瑞银复盘Quanta Services二季度业绩超预期并上调全年指引

First Read Quanta Services: Strong all around in Q2
A: We think investors will be pleased with the strong beat and raise in Q2. Organic growth accelerated in both the Electric and Underground segments, margins were strong in both segments, and backlog grew sequentially, even ex-acquisition contributions. FCF was strong, and PWR was very active in M&A in Q2 and in July, acquiring four companies. The bar is generally high on PWR, but the results were very strong. We think the Electric margins of 11.5% in the quarter are a key metric, as margin potential is highly debated. PWR has downplayed the margin upside potential narrative, while we continue to expect margin improvement as large fixed price contracts get executed, and as PWR does more self perform work (a key factor this quarter). PWR is executing well, the business is broadening rapidly, and markets are supportive.
Q: What were the most noteworthy areas in the results?
A: Electric segment margins were 11.5% vs. consensus 10.3%. Underground margins were 9.5%, vs. consensus 8.2%. FCF was $886m, 83% conversion of adj. EBITDA. Backlog grew by $4.9b, and included ~$2.4b+ of acquired backlog. We calc bookings were ~$12b vs. cons at $9.3b.
Q: How does the company's 2026 outlook/guidance look?
A: PWR raised their 2026 adj. EPS guidance to the range of $16.45-$16.95 (up from $13.55 - $14.25); implied 2H of $9.78 at the mdpt vs. consensus of $8.08. They raised their revenue outlook to the range of $39.3b-$39.7b (up from $34.7b-$35.2b; implied 2H of $22.068b at the mdpt vs. consensus of $18.613b). PWR raised adj. EBITDA outlook to $4.09b -$4.21b (from $3.49b-$3.65b; implied 2H of $2.397m at the mdpt vs. consensus of $2,035m), and FCF is guided between $2.0b-$2.5b (up from $1.55b-$2.05b; implied 2H of $1,180m vs. consensus of $1,361m).
First Read: Quanta Services 30 July 2026
Company Description
Quanta Services provides design, engineering, project management, installation, upgrade, repair, and maintenance services for industries including electricity transmission and distribution, substations, renewable energy facilities, natural gas and oil transmission and distribution, and communications. It reports in two segments: 1) Electric Infrastructure Solutions; and 2) Underground Utility & Infrastructure Solutions. It has primary operations in the US and Canada.
Valuation Method and Risk Statement
The primary risks include slowing growth in transmission as renewables incentives expire; regulatory and environmental delays; competition; a decline in oil prices; and execution risk. Our price target is based on a P/E methodology.