Quanta Services Inc. Q1 Profit Increases, Beats Estimates

(RTTNews) - Quanta Services Inc. (PWR) revealed a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $144.258 million, or $0.96 per share. This compares with $118.360 million, or $0.79 per share, last year.

Excluding items, Quanta Services Inc. reported adjusted earnings of $268.611 million or $1.78 per share for the period.

Analysts on average had expected the company to earn $1.66 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 23.9% to $6.233 billion from $5.031 billion last year.

Quanta Services Inc. earnings at a glance (GAAP) :

-Earnings: $144.258 Mln. vs. $118.360 Mln. last year. -EPS: $0.96 vs. $0.79 last year. -Revenue: $6.233 Bln vs. $5.031 Bln last year.

Looking ahead, for the full year, the company has revised its annual outlook.

Quanta now projects net profit of $1.04 billion to $1.13 billion, unchanged from the previous guidance of $1.04 billion and $1.13 billion. However, net income per share is now projected to be in the range of $6.90 to $7.50 against previous guidance of $6.85 to $7.45.

Excluding items, earnings are now expected to be in the range of $10.05 to $10.65 per share, higher than the earlier projection of $9.90 to $10.50 per share.

Quanta now projects revenue of $26.7 billion to $27.2 billion, compared with the earlier guidance of $26.60 billion to $27.10 billion.

On average, analysts polled, forecast the company to register annual earnings per share of $10.17 on revenue of $26.88 billion. Analysts’ estimates typically exclude special items.