<SUBMISSION>
<ACCESSION-NUMBER>0000950129-04-005306
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040726
<ITEMS>12
<ITEMS>7
<FILING-DATE>20040730
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>QUANTA SERVICES INC
<CIK>0001050915
<ASSIGNED-SIC>1731
<IRS-NUMBER>742851603
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13831
<FILM-NUMBER>04940090
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1360 POST OAK BLVD
<STREET2>SUITE 2100
<CITY>HOUSTON
<STATE>TX
<ZIP>77056
<PHONE>7133506000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1360 POST OAK BLVD SUITE 2100
<CITY>HOUSTON
<STATE>TX
<ZIP>77056
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h17113e8vk.htm
<DESCRIPTION>QUANTA SERVICES, INC. - DATED JULY 26, 2004
<TEXT>
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<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


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<HR size="1" noshade color="#000000" style="margin-top: -10px">







<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549<BR>
_______________</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(D) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>

<P align="center" style="font-size: 12pt"><B>Date of Report (Date of earliest event reported): July&nbsp;26, 2004</B>

<P align="center" style="font-size: 24pt"><B>QUANTA SERVICES, INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<P align="center" style="font-size: 10pt">Delaware<BR>
(State or other jurisdiction of incorporation)

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">1-13831
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-2851603</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">1360 Post Oak Boulevard, Suite&nbsp;2100<BR>
Houston, Texas 77056<BR>
(Address of principal executive offices, including ZIP code)


<P align="center" style="font-size: 10pt">(713)&nbsp;629-7600<BR>
(Registrant&#146;s telephone number, including area code)


<P align="center" style="font-size: 10pt">Not Applicable<BR>
(Former name or former address, if changed since last report)


<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Financial Statements and Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are furnished as part of this Current Report on
Form 8-K, pursuant to Item&nbsp;12:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exhibit</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of Revised Earnings Release Conference Call of
Quanta Services, Inc. on July&nbsp;26, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;12. Results of Operations and Financial Condition.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;26, 2004, Quanta held a public conference call to discuss its
revised earnings per share estimate for the second quarter ended June&nbsp;30, 2004.
A copy of the transcript of the conference call is furnished herewith as an
exhibit.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information furnished in this Current Report on Form 8-K, including
the exhibit, shall not be deemed &#147;filed&#148; with the SEC and will not be
incorporated by reference into any registration statement filed under the
Securities Act of 1933, as amended, unless specifically identified therein as
being incorporated by reference.


<P align="center" style="font-size: 10pt">SIGNATURE



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


<P align="left" style="font-size: 10pt">Dated: July&nbsp;26, 2004

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">QUANTA SERVICES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ DERRICK A. JENSEN
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Derrick A. Jensen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>Vice President, Controller and
Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">Exhibit&nbsp;Index


<DIV align="center">
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    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exhibit</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of Revised Earnings Release Conference Call of
Quanta Services, Inc. on July&nbsp;26, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>h17113exv99w1.htm
<DESCRIPTION>TRANSCRIPT OF REVISED EARNINGS RELEASE
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">EXHIBIT&nbsp;99.1



<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><IMG src="h17113h1711300.gif" alt="(THOMSON STREETEVENTS LOGO)">



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conference Call Transcript</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PWR - Quanta Services Revises Second Quarter Estimate</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Event Date/Time: Jul. 26. 2004 / 8:00 AM CT</B><BR><B>
Event Duration: 26 min</B></TD>
</TR>

</TABLE>

<DIV align="center">
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    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
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    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson
StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">www.streetevents.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>1</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>



<P align="left" style="font-size: 10pt"><B>CORPORATE PARTICIPANTS<BR>
Ken Dennard</B><BR>
<I>Managing Partner - DRG&#038;E</I><BR>
<B>John Colson</B><BR>
<I>Quanta Services - Chairman &#038; CEO</I><BR>
<B>James Haddox</B><BR>
<I>Quanta Services - CFO</I>


<P align="left" style="font-size: 10pt"><B>CONFERENCE CALL<BR>
PARTICIPANTS<BR>
Sanjay Shrestha</B><BR>
<I>First Albany - Analyst</I><BR>
<B>Alex Rygiel</B><BR>
<I>Friedman, Billings, Ramsey &#038; Co. -  Analyst</I><BR>
<B>Mike Barone</B><BR>
<I>Akela Capital - Analyst</I><BR>
<B>Bob Sales</B><BR>
<I>LMK Capital Mgmt - Analyst</I><BR>
<B>Mark Bishop</B><BR>
<I>Boston Company - Analyst</I><BR>
<B>David Muccia</B><BR>
<I>Front Point Partners &#150; Analyst</I><BR>
<B>Alan Streiter</B><BR>
<I>McMahan Securities - Analyst</I>


<P align="left" style="font-size: 10pt"><B>PRESENTATION</B>



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Good morning ladies and gentlemen and welcome to the Quanta Services conference
call. At this time all participants are in listen-only mode. Following today&#146;s
presentation instructions will be given for the question-and-answer session.
If anyone needs assistance at any time during the conference, please press the
star followed by the zero on your touch-tone phone. As a reminder this
conference is being recorded today, Monday, July&nbsp;26, 2004. I would now like to
turn the conference over to Mr.&nbsp;Ken Dennard. Please go ahead, sir.



<P align="left" style="font-size: 10pt"><B>Ken Dennard </B><B><I>- Managing Partner - DRG&#038;E</I></B>

<P align="left" style="font-size: 10pt">Thanks Dustin and good morning everyone. We appreciate you joining us for
Quanta Services conference call to review Friday&#146;s news release. Before I turn
the call over to management, I have the normal housekeeping details to run
through. If you would like to be on the email distribution or fax list to
receive future news releases for Quanta or if you experience a technical
problem or did not receive your fax or e-mail on Friday, please call our
offices at DRG&#038;E and relay that information to us. Our number is 713-529-6600.


<P align="left" style="font-size: 10pt">Also, if you would like to listen to a replay of today&#146;s call, it will be
available via webcast by going to www.QuantaServices.com and click on the
webcast section there. Also, there is a telephonic recorded instant replay that
will be available for seven days 24 hours a day. To use that dial-in replay
feature, dial 303-590-3000 and use the pass code 11004284. And of course that
information is also in the release.


<P align="left" style="font-size: 10pt">Information reported on this call speaks only as of today, July&nbsp;26, 2004, and
therefore you are advised that time-sensitive information may no longer be
accurate as of the time of


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">www.streetevents.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>


<P align="left" style="font-size: 10pt">any replay. Also as you know this conference call today contains various
forward-looking statements and information, including management&#146;s expectations
regarding revenues, earnings per share and other results for the second quarter
and full year 2004. These statements are based on management&#146;s beliefs, as well
as assumptions made by and information currently available to management.


<P align="left" style="font-size: 10pt">Although the Company believes that expectations reflected in such
forward-looking statements are reasonable, they can give no assurance that such
expectations will have proven to be correct. Such statements are subject to
certain risks, uncertainties and assumptions, including among other factors,
the future growth of electric utility and telecommunications outsourcing
industry, the ability for Quanta to effectively integrate the operations of its
companies, access to sufficient funding, compliance with financial covenants,
dependence on fixed-price contracts, cancellation provisions in contracts, and
the departure of key personnel, as well as general risks related to the
industries which Quanta operates. Should one or more of these risks materialize
or should underlying assumptions prove to have been.... (Technical difficulty
with Mr.&nbsp;Dennard&#146;s line occurred at this point.)



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Ladies and gentlemen, I do apologize for the technical difficulties at this
time. We would now like to turn the conference over to Mr.&nbsp;John Colson. Please
go ahead.



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>-
Quanta Services - Chairman &#038; CEO</I></B>

<P align="left" style="font-size: 10pt">Good morning everyone. Friday we announced the revision of our expectations for
second-quarter financial results. We now estimate a loss per share between 3 to
4 cents compared to our previous guidance of earnings of 2 to 5 cents. We
expect our revenues to be within our original expectations at approximately
$390&nbsp;million.


<P align="left" style="font-size: 10pt">James Haddox, our Chief Financial Officer, is with me today. After I provide
some brief insight into our announcement, we will both be available for a few
questions. Our regular conference call to review second-quarter financial
results and operational performance in each industry we serve will take place
August&nbsp;6, 2004.


<P align="left" style="font-size: 10pt">Also, I should point out that all of the numbers I quote today are preliminary.
We continue to review the financial information, and the final numbers will be
given on our August 6 conference call.


<P align="left" style="font-size: 10pt">Two key elements had significant impact on our second-quarter earnings per
share:


<P align="left" style="font-size: 10pt">Our pretax profits are expected to be approximately breakeven for the quarter.
Our estimated annual effective tax rate can fluctuate based on pretax income
estimates for the year. Our previous effective tax rate of 48&nbsp;percent was based
on estimated annual pretax income for fiscal year 2004 as of our last
conference call. For the six months ended June&nbsp;30, 2004 our effective tax rate
of approximately 33&nbsp;percent is calculated based on year-to-date earnings
without regard to year end estimates. In any event, we do not expect to pay
cash taxes this year because of the utilization of NOL carryforwards. The
effect of this change in our estimated tax rate was 3 to 4 cents per share.


<P align="left" style="font-size: 10pt">Also our electric utility operating units experienced lower-than-expected
margins throughout the second quarter. Our utility customers continue to face
significant financial pressures and limited regulatory progress. In response to
these issues many utilities have consolidated their operations into their core
business units in an effort to maximize their overall operational and financial
performance. During these times utilities tend to reduce capital spending,
conserving cash to pay down debt. The money that is spent is used for
maintenance, which traditionally carries lower margins than capex projects.


<P align="left" style="font-size: 10pt">Those utilities that realize that they can cut costs more significantly by
outsourcing are often placing pressure on their service providers to reduce
pricing, thus reducing


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
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    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">www.streetevents.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>3</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
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    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>


<P align="left" style="font-size: 10pt">supplier margins. In addition, material prices, such as steel, aluminum, wood
and copper, have increased significantly during the first six months of this
year. These price increases have a dampening effect on spending as the overall
cost of a project is increased for our customers.


<P align="left" style="font-size: 10pt">Although temporary, these scenarios have a negative impact on our business. We
are committed to our customers and determined to provide them with superior
services on an ongoing basis. However, we are curtailing certain relationships
rather than lowering margins.


<P align="left" style="font-size: 10pt">With no incentive to invest in the transmission grid, no mandatory reliability
standards, pressure to reduce costs and reduce debt loads and legislative
progress at a standstill, utilities are not motivated to undertake new network
investment initiatives.


<P align="left" style="font-size: 10pt">The second quarter is usually the prime bidding season for our utility
customers. This year, for the second year in a row, there was not a significant
increase in spending activity during the second quarter. As a result, our
utility backlog has increased only slightly during the period.


<P align="left" style="font-size: 10pt">With a heat wave in the West in full swing and the anniversary of the Northeast
blackout looming, the lack of investment in maintaining or upgrading power
infrastructure is getting a lot of attention. In one case one of our customers
was publicly criticized in reports by the Public Utility Commission and the
Office of Consumer Counsel. The reports raised concerns about whether the, and
I quote, &#147;the utility is spending enough money on maintenance to keep the
system running at acceptable levels.&#148; - end quote - The PUC report indicated
that there is, and I quote again, &#147;significant potential for more outages this
summer based on the condition of the system.&#148;- end quote -


<P align="left" style="font-size: 10pt">I believe this type of attention is on the rise as we approach peak power
demand levels and again test the capacity of the nation&#146;s power delivery
system.


<P align="left" style="font-size: 10pt">The impact of this operating environment on each of our operating units varies
from little to significant based on their customer base, service offerings and
spending levels. In an effort to increase margins while maintaining revenues,
we have continued the implementation of best practices and training sessions.
These sessions have focused on how to work with customers to meet their
expectations and cost-cutting goals while minimizing the impact to our bottom
line. Our utility gross margins have increased over 40&nbsp;percent from the first
quarter. A large part of this increase was due to improved weather, but we
believe our ongoing initiatives have had a positive impact on our business.


<P align="left" style="font-size: 10pt">It is still early to see the direct impact of all of these changes, but we
believe that these changes will strengthen our negotiating power with the
customer while maintaining operational efficiencies.


<P align="left" style="font-size: 10pt">Looking to the other industries that we serve . . .


<P align="left" style="font-size: 10pt">The wireline telecom industry is beginning to gain momentum. The market is
looking better than it has in years with industry leaders, such as Verizon and
SBC, announcing fiber-to-the-premise and fiber-to-the-node initiatives to meet
increasing demand for voice, data and video services. Quanta is in active
discussions regarding deployment of these facilities and is well- positioned to
benefit from these initiatives. We have won several contracts and are bidding or negotiating additional work
weekly.


<P align="left" style="font-size: 10pt">The wireless side of our telecom business is also doing well with significant
margin improvements over the past several months. With recent announcements by
Cingular and Sprint for 3G rollouts, this side of the telecom group has also
turned around and is looking much better.


<P align="left" style="font-size: 10pt">The commercial and industrial inside electrical business had a negative impact
on our second-quarter results also. This business represents a small portion of
our total revenues yet is one of the areas of Quanta where commodity pricing on


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    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>


<P align="left" style="font-size: 10pt">materials affects our profitability directly. This business has been better
until the second quarter.


<P align="left" style="font-size: 10pt">Revenues from our broadband cable operations continue to decline as spending
from Comcast and other providers tapers off. We do not expect significant
growth in this area for the remainder of 2004.


<P align="left" style="font-size: 10pt">To summarize our financial performance in the second quarter: revenues were on
track with our projections, although down year-over-year; gross profit margins
increased approximately 50&nbsp;percent over the first quarter; we continue to work
on reducing SG&#038;A, although impacted by recent professional fees primarily
related to Sarbanes-Oxley; and we remain in a strong financial position with
approximately $200&nbsp;million of cash on hand.


<P align="left" style="font-size: 10pt">In our call on August
6<SUP>th</SUP>, we will provide a full review of our financial
results, and we will delve into the specific industries we serve, the trends
impacting our business and outlook for the future.


<P align="left" style="font-size: 10pt">I hope this summary has provided you with the insight into our revised
expectations.


<P align="left" style="font-size: 10pt">Now we will open the call for a few questions.



<P align="left" style="font-size: 10pt"><B>QUESTION AND ANSWER</B>



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Thank you sir. (OPERATOR INSTRUCTIONS). Our first question comes from Sanjay
Shrestha with First Albany. Please go ahead with your question.



<P align="left" style="font-size: 10pt"><B>Sanjay Shrestha </B><B><I>- First Albany - Analyst</I></B>


<P align="left" style="font-size: 10pt">Great. Thank you. Good morning guys. Just a couple of quick questions here &#150;
I was hoping to understand in terms of the major delta here for what the
numbers are going to look like for the second quarter and the, you know, the
timing when we projected that it&#146;s going to be 2 to 5 cents. I mean obviously
the spending, overall spending dynamics within the utility industry, has not
changed that much. So you know what are some of the specific items that were
significantly different than what you were expecting at the point in time when
you gave the guidance? Can you talk a little bit more about that?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">Yes, Sanjay. This is James Haddox. I&#146;ll delve into that a little bit. First of
all, we only missed the pretax income by about 2 cents, so most of the change
from the lower part of our range, came from the change in the effective tax
rates. Approximately a penny of the miss came for the commercial and industrial
or inside electrical work as that business was affected by higher commodity
prices, and the rest of the decrease came from the utility margins. With
spending being lower, there was not much of a bidding season, and that in and
of itself had some effect on margins. Most of the work that was awarded during
the quarter was maintenance work. Typically it carries lower margins than
capital project work does.


<P align="left" style="font-size: 10pt">We also saw a difference in the mix of work, which is kind of what I was
alluding to just


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    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>


<P align="left" style="font-size: 10pt">then with higher maintenance as a percentage of revenues versus capex. And
there were some weather affects in Texas, but that was mostly offset by storm
work throughout the Midwest and also an increased level of work in California.
We had projected the revenues fairly accurately, but we missed the margin
projection due to those items that I just talked about.



<P align="left" style="font-size: 10pt"><B>Sanjay Shrestha </B><B><I>- First Albany - Analyst</I></B>


<P align="left" style="font-size: 10pt">That&#146;s great. Just a quick follow-up on that. Given that you know the
second-quarter is the biggest bidding season, I know you guys are going to talk
a lot about it in your August 6<SUP>th</SUP> call, but does it potentially mean that we
probably wouldn&#146;t have any net income here for the full year 2004? And if so is
the case, can you talk a little bit more about your expected cash generation
during the year?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">We&#146;re not giving any projections at this point in time for the rest of the
year. We expect that we will update our projections for the third quarter on
August 6<SUP>th</SUP>. I think that we had a pretty good amount of conservatism built into
our previous forecast for cash flow for the year. We still think that we will
be somewhere close to $100&nbsp;million even with the reduced profits for the second
quarter and potentially &#091;inaudible&#093; lower projections for the rest of the year.
But I feel fairly comfortable that we will still be there, close to $100
million. Part of the comfort comes from the fact that we are looking at
potentially selling our receivable to Adelphia. But that is not a big piece;
that&#146;s not considered right now in the number that I give you when I say I
think we&#146;re going to be close to $100&nbsp;million.



<P align="left" style="font-size: 10pt"><B>Sanjay Shrestha </B><B><I>- First Albany - Analyst</I></B>


<P align="left" style="font-size: 10pt">Great. Thanks, guys.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Our next question comes from Alex Rygiel with Friedman, Billings, Ramsey &#038; Co.
Please go ahead with your question.



<P align="left" style="font-size: 10pt"><B>Alex Rygiel </B><B><I>- Friedman, Billings, Ramsey &#038; Co. - Analyst</I></B>

<P align="left" style="font-size: 10pt">Thank you very much, couple of quick questions. First, with regard to your
revenues, can you give us just a broad sense as to what your revenue mix by end
market looks like for the quarter?



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>

<P align="left" style="font-size: 10pt">James, do you have that information?


<P align="left" style="font-size: 10pt">I don&#146;t think we got it broken out like we normally do on a conference call but
I think we can give you some ideas I think here.



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">These numbers are really preliminary here because we haven&#146;t actually scrubbed
the numbers, and when I say that, I should clarify that because this is broken
down by operating unit as opposed to by customer. And we have to gather the
customer information between now and the time we do a final announcement. I
think we&#146;re talking about probably 67&nbsp;percent, 67&nbsp;percent or so from utility
and gas. Probably 6&nbsp;percent from inside electrical, 5&nbsp;percent from cable, 6
percent, 6&nbsp;percent to 7&nbsp;percent from specialty; and I haven&#146;t been keeping
track of it but the rest of it comes from telecom.



<P align="left" style="font-size: 10pt"><B>Alex Rygiel </B><B><I>- Friedman, Billings, Ramsey &#038; Co. - Analyst</I></B>

<P align="left" style="font-size: 10pt">And with regards to telecom, you mentioned earlier that you are currently
working on a few of the fiber-to-the-premise, fiber-to-the-


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    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>


<P align="left" style="font-size: 10pt">node projects and you&#146;re in active discussions for others. Can you expand upon
that little bit?



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>

<P align="left" style="font-size: 10pt">Yes, we will on our conference call in August. We have received several
projects, and we expect to receive several more as the time goes on. There are
ongoing negotiations now, but the work is primarily in Florida, Texas and
California.



<P align="left" style="font-size: 10pt"><B>Alex Rygiel </B><B><I>- Friedman, Billings, Ramsey &#038; Co. - Analyst</I></B>

<P align="left" style="font-size: 10pt">I just want to confirm that those projects that you are working on you&#146;re in
active discussions with are with either Verizon or SBC or both?



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>

<P align="left" style="font-size: 10pt">Primarily with Verizon but also with other fiber-to-the-premise initiatives.



<P align="left" style="font-size: 10pt"><B>Alex Rygiel </B><B><I>- Friedman, Billings, Ramsey &#038; Co. - Analyst</I></B>

<P align="left" style="font-size: 10pt">Thank you.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Our next question comes from Alan Streiter with McMahan Securities. Please go
ahead with your question.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities &#150; Analyst</I></B>

<P align="left" style="font-size: 10pt">Just back on the cash flow, I believe some of the cash flow that you guys were
talking about in the past was related to an income tax refund, are you guys
still expecting to get the refund?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">Yes, I&#146;m sorry I didn&#146;t mention that. That is still there and still included in
that number, the $100&nbsp;million. It&#146;s about $30&nbsp;million.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>

<P align="left" style="font-size: 10pt">And what is the timing on that?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">It should be fourth quarter.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>

<P align="left" style="font-size: 10pt">It should be fourth quarter. And what is the size of the Adelphia receivable
that you are talking about selling?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">It&#146;s about $30&nbsp;million.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>

<P align="left" style="font-size: 10pt">$30&nbsp;million, and how much of a discount to that are you thinking of taking?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">I don&#146;t think I can say that right now. I think I&#146;m under a confidentiality
agreement. I cannot really talk about that.


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    <TD align="right" valign="top"><B>7</B></TD>
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<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

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</DIV>



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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>


<P align="left" style="font-size: 10pt">All right, but the sale of the Adelphia receivable would be added into the $100
million that you been talking about in the past?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">Yes. I mean it&#146;s kind of my - what I was saying is it&#146;s a cushion. That number
would not be a significant piece of the $100&nbsp;million, but that&#146;s why I feel
comfortable saying $100&nbsp;million.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities &#150; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, all right.



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">And the $30&nbsp;million is a ballpark estimate of the amount that we would get for
it.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>


<P align="left" style="font-size: 10pt">And that $30&nbsp;million tax refund is obviously the big number in the $100&nbsp;million
of free cash flow.



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">Yes. That is in that $100&nbsp;million.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>


<P align="left" style="font-size: 10pt">Right. And you said you still had about $200&nbsp;million in cash?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">Yes, I think we are going to end up with at the end of the quarter somewhere
over $197&nbsp;million, and we&#146;ve got over 200&nbsp;million today.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, so you had a little over $197&nbsp;million at quarter end; that means, I think
you said you had $196&nbsp;million at the last quarter, so just a slightly positive
quarter?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">$195.4&nbsp;million at the end of the last quarter.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>


<P align="left" style="font-size: 10pt">So a couple million in the last quarter, and you&#146;ve generated a couple more
since.



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">That&#146;s right.



<P align="left" style="font-size: 10pt"><B>Alan Streiter &#150; </B><B><I>McMahan Securities - Analyst</I></B>


<P align="left" style="font-size: 10pt">Good. Thanks.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">(OPERATOR INSTRUCTIONS) Our next question comes from Mike Barone with Akela
Capital. Please go ahead with your question.


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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
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    <TD>&nbsp;</TD>
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</TD>
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    <TD align="right" valign="top"><B>8</B></TD>
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</TR>

<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

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</TABLE>
</DIV>



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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>



<P align="left" style="font-size: 10pt"><B>Mike Barone &#150; </B><B><I>Akela Capital - Analyst</I></B>


<P align="left" style="font-size: 10pt">My question has already been answered. Thank you.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Thank you. Our next question comes from Bob Sales with LMK Capital Management.
Please go ahead with your question.



<P align="left" style="font-size: 10pt"><B>Bob Sales </B><B><I>- LMK Capital Mgmt - Analyst</I></B>


<P align="left" style="font-size: 10pt">Just a follow through on the telecom question: you mentioned that your
contracts are primarily with Verizon and some others. Is it your expectation
that you will get some SBC work, or are you not in a position to comment?



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, we anticipate receiving some SBC work, but I don&#146;t anticipate getting that
initiative starting out in the next quarter or so. It will probably be a 2005
initiative.



<P align="left" style="font-size: 10pt"><B>Bob Sales </B><B><I>- LMK Capital Mgmt - Analyst</I></B>


<P align="left" style="font-size: 10pt">Thank you.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Thank you. Our next question comes from Mark Bishop with the Boston Company.
Please go ahead with your question.



<P align="left" style="font-size: 10pt"><B>Mark Bishop </B><B><I>- Boston Company - Analyst</I></B>


<P align="left" style="font-size: 10pt">I&#146;m just a little unclear on the tax rate. What was your tax rate forecast
before, and what is the tax rate forecast now?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">The tax rate that we used at the end of the first quarter was 48.5&nbsp;percent, and
now we are using a number that is somewhere between 33 and 34&nbsp;percent. It&#146;s an
effective rate.



<P align="left" style="font-size: 10pt"><B>Mark Bishop </B><B><I>- Boston Company - Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay. So the number is? Okay. Great. Thanks very much.



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">Just to further explain that, we&#146;re letting each period stand-alone now. In
other words we calculated our tax rate based upon what the effective tax rate
would be if we filed the tax return at the end of the second quarter. And we
will continue to do that for the rest of the year at the end of each quarter.



<P align="left" style="font-size: 10pt"><B>Mark Bishop </B><B><I>- Boston Company - Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, so the 33 to 34&nbsp;percent, that is just for Q2, or that&#146;s cumulative for
the first half?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">For the six months ended June&nbsp;30.



<P align="left" style="font-size: 10pt"><B>Mark Bishop </B><B><I>- Boston Company - Analyst</I></B>


<P align="left" style="font-size: 10pt">Thank you.



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">I should also clarify while I am on, due to Reg G, sometimes you forget about
these things, but under Reg G, I need to define free cash flow because I gave
you that number a minute ago, and that is cash flow from operations minus
capital expenditures.


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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
    <TD nowrap valign="top">&nbsp;</TD>
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</TD>
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    <TD align="right" valign="top"><B>9</B></TD>
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<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Mr.&nbsp;Bishop, did you have any additional questions?



<P align="left" style="font-size: 10pt"><B>Mark Bishop </B><B><I>- Boston Company - Analyst</I></B>


<P align="left" style="font-size: 10pt">And, let&#146;s see, what is the forecast for capex now?



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>


<P align="left" style="font-size: 10pt">I think it&#146;s approximately $40&nbsp;million for the year depending on growth, of
course. But I expect it will be around $40&nbsp;million.



<P align="left" style="font-size: 10pt"><B>Mark Bishop </B><B><I>- Boston Company - Analyst</I></B>


<P align="left" style="font-size: 10pt">Thank you.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Thank you. Our next question is a follow-up from Mr.&nbsp;Sales. Please go ahead
with your follow-up question.



<P align="left" style="font-size: 10pt"><B>Bob Sales &#150; </B><B><I>LMK Capital Mgmt- Analyst</I></B>


<P align="left" style="font-size: 10pt">I apologize if most of the people on this call understand this issue. But
explain to me if you are going to show kind of breakeven to a loss for the year
and have, I think you have, loss carryforwards for the last year or two, why
are you in a position of paying taxes?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">We&#146;re not. But under GAAP we&#146;ve got the tax provision. But we&#146;re not expecting
to be a cash taxpayer this year.



<P align="left" style="font-size: 10pt"><B>Bob Sales &#150; </B><B><I>LMK Capital Mgmt - Analyst</I></B>


<P align="left" style="font-size: 10pt">So this is a non-cash flow item?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">That&#146;s right.



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>


<P align="left" style="font-size: 10pt">And we should point out we have not given guidance for the year; that was one
of the caller&#146;s suggestions. That was not our guidance.



<P align="left" style="font-size: 10pt"><B>Bob Sales &#150; </B><B><I>LMK Capital Mgmt- Analyst</I></B>


<P align="left" style="font-size: 10pt">Right. I&#146;m being a bit presumptive.



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>


<P align="left" style="font-size: 10pt">Okay.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Mr.&nbsp;Sales, did you have any additional questions?



<P align="left" style="font-size: 10pt"><B>Bob Sales &#150; </B><B><I>LMK Capital Mgmt- Analyst</I></B>


<P align="left" style="font-size: 10pt">No sir.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Thank you. Our next question comes from David Muccia from Front Point Partners.
Please go ahead with your question.


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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
    <TD nowrap valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



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<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>



<P align="left" style="font-size: 10pt"><B>David Muccia - </B><B><I>Front Point Partners - Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay. Thanks. I apologize if you have given this number already, but have you
updated your backlog at this point?



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>


<P align="left" style="font-size: 10pt">No, we haven&#146;t given an update on the backlog. We will be working on that and
give it on the call in August. But there&#146;s not a significant difference between
backlog now and what it was at the end of the first quarter.



<P align="left" style="font-size: 10pt"><B>David Muccia </B><B><I>- Front Point Partners - Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, and then any &#151; how about year-over-year, roughly the same I think you&#146;re
close to a billion?



<P align="left" style="font-size: 10pt"><B>James Haddox </B><B><I>- Quanta Services - CFO</I></B>


<P align="left" style="font-size: 10pt">There&#146;s an increase year-over-year.



<P align="left" style="font-size: 10pt"><B>David Muccia </B><B><I>- Front Point Partners - Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, all right. Great, thank you.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Thank you. Gentlemen, there are no further questions at this time. Please
continue.



<P align="left" style="font-size: 10pt"><B>Ken Dennard </B><B><I>- Managing Partner - DRG&#038;E</I></B>


<P align="left" style="font-size: 10pt">James, John, this is Ken. My phone got cut off somehow before so I&#146;ll just go
ahead and say if any of you would like to listen to a replay of today&#146;s call it
will be available via webcast by going to QuantaServices.com or there is a
telephonic recorded instant replay that is in the press release. As far as the
information reported on this call, speaks only as of today, July&nbsp;26, 2004, and
therefore you are advised that time-sensitive information may no longer be
accurate at the time of any replay. John if you would like to give closing
statements.



<P align="left" style="font-size: 10pt"><B>John Colson </B><B><I>- Quanta Services - Chairman &#038; CEO</I></B>


<P align="left" style="font-size: 10pt">Because of the telecommunications problem there, our legal staff has asked me
to as a reminder the Company&#146;s statements are subject to certain risks,
uncertainties and assumptions. Should one or more of these risks materialize or
should underlying assumptions prove to be incorrect, actual results may differ
materially from those expected. For more detailed information and a discussion
of these risks, investors are urged to refer to the Company&#146;s filings with the
SEC.


<P align="left" style="font-size: 10pt">I want to thank you all for joining us on the call this morning. We look
forward to talking to you in more detail on our second-quarter earnings
conference call on the sixth of August. Thank you very much. Goodbye.



<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Thank you. Ladies and gentlemen, this concludes the Quanta Services conference
call. You may now disconnect, and thank you for using AT&#038;T.


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    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">www.streetevents.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>11</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>FINAL TRANSCRIPT</B>



<P align="left" style="font-size: 10pt"><B>PWR - Quanta Services Revises Second Quarter Estimate</B>



<P align="left" style="font-size: 10pt"><B>DISCLAIMER</B>


<P align="left" style="font-size: 10pt">Thomson Financial reserves the right to make changes to documents, content, or
other information on this web site without obligation to notify any person of
such changes.


<P align="left" style="font-size: 10pt">In the conference calls upon which Event Transcripts are based, companies may
make projections or other forward-looking statements regarding a variety of
items. Such forward-looking statements are based upon current expectations and
involve risks and uncertainties. Actual results may differ materially from
those stated in any forward-looking statement based on a number of important
factors and risks, which are more specifically identified in the companies&#146;
most recent SEC filings. Although the companies may indicate and believe that
the assumptions underlying the forward-looking statements are reasonable, any
of the assumptions could prove inaccurate or incorrect and, therefore, there
can be no assurance that the results contemplated in the forward-looking
statements will be realized.


<P align="left" style="font-size: 10pt">THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF
THE APPLICABLE COMPANY&#146;S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE
AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR
INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO
WAY DOES THOMSON FINANCIAL OR THE APPLICABLE COMPANY OR THE APPLICABLE COMPANY
ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON
THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE
ADVISED TO REVIEW THE APPLICABLE COMPANY&#146;S CONFERENCE CALL ITSELF AND THE
APPLICABLE COMPANY&#146;S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER
DECISIONS.


<P align="left" style="font-size: 10pt">&#169; 2004, Thomson StreetEvents All Rights Reserved.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thomson StreetEvents</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">streetevents@thomson.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">617.603.7900</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">www.streetevents.com
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>12</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="13" valign="top" align="left">&#169; 2004 2002 Thomson Financial. Republished with permission. No part of this publication may be reproduced or
transmitted in any form or by any means without the prior written consent of Thomson Financial.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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