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Quanta Service Says Profit Flat; Shares Fall

Jeanine Poggi

Utilities contractor Quanta Services(PWR) announced today that its first-quarter earnings remained flat, but forecast second-quarter revenue below analysts' expectations.

During the quarter, the company earned $21.49 million, or 11 cents a share, compared with $21.5 million, or 13 cents a share, in the year-ago period.

Revenue dropped to $738.5 million from $844.4 million.

The company forecast earnings of 14 or 15 cents a share in the second quarter and revenue between $850 million and $890 million.

Analysts were expecting earnings of 25 cents a share, before special items, on revenue of $970.9 million.

Shares of the company fell 4% to $23 in morning trading.