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Quanta Services (PWR)
Q4 2013 Earnings Call
February 20, 2014 9:30 am ET
Kip A. Rupp - Vice President of Investor Relations
James F. O'Neil - Chief Executive Officer, President and Director
Derrick A. Jensen - Chief Financial Officer
Saagar Parikh - KeyBanc Capital Markets Inc., Research Division
Will Gabrielski - Stephens Inc.
Alexander J. Rygiel - FBR Capital Markets & Co., Research Division
Steven Fisher - UBS Investment Bank, Research Division
Jamie L. Cook - Crédit Suisse AG, Research Division
Jerimiah Booream-Phelps - Deutsche Bank AG, Research Division
Andrew J. Wittmann - Robert W. Baird & Co. Incorporated, Research Division
Adam R. Thalhimer - BB&T Capital Markets, Research Division
Craig E. Irwin - Wedbush Securities Inc., Research Division
Brian K. Lee - Goldman Sachs Group Inc., Research Division
William D. Bremer - Maxim Group LLC, Research Division
Noelle C. Dilts - Stifel, Nicolaus & Company, Incorporated, Research Division
Daniel J. Mannes - Avondale Partners, LLC, Research Division
Cory Mitchell - D.A. Davidson & Co., Research Division
Previous Statements by PWR
» Quanta Services Management Discusses Q3 2013 Results - Earnings Call Transcript
» Quanta Services Management Discusses Q2 2013 Results - Earnings Call Transcript
» Quanta Services Management Discusses Q1 2013 Results - Earnings Call Transcript
Kip A. Rupp
Great. Thank you, Catherine. And welcome, everyone to the Quanta Services' Conference Call to review fourth quarter and full year 2013 results.
Before I turn the call over to management, I have the normal housekeeping details to run through. If you'd like to have Quanta 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 has an Investor Relations app for iPhone, iPad and Android mobile devices, which is available for free at Apple's App Store and at 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, audiocasts, 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, February 20, 2014, 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.
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.
Before I turn the call over to management, I wanted to remind the institutional investors and sell side analysts on this call that we are hosting the Quanta Services 2014 Investor Day in New York City next week on Tuesday, February 25. Attendance of this event is limited to the institutional investment community. If you're an institutional investor or a sell side analyst who would like to attend the event, please contact me for registration information. We'll be webcasting the event live over the Internet for anyone to listen to and will also have archived audio and other material available after the event on our website.
With that, I would 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 the Quanta Services Fourth Quarter and Full Year 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 fourth quarter and full year results. Following Derrick's comments, we will welcome your questions.
We are pleased to report solid results for the fourth quarter and record results for the full year of 2013. We ended the year with record revenues, record operating income, record earnings per share, record adjusted earnings per share and record 12-month and total backlog, to name a few. It is noteworthy that our 2013 accomplishments compared to our prior year's performance, which included unusually high levels of emergency restoration revenues and income, primarily associated with Hurricane Sandy.
This morning, we announced our financial outlook for the full year of 2014, with a revenue range of $7.4 billion to $7.8 billion, and a diluted earnings per share range of $1.65 to $1.85. Clearly, we expect momentum to continue in our end markets as we see continued opportunity for double-digit growth for at least the next 2 years. We continue to believe that we are in unprecedented times, not only in Quanta's history, but in the history of the electric power in oil and gas industries. Our electric utility customers continue to invest in the power grid, deploying capital at record levels to address reliability challenges and regulatory mandates. As a result, investments are being made to replace aging infrastructure and to interconnect transmission in substation facilities with renewable generation and to modify transmission enter [ph] as coal generation plants all retired and replaced with natural gas generation.