Semiconductors
Quanta Services Sees 40% Rise in Profits
The Associated Press
02/24/09 - 09:09 AM EST
HOUSTON -- Quanta Services (PWR Quote), which provides services to the electric power, gas, telecommunications and cable television industries, on Tuesday said its fourth-quarter profit rose 40% due to growing demand in areas such as transmission infrastructure and renewable energy.
Quarterly earnings rose to $47.1 million, or 24 cents per share, compared with $33.6 million, or 18 cents per share, during the same period last year.
In a survey by Thomson Reuters, analysts forecast a profit of 19 cents per share.
Revenue climbed 4.8% to $921.5 million from $879 million. Analysts forecast revenue of $913.5 million.
For the full year, net income jumped to $166.7 million, or 88 cents per share, from $136 million, or 89 cents per share, in 2007. Revenue rose 42% to $3.78 billion from $2.66 billion.
Quanta also forecast first-quarter results below analyst estimates.