Quanta Services reported strong financial performance for the fourth quarter and full year 2024, achieving record revenue, profitability, and backlog. Fourth-quarter revenue grew 13.3% year-over-year to $6.55 billion, while net income attributable to common stock increased to $305.1 million, or $2.03 per diluted share, compared to $210.9 million, or $1.42 per share, in Q4 2023. Adjusted diluted earnings per share rose to $2.94 from $2.04 in the same period. Adjusted EBITDA reached $737.8 million, supported by robust demand for infrastructure services.

For the full year, Quanta generated $23.67 billion in revenue, up 13.4% from 2023. Net income attributable to common stock was $904.8 million, or $6.03 per diluted share, compared to $744.7 million, or $5.00 per share, in 2023. Adjusted diluted earnings per share increased to $8.97 from $7.16, while adjusted EBITDA grew to $2.33 billion. The company also generated $2.08 billion in cash from operations and $1.55 billion in free cash flow.

CEO Duke Austin highlighted Quanta’s strong execution and strategic positioning in the evolving power and infrastructure markets. The company ended 2024 with a record total backlog of $34.54 billion, including all-time highs in its Renewable Energy Infrastructure Solutions segment. Looking ahead, Quanta anticipates continued double-digit growth in revenue, net income, and adjusted EBITDA in 2025, supported by strong industry demand.

Recent developments include a large fiber build project for Lumen Technologies, acquisitions in civil solutions and industrial technology, and a stock repurchase program with approximately $500 million remaining. Additionally, Quanta increased its quarterly cash dividend by 11% to $0.10 per share. The company remains well-positioned to capitalize on infrastructure growth trends and drive sustained profitability.