Shares of Quanta Services have climbed to their highest level in a year following a fourth-quarter report that topped consensus estimates. The company reported revenue of $4.1 billion, a 9% increase from the prior year period, driven by strength in electric power infrastructure projects. Backlog stood at a record $15.8 billion at quarter end, up 12% sequentially, providing visibility for the next 12 to 18 months of work.

Quanta delivered adjusted EBITDA of $540 million in the quarter, translating to a margin of 13.2%, up 90 basis points year-over-year. Net income rose by 14% to $210 million, or $1.70 per share on a diluted basis. Management cited improved operating efficiencies and higher utilization rates on large-scale transmission and distribution contracts as key drivers of profitability.

So far this year, Quanta’s stock has outpaced several construction services peers, gaining roughly 15% versus an average 8% advance for the group. SPX Technologies, a comparable infrastructure contractor, has delivered an 8% return in the same period. Quanta’s stronger performance reflects its larger exposure to grid modernization programs and renewable energy interconnections.

For the full year, Quanta forecasts revenue in a range of $16.2–16.8 billion, implying growth of 8–12%. Adjusted EPS guidance is set between $7.25 and $7.75, representing a potential increase of 10–17%. With a healthy backlog and anticipated infrastructure spending boosts scheduled for the second half of the year, investors may view the stock’s momentum as sustainable, provided execution remains on track.