logo
Plus   Neg
Share
Email

Quanta Services Slashes FY20 Outlook Amid COVID-19 - Quick Facts

While reporting financial results for the first quarter on Thursday, Quanta Services, Inc. (PWR) slashed its earnings and revenue guidance for the full-year 2020, reflecting the estimated impact of COVID-19 and other factors on operations.

For fiscal 2020, the company now projects earnings in a range of $2.25 to $2.57 per share and adjusted earnings in a range of $3.04 to $3.36 per share on revenues between $11.4 billion and $11.8 billion.

Previously, the company expected earnings in a range of $2.93 to $3.33 per share and adjusted earnings in a range of $3.62 to $4.02 per share on revenues between $12.2 billion and $12.6 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.58 per share on revenues of $12.26 billion for the year. Analysts' estimates typically exclude special items.

The company said it expects its second quarter results to be meaningfully impacted, and have reduced its expectations for the second half of the year.

It added that the ultimate impact of the COVID-19 pandemic on Quanta's operational and financial performance will depend on future developments, including the duration and severity of the pandemic and actions taken by domestic and international governments in response to the pandemic, all of which are uncertain and cannot be predicted.

However, its long-term outlook for Quanta's business is positive. The company added that weather, regulatory, permitting, project timing, execution challenges and other factors have impacted the company's historical results, and may impact Quanta's future financial results.

The company also declared a dividend of $0.05 per share during the first quarter of 2020 and expects to continue paying quarterly dividends, subject to approval by Quanta's board of directors.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Former Google engineer Anthony Levandowski was sentenced by a U.S. judge to eighteen months in prison for stealing trade secrets from Google's self-driving car unit before he defected to Uber's rival unit. Levandowski admitted that from 2009 to 2016, he worked in Google's self-driving car program, known then as Project Chauffer. JetBlue has strengthened its face covering policy, by prohibiting face masks with vents or exhalation valves, starting August 10. It will also no longer allow customers to claim exemptions from wearing a face covering altogether. Home Depot, Inc. is set to open three new distribution centers in Georgia over the next 18 months, which is expected to create an additional 1,000 new jobs in Greater Atlanta, including full-time and part-time positions. The home improvement retailer has already created more than 5,000 new jobs in Georgia over the last five years.
RELATED NEWS
Follow RTT