Quanta Services, Inc. announced robust financial results for the third quarter of 2024, with revenues reaching $6.49 billion, an increase of 15.5% compared to $5.62 billion in the third quarter of 2023. Adjusted diluted earnings per share (EPS) rose 21.4% to $2.72, surpassing $2.24 in the prior-year quarter.
The company reported a record total backlog of $34.0 billion, reflecting strong demand for its infrastructure solutions. Net income attributable to common stock increased by 7.5% to $293.2 million, while adjusted EBITDA grew 15.2% to $682.8 million.
Quanta raised the midpoint of its full-year 2024 adjusted EPS expectations to a range of $8.50 to $8.80, with revenues projected between $23.5 billion and $23.9 billion. The Electric Power segment saw revenues of $3.0 billion with an 11.9% operating income margin, and the Renewable Energy segment achieved record revenues of $2.3 billion with a 9.8% operating income margin.
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