WASHINGTON (dpa-AFX) - Quanta Services, Inc. (PWR) reported first-quarter income attributable to common stock of $53.5 million, down from $54.5 million in the prior year, while earnings per share were $0.25, same as last year.
Adjusted earnings per share for the latest first quarter were $0.31, down from $0.44 in the comparable quarter last year. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.41 for the quarter. Analysts' estimates typically exclude special items.
Revenue increased to $1.89 billion from $1.76 billion last year, while 13 analysts expected revenue of $1.86 billion for the quarter.
Looking ahead to the second quarter, Quanta expects earnings per share to be in the range of $0.36 to $0.42, adjusted earnings per share in the range of $0.42 to $0.48 and revenues to range between $1.95 billion and $2.05 billion. Analysts expect the company to report second-quarter earnings per share of $0.53 on revenue of $2.04 billion.
For full-year 2015, Quanta now expects earnings per share to be in the range of $1.70 to $1.90 and adjusted earnings per share in the range of $1.94 to $2.14. Analysts now expect the company to report fiscal 2015 earnings per share of $2.24.
Earlier, the company expected earnings per share to be in the range of $1.80 to $2.05 and adjusted earnings per share in the range of $2.04 to $2.29.
For full year 2015, Quanta still expects revenues to range between $8.1 billion and $8.5 billion. Analysts expect revenue of $8.45 billion.
Separately, the company announced that it has entered into a definitive agreement to sell its fiber optic licensing operations to Crown Castle International Corp. (CCI) for about $1 billion in cash. The transaction is subject to various regulatory approvals and other customary conditions prior to closing, but is expected to close by the end of this year.
Quanta estimates after tax net proceeds from the transaction of approximately $800 million.
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