Quanta Services
(PWR) - Get Report
raised its forecast for 2001, and now expects to earn $2.14 to $2.18 a share, up from the previously projected range of $2.08 to $2.12 a share.
The company earned $1.07 in 1999, and Wall Street is calling for a profit of $1.68 in 2000. Analysts expect the company to earn $2.10 in 2001.
Quanta, a contracting services provider for the telecom and electric power industries, attributed the upward revision to the acquisition of four companies and the conclusion of its management services agreement with
UtiliCorp United
(UCU)
.
The four companies,
JT Telecommunications
,
Professional Teleconcepts
,
Network Electric
and
Parkside Utility
, are expected to produce revenue of about $94 million for 2001. Quanta also said it agreed to pay UtiliCorp $28.7 million to conclude its obligations under the management services agreement.
The company still expects earnings of $1.67 to $1.69 a share for 2000, before a charge.
Shares of Quanta were up $1.81, or 6.3%, to $30.69 in recent
New York Stock Exchange
trading.
