Quanta Services, Inc. (PWR)

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Quanta Services (PWR)

Q4 2012 Earnings Call

February 21, 2013 9:30 am ET


Kip A. Rupp - Co-Founder and Managing Partner

James F. O'Neil - Chief Executive Officer, President, Director and President of Infrasource FI LLC

Derrick A. Jensen - Chief Financial Officer


Daniel J. Mannes - Avondale Partners, LLC, Research Division

Tahira Afzal - KeyBanc Capital Markets Inc., Research Division

Jamie L. Cook - Crédit Suisse AG, Research Division

Will Gabrielski - Lazard Capital Markets LLC, Research Division

Alexander J. Rygiel - FBR Capital Markets & Co., Research Division

Craig E. Irwin - Wedbush Securities Inc., Research Division

Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division

Vishal Shah - Deutsche Bank AG, Research Division

Adam R. Thalhimer - BB&T Capital Markets, Research Division

William D. Bremer - Maxim Group LLC, Research Division

Steven Fisher - UBS Investment Bank, Research Division

Andrew J. Wittmann - Robert W. Baird & Co. Incorporated, Research Division

John B. Rogers - D.A. Davidson & Co., Research Division



Ladies and gentlemen, welcome to the Quanta Services Fourth Quarter and Full Year 2012 Earnings Conference Call on the 21st of February, 2013. [Operator Instructions] I will now hand the call over to Kip Rupp. Please go ahead, sir.

Kip A. Rupp

Great. Thank you, Michaela, and welcome, everyone, to the Quanta Services conference call to review fourth quarter and full year 2012 results. Before I turn the call over to management, I have the normal housekeeping details to run through. If you would like to have Quanta news releases and other information e-mailed to you when they occur, please sign up for e-mail information alerts by going to the Investors & Media section of Quanta Services' website at quantaservices.com. A replay of today's call will be available on Quanta's website at quantaservices.com. In addition, a telephonic recorded instant replay will be available for the next 7 days, 24 hours a day, that can be accessed as set forth in the press release.

Please remember that information reported on this call speaks only as of today, February 21, 2013, and therefore, you are advised that any time-sensitive information may no longer be accurate as of the time of any replay of this call.

This conference call will include forward-looking statements intended to qualify under the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or are beyond Quanta's control, and actual results may differ materially from those expected or implied as forward-looking statements. Management cautions that you should not place undue reliance on Quanta's forward-looking statements, and Quanta does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after this call.

For additional information concerning some of the risks, uncertainties and assumptions that could affect Quanta's forward-looking statements, please refer to the company's annual report on Form 10-K for the year ended December 31, 2011, its quarterly reports on Form 10-Q and its other documents filed with the Securities and Exchange Commission, which may be obtained on Quanta's website or through the SEC website at sec.gov.

With that, I would now like to turn the call over to Mr. Jim O'Neil, Quanta's President and CEO. Jim?

James F. O'Neil

Good morning, everyone, and welcome to the Quanta Services Fourth Quarter and Full Year 2012 Earnings Conference Call. I will start the call with an operational overview before turning it over to Derrick Jensen, Quanta's Chief Financial Officer, who will provide a detailed review of our fourth quarter and full year financial results. Following Derrick's comments, we welcome your questions.

Before I begin my overview, I'll comment that any references to financial results in my prepared remarks have been adjusted to exclude discontinued operations.

2012 was a record year for Quanta. Our fourth quarter and full year 2012 results reflect strong demand for our services and continued solid project execution. For the full year, revenues increased 41%, and GAAP diluted earnings per share from continuing operations increased 143%. Our 12-month backlog was near record levels, and total backlog was at record levels as of December 31, 2012.

Our employee count at the end of this year's fourth quarter was approximately 17,800, up 15% compared to the fourth quarter of last year. We are in a dynamic environment where Quanta is recognized as the industry leader in providing energy infrastructure solutions to our customers. We are also the employer of choice and continue to retain and attract exceptional people into our organization.

Despite working nearly 10 million more work hours in 2012 than 2011, we reduced our lost time incident rate by 17%, which demonstrates our commitment to safety and the high quality of our workforce. These factors contributed to organic revenue growth exceeding $1 billion in 2012, or an increase of approximately 36%.

We believe we are in the early stages of a multiyear build-out of energy infrastructure in North America and remain well-positioned to maintain our leadership role in the industries we serve. We will continue to leverage this leadership position and execute our strategic initiatives to grow both organically and selectively through acquisition, as we actively pursue opportunities to expand solutions to our customers and further differentiate Quanta from our competition.

Effective January 1, I promoted Duke Austin to Chief Operating Officer to lead the pursuit of these strategic initiatives and to lead our organization into the future. Duke brings over 25 years of experience in the markets we serve and is the fourth generation of his family serving the electric power industry. I'm very pleased to have Duke in this extremely important role.

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