Quanta Services: 2Q Earnings Snapshot
HOUSTON (AP) _ Quanta Services Inc. (PWR) on Thursday reported second-quarter profit of $74.4 million.
The Houston-based company said it had net income of 48 cents per share. Earnings, adjusted for one-time gains and costs, were 59 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The specialty contractor for utility and energy companies posted revenue of $2.66 billion in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $2.55 billion.
Quanta Services expects full-year earnings in the range of $2.55 to $2.95 per share, with revenue in the range of $10.35 billion to $10.75 billion.
Quanta Services shares have decreased 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5 percent. The stock has declined 1 percent in the last 12 months.