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Quanta Services' CEO Discusses Q3 2011 Results - Earnings Call Transcript

This conference call will include forward-looking statements intended to qualify under the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance or that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or are beyond Quanta's control, and actual results may differ materially from those expected or implied as forward-looking statements. Management cautions that you should not place undue reliance on Quanta's forward-looking statements, and Quanta does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after this call.

For additional information concerning some of the risks, uncertainties and assumptions that could affect Quanta's forward-looking statements, please refer to the company's annual report on Form 10-K for the year ended December 31, 2010, and its quarterly reports on Form 10-Q and its other documents filed with the Securities and Exchange Commission, which may be obtained on Quanta's website or through the SEC's website at sec.gov.

With that, I would now like to turn the call over to Mr. Jim O'Neil, Quanta's President and CEO. Jim?

James F. O'Neil

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services' Third Quarter 2011 Earnings Conference Call. I will start the call with an operational overview before turning the call over to James Haddox, Quanta's CFO, to provide a detailed review of our third quarter financial results. Following James' comments, we'll welcome your questions.

In the third quarter, we expensed momentum in the each of our operating segments for the first time since 2008. Specifically, our electric transmission business in the quarter continued to ramp up as a number of projects moved into full construction. We were also awarded nearly $250 million of pipeline projects in the third quarter, which are beginning to mobilize into construction in the fourth quarter. As a result of this increased activity, our workforce increased by approximately 2,500 employees or 17% at the end of the third quarter as compared to June 30, 2011. Both our 12 month and total backlog at the end of the third quarter were at record levels. Our 12-month backlog at the end of the third quarter increased about 39% and total backlog increased approximately 25% compared to backlog at the end of the third quarter of 2010.

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