WASHINGTON (dpa-AFX) - Quanta Services Inc. (PWR) said that its net income attributable to common stock for the second quarter of 2014 was $81.1 million, or $0.37 per share, up from $70.2 million, or $0.33 per share, in the second quarter of 2013.
Included in the results for the second quarter of 2013 was non-cash stock-based compensation expense of approximately $4.3 million, or $0.01 per share, related to the retirement of Quanta's former chairman effective May 23, 2013.
Adjusted earnings per share was $0.43 for the second quarter of 2014 compared to $0.38 for the second quarter of 2013.
Revenues in the second quarter were $1.86 billion compared to revenues of $1.47 billion last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.41per share and revenues of $1.80 billion for the second-quarter. Analysts' estimates typically exclude special items.
'Quanta produced record second quarter revenues and earnings per share, fueled in part by strong performance in our oil and gas infrastructure segment,' said Jim O'Neil, president and chief executive officer of Quanta Services. 'Our customers' capital programs continue to present a compelling story for growth in energy infrastructure. We are currently bidding or negotiating a record dollar volume of project opportunities, supporting our positive outlook through 2015.'
Quanta expects revenues for the third quarter of 2014 to range between $2.0 billion and $2.1 billion and diluted earnings per share to be $0.52 to $0.54. Quanta expects adjusted earnings per share for the third quarter of 2014 to be $0.57 to $0.59. Analysts expect the company to report earnings of $0.56 per share and revenues of $2.00 billion for the third-quarter.
Quanta expects revenues for the full year 2014 to range between $7.6 billion and $7.8 billion. Diluted earnings per share for the full year 2014 are estimated to be $1.58 to $1.68 on a GAAP basis, which includes the $0.12 impact of the arbitration decision in the first quarter of 2014 previously mentioned. Quanta expects adjusted diluted earnings per share for the full year 2014 to be $1.90 to $2.00. Wall Street currently is looking for fiscal year 2014 earnings of $1.94 per share on annual revenues of $7.63 billion.
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