Quanta Services, Inc. announced record financial results for the fourth quarter and full-year ended December 31, 2024. Fourth-quarter revenues increased 13.3% to $6.55 billion, while adjusted diluted earnings per share (EPS) surged 44.1% to $2.94.
For the full year 2024, revenues reached a record $23.67 billion, up 13.4% from 2023, and adjusted diluted EPS was a record $8.97, a 25.3% increase. The company also achieved record free cash flow of $1.55 billion and a record total backlog of $34.5 billion.
Quanta provided a positive outlook for full-year 2025, expecting revenues between $26.60 billion and $27.10 billion, and adjusted diluted EPS between $9.90 and $10.50, reflecting anticipated double-digit growth. The company also announced a new segment presentation, effective Q1 2025, combining Electric Power and Renewable Energy into 'Electric Infrastructure Solutions'.
The fourth-quarter results included a $0.10 GAAP EPS and $0.23 Adjusted EPS benefit from an arbitration award related to a telecommunications project in Peru. Subsequent to year-end, Quanta completed two acquisitions totaling approximately $562 million in cash and stock, expanding its civil solutions in the U.S. and engineering/manufacturing in Australia.
The company's Board of Directors declared an 11% increase in the quarterly cash dividend to $0.10 per share in November 2024. This strong performance and optimistic guidance underscore Quanta's leadership in essential infrastructure solutions amid accelerating demand for power and technology.
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