s strategic push to broaden its international footprint. " "

Net Income

+10% YoY " "

The gain was driven by revenue growth in higher-margin segments (Electric Power, Renewable Energy) and lower amortization expenses compared to earlier periods. The decline in Underground revenues partially tempered net income, but cost management measures helped maintain profitability. " "

Diluted EPS

+7% YoY " "

EPS improvement followed the rise in net income while reflecting share-based compensation and acquisition-related impacts. This builds on the previous period’s earnings, with continued strong performance in core segments driving overall profitability and supporting higher per-share earnings. " "

Adjusted EPS Growth

FY 2024

double-digit growth "

20% at midpoint "

raised

Free Cash Flow

FY 2024

double-digit growth "

record levels "

raised

Leverage Profile

FY 2024

under 2x by end of FY 2024 "

below 2x by year-end "

no change

Revenue

FY 2024

record revenues "

record revenues "

no change

Adjusted EBITDA Growth

FY 2024

double-digit growth "

double-digit growth "

no change

Free Cash Flow Conversion

FY 2024

no prior guidance

45% to 55% range "

no prior guidance

Cupertino Electric Revenue

FY 2024

no prior guidance

High end of $1 billion to $1.1B "

no prior guidance

Transmission & Distribution expansions

Consistently highlighted in Q2, Q1, and Q4 2023 as a primary growth driver. Discussions included demand from renewables, load growth, and regional utility spending. " " " " " " " "

Record levels of transmission projects and strong visibility into large projects; management emphasized the need for expedited T&D infrastructure to address capacity constraints and energy transition. " " "

Recurring topic with consistently positive sentiment and increasing future significance.

Renewables growth (wind, solar, storage)

Faced margin challenges in Q2 and Q1 due to underperforming projects ($20M drag in Q2, 5% of portfolio in Q1). Q4 2023 also indicated optimism in double-digit growth tied to projects like SunZia. " " " "

Good margins with confidence in achieving 9–10% or double-digit margins over time; fastest growth in battery storage. Backlog expected to increase, reflecting strong market demand. " "

Steadily improving after earlier execution issues.

AI and data center demand

Cited in prior calls (Q2, Q1, Q4) as major factors fueling load growth and infrastructure needs; “mind-blowing” levels of demand in Q1; strong synergy with the energy transition noted in Q4. " " " " "

Seen as a significant driver of load growth for the first time in two decades; Quanta noted large-scale demand from technology clients and utilities prioritizing reliable power. " "

Increasing importance with no expressed concern about over-reliance in Q3.

Storm-related emergency work

Not a major focus in Q2, Q1, or Q4. Storms were occasionally referenced as potential opportunities for upside or as part of weather-driven demand shifts, but Q3 is the first period detailing specific margin/resource impacts. "

Incremental revenue ($200M) but caused resource reallocation from other projects, creating margin impacts. Large-scale deployments disrupted industrial and gas-based work. "

Newly highlighted in Q3 with direct effects on margins.

Cupertino Electric synergies

Introduced in Q2 2024 with higher-than-anticipated synergy potential (8% originally). Not mentioned in Q1 or Q4 2023. " "

Integration proceeding well, with synergies already visible though not fully reflected in financials; Cupertino is performing at the high end of its revenue range ($1.0–1.1B). "

New topic in Q2, continued in Q3, no prior mentions.

Organic growth vs. acquisitions

Common theme in Q2, Q1, and Q4 2023. Q2 mentioned 15% organic EPS growth; Q1 and Q4 reinforced strong organic performance alongside selective acquisitions. " " " " " "

Noted 5% organic T&D growth in Q3; acquisitions contributed to backlog, but Quanta reiterated a balanced approach (both organic expansion and M&A). " "

Recurring theme with steady confidence in organic growth.

Execution challenges in renewables

In Q2, a $20M project drag; in Q1, underperformance in 5% of renewables portfolio. Q4 had no specific discussion of shortfalls. " " "

No major challenges cited for Q3 regarding margin shortfalls or project underperformance.

Topic largely resolved or not mentioned in Q3.

Large diameter pipeline projects

Q2 indicated Quanta does not rely on large-diameter pipelines for guidance. Q1 noted a down backlog, and Q4 confirmed shifting away from long-haul pipelines due to regulatory challenges. " " "

Not mentioned in Q3 explicitly; focus remained on T&D and renewables.

Decreasing emphasis as strategy shifts to electric and renewables work.