Quanta Services Lifts FY21 Earnings, Revenue Outlook

(RTTNews) - While reporting higher first-quarter profit, Infrastructure services provider Quanta Services, Inc. (PWR) Thursday raised its fiscal 2021 forecast.

Quanta now expects attributable net income between $469 million and $533 million, earnings per share between $3.25 and $3.69 and adjusted earnings per share between $4.12 and $4.57 for 2021. Revenues are expected to be between $12.05 billion and $12.35 billion.

Quanta previously expected adjusted earnings to be in the range of $4.02 to $4.52 and revenues between $11.95 billion and $12.35 billion.

On average, analysts polled by Thomson Reuters expect earnings of $4.31 per share on revenues of $12.14 billion. Analysts' estimates typically exclude special items.

EBITDA is now expected to be between $1.02 billion and $1.11 billion for 2021 and adjusted EBITDA is now expected to be between $1.10 billion and $1.20 billion for 2021.

Duke Austin, President and Chief Executive Officer of Quanta Services, said, "Quanta is off to a solid start for the year, with continued strong performance and safe execution from our Electric Power Infrastructure Solutions segment and better than expected profitability from our Underground Utility and Infrastructure Solutions segment. Based on this performance and continued confidence in our ability to safely execute, we are increasing our full-year financial expectations."