UPDATE: Quanta Services Posts 49% Surge In Q4 Profit, Issues Downbeat Full-Year Forecast
Quanta Services (NYSE: PWR) reported a 49% rise in its fourth-quarter earnings.
Quanta expects current-quarter adjusted earnings of $0.28 to $0.30 per share on revenue of $1.3 billion to $1.4 billion. However, analysts expected earnings of $0.27 per share on revenue of $1.45 billion.
Quanta projects full-year adjusted earnings of $1.10 to $1.40 per share on revenue of $5.7 billion to $6.2 billion. However, analysts projected earnings of $1.49 per share on revenue of $6.44 billion.
Quanta's quarterly profit surged to $99 million, or $0.46 per share, from $66.3 million, or $0.32 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $0.51 per share.
Its revenue climbed 20% to $1.67 billion. The company in October expected adjusted earnings of $0.40 to $0.42 per share on revenue of $1.55 billion to $1.65 billion.
Its gross margin widened to 17.1% from 12.9%.
Quanta shares closed at $28.14 yesterday.
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