Plus   Neg

Quanta Services Boosts FY19 Outlook - Quick Facts

While reporting financial results for the first quarter, Quanta Services, Inc. (PWR) on Thursday raised its full year 2019 outlook for adjusted earnings and revenues, as a result of solid first quarter results and increased visibility for electric power services.

For fiscal 2019, the company now projects earnings in a range of $2.86 to $3.32 per share, adjusted earnings in a range of $3.40 to $3.86 per share, and revenues between $11.2 billion and $11.6 billion.

Previously, the company now expected earnings in the range of $2.76 to $3.21 per share, adjusted earnings in the range of $3.30 to $3.75 per share, and revenues between $10.8 billion and $11.2 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.47 per share on revenues of $11.04 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income soared to $120.5 million or $0.82 per share from $37.6 million or $0.24 per share in the prior-year quarter. Adjusted earnings were $0.96 per share, compared to last year's $0.39 per share. Revenues increased to $2.81 billion from last year's $2.42 billion.

Analysts expected quarterly earnings of $0.83 per share on sales of $2.64 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Facebook has unveiled Instagram Reels as its answer to the popular Chinese-owned video app TikTok. The social media giant said in a blog post that Instagram Reels is a new way to create short, entertaining videos on Facebook's photo-sharing app Instagram. Facebook reportedly shut down its TikTok clone Lasso in July, ahead of the launch of Instagram Reels. WD-40 Company recalled about 130,000 units of X-14 Mildew Stain Remover for potential risk of skin irritation, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said pressure can build up inside the bottle and cause it to fall over and leak, posing a risk of skin irritation. Biopharmaceutical company Bristol-Myers Squibb Co. on Thursday reported a loss for the second quarter, compared to a profit last year, hurt primarily by hefty amortization expenses. However, adjusted earnings per share and quarterly revenues topped analysts' expectations. Looking ahead, the company raised its adjusted earnings and revenue outlook for the full-year 2020.
Follow RTT