WASHINGTON (dpa-AFX) - Quanta Services Inc. (PWR) reported that its net income attributable to common stock was $94.6 million or $0.43 per share, in the third quarter of 2014, versus net income attributable to common stock of $92.9 million, or $0.43 per share, in the third quarter of 2013.
Included in net income attributable to common stock for the third quarter of 2014 was a $52.5 million charge to provision for long-term contract receivable associated with an electric power infrastructure services project completed in 2012. The net impact of this provision on Quanta's results for the third quarter of 2014 was a reduction of $0.15 per share.
Additionally, included in net income attributable to common stock for the third quarters of 2014 and 2013 were $4.9 million and $6.6 million of income, respectively, or $0.02 per diluted share for the third quarter of 2014 and $0.03 per share for the third quarter of 2013, from the release of income tax contingencies.
Adjusted earnings per share were $0.61 for the third quarter compared to $0.46 last year.
Revenues in the third quarter of 2014 were $2.17 billion compared to revenues of $1.65 billion in the third quarter of 2013.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share and revenues of $2.04 billion for the quarter. Analysts' estimates typically exclude special items.
Quanta expects revenues for the fourth quarter of 2014 to range between $1.95 billion and $2.05 billion and earnings per share to be $0.46 to $0.48. Quanta expects adjusted earnings per share for the fourth quarter of 2014 to be $0.50 to $0.52. Analysts expect the company to report earnings of $0.54 per share and revenues of $2.05 billion for the fourth-quarter.
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