Quanta Services, Inc. (PWR)

PWR 
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Quanta Services (PWR)

Q1 2013 Earnings Call

May 02, 2013 9:30 am ET

Executives

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

Analysts

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

Vishal Shah - Deutsche Bank AG, Research Division

Steven Fisher - UBS Investment Bank, Research Division

William D. Bremer - Maxim Group LLC, Research Division

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

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

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

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

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

Presentation

Operator

Ladies and gentlemen, welcome to the Quanta Services First Quarter 2013 Earnings Conference Call on the 2nd of May 2013. [Operator Instructions] I will now hand the conference over to Kip Rupp. Please go ahead, sir.

Kip A. Rupp

Great. Thanks, Michaela, and welcome, everyone, to the Quanta Services conference call to review first quarter 2013 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's news releases and other information emailed to you when they occur, please sign up for email information alerts by going to the Investors & Media section of Quanta Services' website at quantaservices.com. In addition, Quanta recently launched the Quanta Services investor relations app for iPhone, iPad and Android mobile devices, which is available for free at Apple's App Store and Google Play. For your mobile -- from your mobile device, go to the App Store and search Quanta Services IR to find and download the app. The Quanta investor relations app allows users to navigate the company's investor relations materials including the latest press releases, SEC filings, presentations, videos, audio cast conference calls and stock price information.

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, May 2, 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, 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.

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, 2012, and its other documents filed with the Securities and Exchange Commission, which may be obtained on Quanta's website or through the SEC's 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 Quanta Services First Quarter 2013 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 first quarter results. Following Derrick's comments, we welcome your questions.

Quanta is off to a great start this year, posting record first quarter revenues and operating income. Our first quarter results reflect strong demand for our services and continued solid project execution. For the quarter, revenues increased approximately 19%, and GAAP diluted earnings per share from continuing operations increased almost 55% compared to the same quarter last year. Our 12-month and total backlog increased both sequentially and on a year-over-year basis. Our total backlog is also at record levels.

Our Electric Power segment continued to experience an increase in demand for electric transmission and distribution services. Regulations to improve grid reliability, renewable interconnections, the impact of coal to gas generation switching and other industry dynamics continued to drive power industry's investments in electric infrastructure.

The electric power industry is investing at record levels to upgrade and modernize North America's power grid. We believe this trend will continue over the next several years as the current level of investment is not sufficient to keep pace with the rate at which transmission and distribution systems are aging. Today, available construction resources in the electric power industry are in short supply and skilled labor is in high demand. In the future, we expect demand for our services in an already tight labor market to grow. As such, we see attractive opportunities for our Electric Power segment for the remainder of this year and beyond.

We continue to be awarded large transmission projects. During the quarter, we announced 2 large electric transmission projects, a 186-mile, 230-kilovolt line for SaskPower in Northern Saskatchewan and a 310-mile, 500-kilovolt HVDC line for ATCO Electric in Eastern Alberta. We are currently mobilized on 17 large transmission projects throughout North America with each project's contract value averaging over $200 million.

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