**Strong Financial Performance**: Quanta Services reported third quarter revenues of $6.5 billion, a year-over-year increase with adjusted EBITDA of $682.8 million (10.5% of revenues) and adjusted earnings per share of $2.72. The company generated significant cash flow, with free cash flow amounting to $539 million, further emphasizing its robust financial health.
**Record Backlog and Growth Expectations**: The total backlog reached a record of $34 billion, signaling strong future demand. The company anticipates adjusted EPS growth of approximately 20% year-over-year and is positioned for substantial growth with double-digit increases in adjusted EBITDA and free cash flow expected in 2024.
**Integration of Acquisitions**: The acquisition of Cupertino Electric is progressing positively, with expected synergies improving service offerings particularly in the technology and data center sectors. Cupertino is on track to perform at the high end of its $1 billion to $1.1 billion revenue target for 2024, contributing to overall growth.