SHOCKER! Quanta Services Boss Hits the Jackpot, BUT… Big Bonuses Slashed This Year!
Houston’s Heavyweight Contractor Rakes in $24 BILLION, But CEO’s Paycheck Takes a Nosedive!
In a jaw-dropping report, Quanta Services, the Houston-based infrastructure giant, claimed a whopping $24 billion in revenue for 2024! Their shares are trading at $274—but not everything is sunshine and rainbows for the big shots at the top!
CEO Duke Austin Jr. Takes a Major Hit!
While Chief Executive Earl “Duke” Austin, Jr. saw his earnings rise compared to last year, he still suffered a brutal blow to his cash bonus! This year, he pocketed a mere $1.6 million bonus—down from over $2 million in the previous two years. Ouch! His total compensation—salaries, bonuses, stock, and perks—shot up to nearly $16 million, but let’s be real: this superstar CEO is feeling the sting!
Stock Prices Plummet While Revenue Soars!
Even with that eye-popping revenue, Quanta’s stock has tanked by 13% over the past year! Austin called it “another year of success, with record revenues, profits, and cash flow,” but can anyone be fooled when the numbers just don’t add up?
The Tariff Torpedo!
Just WAIT until you hear this! Quanta’s future is shrouded in uncertainty with rising tariffs and immigration policies potentially threatening their very business operations. In an official report, the company dropped the T-bomb, mentioning “tariffs” NINE times, hinting at a looming storm on the horizon. With President Trump’s recent announcements shaking things up, can anyone say, “corporate chaos”?
The Workforce Behind the Curtains: Who’s REALLY Working for Quanta?
Quanta flaunts a labor force that dominates North America, claiming 200 operating companies! But here’s the kicker: the company admitted that some employees might be unauthorized workers! Yikes! The company’s race breakdowns reveal that over 70% of its workforce is white, with Hispanic or Latino employees making up nearly 19%. There’s more drama brewing here than meets the eye!
Austin’s Lavish Perks Exposed!
But Duke’s not just navigating stormy seas—oh no! His lavish lifestyle is on full display, including $200,000 for personal use of the corporate jet and $14,000 for club memberships. Meanwhile, other executives like Chief Financial Officer Jayshree Desai and Chief Operating Officer Redgie Probst saw their total compensation slashed to around $5 million and $6.5 million, respectively. And guess what? Their bonuses took a hit too!
As Quanta Services gears up for its first quarter results announcement in early May, investors are left on the edge of their seats, wondering if this corporate giant can weather the storm or if it’s headed for disaster. Stay tuned for more shocking developments!
photo credit: fortune.com
