Earl C. Austin, Jr.
conference everyone, Thanks, welcome to earnings Quanta Kip. XXXX the morning, second Good call. and quarter Services
and second it provide I the review results. Jensen, strategic operational turning detailed of provide Officer, Derrick commentary quarter over Financial On before call, will will to Chief our Quanta's a who
this quarter welcome second for Following of We Derrick's our questions. comments, your year. and first posted we half solid are pleased results the with a
revenues record GAAP quarter Second earnings adjusted diluted $X.XX were per and and $X.XX share $X.XX were respectively. billion a and
record of is growth business We year with as XX-month to the in of of second segment we $X.X strengthening levels half Due year backlog projects base backlog maintaining seasonally our year, ramp construction, result pipeline half second and each XX-month billion are with the half activity of guidance. levels record our at for first per and strengthening results full share increases and top The this the ended larger activity our should line expansion. into margin which as quarter our well. earnings
approximately we man but This XX% is consolidated second the levels during hours to believe forecast. most to are we of on than activity considerably, for in are markets cost the is year, Quanta end execution. difficult revenues six well account strong through which work the if project first projects end more still and to there Quanta's Our year of of our employees These early months year. customers. well pipeline quarter, our a guidance, to worked of the XX prudent of to who project the stages to contingencies. record to this risk expected to man indicative program million are XX,XXX our had The the provide execute At larger type pipeline capital pace we of nearly record points XX% quality for the and continue of are activity in but hours. is with solutions, opportunity demand approach setting data we the larger outperform certainty increasing and finish Thus, take
discussed incrementally their our a we when markets of is and there at are our in budgets As Quanta past the and American a industry. in is more previously, operating have attract $XXX five expanding believe retain capital years has initiatives best record customers labor than the time to our North shortage craft we in what workforce to skilled various million levels. invested over
facility Northwest and of acquisition safety are and executed training in on our initiatives We of recent development the and (sic) College. on training the have focused such strategic Texas world-class as Lineman industry-leading
customers' field our Our employer us that us with provides increase to industries efficiently has differentiator our market is in we employees a enhance dedication to by ability deploying the profitability to our and resources skilled the serve made preferred the share. to opportunity the
the excellent. a our in and operations. strong execution remains solid Our The top was Power Fort operations to history performance Transmission And in the McMurray by well Electric the margin continued line on execute quarter Quanta's largest driven project West our Project, both execution across from perspective.
mix weather events gas to strengthen resiliency systems outlook positive for against our near growth. towards a our for and extreme grid and We programs their as long-term renewables, continue with Power Electric natural infrastructure, fuel accommodate and aging customers economic support long-term a segment to modernization address continue have changing generation
recently the $XX reported that from on system $XX past or investment billion the example, major XX Information EIA electric over annually. Administration to U.S. utilities increased XX% by Energy have U.S. For billion distribution the years
timeframe, nearly same doubled. the transmission During in investment infrastructure
to was week, terminating distribution and to EPC budgets regulatory customers' Last had Quanta these contract. transmission expect to some time build continue due continue it We the effort Tie Line Generation capital multi-year increase. trends for challenges that been its which Wind awarded announced Catcher to our for as AEP
remind the this project investment driver was in to have have backlog is a a our but have, our It it one nice disappointing, reflected guidance While been that this positive not have. clearance projects and required or was would not It for project may whom it is Catcher we strategic have projects shaping negative that were forward, as multi-year receive customers nor community it not a but was relationships. unfortunate to to appear. like we we with outlook. it Wind strong Pass the when good These Northern is longtime regulatory Quanta for do move not
with to We to customers Quanta partner we believe continue to involvement like strengthens on with expect with them So, opportunities grow to with them. our positions have relationship future these our and our projects. projects
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projects could by awarded this be of the year. of end Some these
positioned win projects maintain will to to on We discipline customers. necessary we believe are them. We well provide expect these bidding we not but the do our and these all of and projects all to profiles safely certainty cost risk execute
an continue we're stages are earlier cycle. Our to end in and we of strengthening believe multi-year upward markets
as demand our very and projects Small growth it as our and continues by In for to Medium base business second addition grow. where expected proposal our to distribution multi-year transmission the large segment Within operations during at performed growing and led is all-time larger as projects, work opportunities active an with substation well our quarter transmission MSA activity for high. operations. Electric communications U.S. Power remains largely
Importantly, income we achieving this we opportunity to with high year the margins digit continued single to levels. believe have exit operating
our for and backhaul with alternative business, and of viewed strong long-haul and many to competitors. a deploy ability to they them our turnkey execution performance quickly early resources. capabilities, are XG. to capital turning continue cases, More We the we fiber, wireless fiber-to-the-home as Quanta deploy inroads to of are as In stages make customers XG for
markets, deployments cities Quanta cities. the due our timeliness Rather, gain to provides execution opportunity price In by access to given execution of for for companies awarded this we're believe and in to Quanta fact, going due We seeing our deployments we quality the and and capabilities. to work were some removed other in from to them two recently customers to others rebidding for try fiber and certain resources were better but of fiber not forward.
services of communications are electric opportunity poles operations, in and unique As also to This fiber electrical XG deployed, backhaul small the position since electric XG are cells provide utility distribution significant the requirements. wireless electric and networks a deployed puts industry. Quanta will to on XG there many for the believe telecom infrastructure. We our be other creates
our business and generated greater we driven to & gas during services, industrial our quarter, distribution natural base expected Oil segment; and primarily operations. integrity by the Gas Turning than revenues activity pipeline
June, investor the quarter in larger certain sequence and minor an project shifted to pipeline from delays work that at third conference we the on mentioned second As experienced quarter. projects a
segment of the reduce now activities these shifts, the As a project margins a pressured. in decision quarter, midstream mix complete were caused challenges operations segment certain of offshore strategic by work our in to result the the within and on
second However, we margins expect in a half increase this of for the meaningful operating year.
industrial with of construction press a the our morning, a and exchange property. research took an and barge in shuttered disclosed development during our inspection pipeline As we quarter release associated for operation this charge the
to first fully excellent year some acquisition, Stronghold had midstream single-digit addition and both & and perspective. to into we will high Further, downstream announced as to that continue of customer is optimize we high their the maintenance Oil we to quarter our ways Stronghold with and pleased the relationships. margin half look not storage could and on highlighted tank for of the management be push a such Gas are when Quanta, level basis. in capabilities the team It segment top year We beginning our our from see of more an noting construction worth to integrated is organization. growth into quality the a record margins line a leveraging synergies operations full such we
achieve expect to for in and over their financial growth for years. to confidence year profitable targets opportunity continue the Stronghold have increased their this We coming
XXXX, quarter. larger we of Coast That all portion believe our into developments reflected end the the the large get pushed of of into Our have associated third and and work with us causes expect in quarter XXXX Pipeline the could projects the quarter fourth prudently this subsequent our spreads to quarter, guidance. diameter ramping Lower recent utilized ACP Atlantic said, XX project to pipeline the or are in is to our in which some significantly second
X to backfill are year. projects slippage However, other us work as well as which in awarded this expected announced, on Line potential recently Canada, additional to we that
beyond. and XXXX Looking forward, in we see pipeline for robust overall opportunity market
mainlines shales region grow natural midstream Utica the to operations placed the next access. service the in our believe Appalachian We into As and from will Marcellus of built gas production over market and couple increased natural and experience activity. years are will provide gas
We are well-positioned the we are and and pipeline LNG petroleum multiple to benefit growing opportunities driven by United markets. Canada, export States development these believe in and seeing from
increasing number in of other production available is and infrastructure Texas and Texas permitting West building move to actively in Texas of from Additionally; midstream to natural pipeline capacity. gas outstripping market. projects stages oil a in gas West various and pipeline development oil We're and
of Gas mainline That services, our customer, diversifying We dependent us are service our a business majority as construction apart building believe solutions well lines these pipeline pursuing operations second opportunities. doing and capabilities diversity, over and and stable over which strategic the time Quanta's summary, portfolio a and is allowing perform and results grow capabilities and led projects. scale very are and both the are companies, through operating our half and consistent capabilities risks. we its us execution, investment. of Quanta profitability project, more profile various was and cycles geographic, and midstream our geographic year deliberate expand strong the and oriented infrastructure pipeline be time. customer's us weather position in & have this diversifying and is services actively of Quanta our permitting, is year. larger that and an This and we to so of in believe operationally and We mitigate expect revenues half on executing base we strategically timing of including has unique many the We're plan, space provider the risks scope segments believe strengthening. approach of is the in proportion diversity In our to geographies our Oil designed has said, solid larger to set across our a help in on our aspects which focused other capture cycles We less year manner. of a in first capital and spend. to business, to
remain, permitting we believe a markets project for regulatory positive we have of our view and multi-year While opportunities and multi-year growth. continue challenges have end our to strengthened
As quarters, million our $XXX earnings over our release under stock highlighted morning, repurchase million stock the program. several of in $XXX this repurchased we have past common
generating We are value operational the profitability of capital. committed to our improvement through for stockholders and growth, return
are We continue business to field through for execution ourselves focused leadership. the we'll safe best-in-class operating the and on distinguish and long-term
entrepreneurial generate to I is position customers. CFO to all industry business enhance We the Derrick over core We Jensen, will of our review turn unique provide mindset his for model long-term for diversity, and in now results. to call continue and pursue Derrick? leadership Quanta's foundation opportunities the innovative quarter to Quanta's believe that With the solutions us allow and will stakeholders. value our second our that, our to will operating
