UPDATE: Quanta Services Posts Surge In Q2 Earnings, Lifts Full-Year Forecast

Quanta Services

reported a rise in its second-quarter earnings. Quanta lifted its full-year adjusted earnings forecast to $1.35 to $1.45 a share on revenue of $5.9 billion to $6.1 billion. In May, it expected earnings of $1.19 to $1.39 per share on revenue of $5.4 billion to $5.7 billion. Quanta's quarterly profit climbed to $65.5 million, or $0.31 per share, from $31.8 million, or $0.15 per share, in the year-ago period. Excluding items, Quanta earned $0.36 per share. Its revenue surged 50% to $1.52 billion. In May, the company expected adjusted earnings of $0.33 to $0.35 per share on revenue of $1.4 billion to $1.5 billion. Its gross margin rose to 15.5% from 15.2%. Quanta shares closed at $22.47 yesterday.