Quanta Services, Inc. (PWR)

PWR 
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Quanta Services (PWR)

Q2 2013 Earnings Call

August 01, 2013 9:30 am ET

Executives

Kip A. Rupp - Vice President of Investor Relations

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

Derrick A. Jensen - Chief Financial Officer

Analysts

Tahira Afzal - KeyBanc Capital Markets Inc., Research Division

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

William D. Bremer - Maxim Group LLC, Research Division

Will Gabrielski - Lazard Capital Markets LLC, Research Division

Jamie L. Cook - Crédit Suisse AG, Research Division

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

Steven Fisher - UBS Investment Bank, Research Division

Vishal Shah - Deutsche Bank AG, Research Division

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

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

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

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

Justin P. Hauke - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Thank you for holding, ladies and gentlemen. Welcome to the Quanta Services Second Quarter 2013 Earnings Conference Call on the 1st of August 2013. [Operator Instructions] I will now hand the conference over to Mr. Kip Rupp, Vice President of Investor Relations. Please go ahead, sir.

Kip A. Rupp

Great. Thank you, Carolyn, and welcome, everyone, to the Quanta Services conference call to review second 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 Services news release 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 has an Investor Relations app for iPhone, iPad and Android mobile devices, which is available for free at Apple's App Store and the Google Play. The Quanta Investor Relations app allows users to navigate the company's Investor Relations materials including the latest press releases, SEC filings, presentations, videos, audiocast 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, August 1, 2013 and therefore, you 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 like to now turn the call over to Mr. Jim O'Neil, Quanta's President and CEO. Jim?

James F. O'Neil

Thank you, Kip. Good morning, everyone, and welcome to Quanta's second 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 second quarter results. Following Derrick's comments, we welcome your questions.

Quanta continues to execute at a higher level. Our second quarter results reflect strong demand for our services and solid project execution. For the quarter, revenues increased approximately 6% and GAAP diluted earnings per share from continuing operations increased about 22% compared to the same quarter last year. At quarter end, total backlog increased approximately 10% from last year's second quarter to a record $7.51 billion.

Our Electric Power segment continued to experience increased demand for electric transmission and distribution services. As we have discussed on our earnings calls for some time now, the electric power industry is investing at record levels to upgrade and modernize North America's power grid. Regulations to improve Red reliability, renewable interconnections, the impact of coal to gas generation switching and other industry dynamics should continue to drive the power industry's investments and electric infrastructure over the next several years. We have good visibility into a number of large transmission project opportunities through 2014 that we believe continues to provide a platform for growth. While we have some projects nearing completion, we have plans to mobilize resources to projects in California, Canada and the northeast United States. That current level of bidding activity on large transmission projects is at a level comparable to last year and at this time. We continue to believe that transmission market will be very active through 2014 and beyond, and revenue growth is likely, but we may experience short-term cyclicality quarter-over-quarter due to the timing of project awards and project start dates.

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