The company said revenue for Q3 2024 rose on a $505.2 million increase in Renewable Energy segment revenue and a $492.5 million increase in Electric Power segment revenue, partially offset by a $125.4 million decline in Underground and Infrastructure segment revenue.

10-QQuarterly reportFiled Oct 31, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said revenue for Q3 2024 rose on a $505.2 million increase in Renewable Energy segment revenue and a $492.5 million increase in Electric Power segment revenue, partially offset by a $125.4 million decline in Underground and Infrastructure segment revenue.
Quanta Services said operating cash flow for the 9 months ended September 30, 2024 was $1.37 billion, up 139% from a year earlier. It used $1.72 billion for acquisitions, net of cash acquired, and $40.8 million for common stock dividends over the same period.
The company said that in connection with its acquisition of CEI, it borrowed the full amount of a $400.0 million, 90-day term loan in July 2024 and borrowed about $1.20 billion under its commercial paper program. It also said that net proceeds of $1.24 billion from senior notes issued in August were used to repay part of the borrowings used to acquire CEI.
Quanta Services said its remaining performance obligations were $15.61 billion and its backlog was $33.96 billion as of September 30, 2024, up 12.3% and 12.8%, respectively, from December 31, 2023.

Key figures

Quarter ended September 30, 2024

Revenue: $6.5B
Operating income: $431M
Net income: $293M
EPS: $1.95
Gross profit: $1.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q3 2024 Segment Revenue Changes

The company said revenue for Q3 2024 rose on a $505.2 million increase in Renewable Energy segment revenue and a $492.5 million increase in Electric Power segment revenue, partially offset by a $125.4 million decline in Underground and Infrastructure segment revenue.

Source · Based on the MD&A text of the filing

9-Month Operating Cash Flow, Acquisition and Dividend Spending

Quanta Services said operating cash flow for the 9 months ended September 30, 2024 was $1.37 billion, up 139% from a year earlier. It used $1.72 billion for acquisitions, net of cash acquired, and $40.8 million for common stock dividends over the same period.

Source · Based on the MD&A text of the filing

Debt Financing Related to CEI Acquisition

The company said that in connection with its acquisition of CEI, it borrowed the full amount of a $400.0 million, 90-day term loan in July 2024 and borrowed about $1.20 billion under its commercial paper program. It also said that net proceeds of $1.24 billion from senior notes issued in August were used to repay part of the borrowings used to acquire CEI.

Source · Based on the MD&A text of the filing

Backlog and Remaining Performance Obligations

Quanta Services said its remaining performance obligations were $15.61 billion and its backlog was $33.96 billion as of September 30, 2024, up 12.3% and 12.8%, respectively, from December 31, 2023.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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