The Houston-based company earned $22.4 million, or 17 cents a share, in the quarter, compared with $12.9 million, or 11 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 17 cents a share in the most recent quarter.
Third-quarter revenue rose about 1% to $528.5 million, as against analysts' expectation of $552.2 million.
The company expects to earn 11 to 14 cents a share, on revenue of $500 million to $525 million in the fourth quarter. The estimates do not include the potential impact of any significant storm-restoration revenue for the fourth quarter of 2006, the company added. Analysts are expecting earnings of 15 cents a share, on revenue of $535.1 million.
"Our ability to increase net income, strengthen margins and achieve internal revenue growth in a quarter that had about $60 million less revenues from storm work than in the third quarter of 2005 illustrates the strength of the market and Quanta's ability to respond," said the company. "Utilities and telecommunications companies continue to rely on Quanta to provide superior service, strong safety performance and timely delivery. This reliance is reflected in our 15% increase in year-over-year backlog and, excluding storm work, double-digit internal revenue growth."
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