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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.

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