Quanta Services, Inc. (PWR)

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Quanta Services, Inc. (PWR)

Q4 2008 Earnings Call

February 24, 2009 9:30 am ET


Kip A. Rupp – Managing Partner

John R. Colson – Chairman & Chief Executive Officer

James F. O'Neil – President & Chief Operating Officer

James Haddox – Chief Financial Officer


Sanjay Shrestha – Lazard Capital Markets

Jamie Cook – Credit Suisse First Boston

Tahira Afzal – KeyBanc Capital Markets

Alexander Rygiel – Friedman, Billings, Ramsey & Co.

Jeffrey Beach – Stifel Nicolaus

Michael Coleman – Sterne, Agee & Leach



Ladies and gentlemen, thank you for standing by. Welcome to the Quanta Services Fourth Quarter Earnings Conference Call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. (Operator Instructions). This conference is being recorded today, Tuesday, February 24, 2009.

I’d now like to turn the conference over to Kip Rupp, Managing Partner with DRG&E. Please, go ahead, sir.

Kip A. Rupp

Great, thank you, [Mikael] and welcome everyone to Quanta Services’ conference call to review 2008 fourth quarter and full year results. Before, I turn the call over to management I have the normal housekeeping details to run through. If you’d like to be on the e-mail or fax distribution list to receive future press releases for Quanta, or if you had any technical difficulty this morning and did not receive your e-mail or fax, please call our offices at DRG&E, at 713-529-6600.

Also, if you’d like to listen to a replay of today’s call, it will be available via webcast by going to Quanta’s website at quantaservices.com. In addition, there is a telephonic recorded instant replay that will be available for the next seven days, 24 hours a day that can be accessed as set forth in the press release, by dialing 303-590-3000, and using the pass code 11126526#.

Please remember that information reported on this call speaks only as of today, February 24, 2009 and therefore you’re advised that any time-sensitive information may no longer be accurate as of the time of any replay of this call.

Also 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, but are not limited to, projected revenues, earnings per share, tax rates, and capital expenditures, and other projections of financial and operating results and information, the impact of current economic and market conditions, growth and opportunities in particular markets including as a result of renewable energy initiatives and the recently enacted economic stimulus package, anticipated future projects, Quanta’s strategies and plans, as well as any other statements reflecting Quanta’s expectations, intentions, assumptions or beliefs about future events or performance or 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.

For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to the company’s annual report on Form 10-K for the year ended December 31, 2007, its quarterly reports on Form 10-Q for the quarters ended, March 31, 2008, June 30, 2008 and September 30, 2008 and its other documents filed with the Securities and Exchange Commission, which may be obtained through the SEC’s website at sec.gov. All forward-looking statements whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such 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.

With that, I’d like to now turn the call over to Mr. John Colson, Quanta’s Chairman and CEO. John?

John R. Colson

Good morning everyone and welcome to the Quanta Services fourth quarter and year end 2008 conference call. To start the call this morning I will provide a general overview of the quarter, insight on the impact of the current economic conditions, developments in the industries we serve and perspectives on emerging opportunities.

Our comments will be followed by an operational review by Jim O’Neil, President and Chief Operating Officer, and a review of financial results by James Haddox, Chief Financial Officer. John Wilson, President of Electric Power and Natural Gas Operations, and Ken Trawick, President of Telecommunications and Cable Operations are also present and will be available for any questions. As always we welcome your questions following our remarks.

Final quarter of 2008 saw the further deterioration of our nation’s economy, but as you will hear throughout the call, our long-term outlook remains strong, and our customers remain committed to spending on their infrastructure for the long-term.

We believe Quanta’s opportunities continue to grow, and our outlook for the future remains optimistic. While discouraging economic news seems prevalent, it is in times like these that the strength of Quanta’s strategy becomes evident. Because of our diverse customer base, diverse service offerings, diverse industry focus and diverse workforce, we are able to quickly maneuver, adjust our focus and reallocate our resources to match the continually changing economic environment.

As a result, we believe we are better able to minimize the impact of industry, our economic downturns and fully leverage and maximize emerging our ongoing opportunities. This strength is evident in our fourth quarter and year 2008 financial performance and our growing backlog.

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