Quanta Services: 2Q Earnings Snapshot
HOUSTON (AP) _ Quanta Services Inc. (PWR) on Thursday reported second-quarter net income of $27.3 million.
On a per-share basis, the Houston-based company said it had profit of 19 cents. Earnings, adjusted for one-time gains and costs, came to 31 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The specialty contractor for utility and energy companies posted revenue of $2.84 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $2.89 billion.
Quanta Services expects full-year earnings in the range of $2.99 to $3.33 per share, with revenue in the range of $11.5 billion to $11.9 billion.
Quanta Services shares have increased 24% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. The stock has climbed nearly 10% in the last 12 months.