UPDATE: Quanta Services Posts 85% Surge In Q3 Profit, Lifts Full-Year Forecast
Quanta Services (NYSE: PWR) reported an 85% rise in its third-quarter earnings and lifted its full-year forecast.
Quanta Services now expects full-year adjusted earnings of $1.50 to $1.52 per share on revenue of $6.2 billion to $6.3 billion. The company in August expected earnings of $1.35 and $1.45 per share on revenue of $5.9 billion to $6.1 billion.
Quanta Services' quarterly profit rose to $96.4 million, or $0.45 per share, from $52 million, or $0.25 per share, in the year-ago period. Excluding other items, Quanta Services earned $0.48 per share.
Its revenue surged 35% to $1.69 billion. The company in August expected adjusted earnings of $0.39 to $0.42 per share on revenue of $1.6 billion to $1.7 billion.
Its gross margin rose to 16.6% from 15.6%.
Quanta Services shares closed at $23.60 on Friday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.