WASHINGTON (dpa-AFX) - Quanta Services Inc. (PWR) Thursday reported a sharp decline in first quarter net income attributable to the shareholders to $20.496 million from $53.48 million in the prior year. On a per share basis, earnings were $0.13, compared to $0.25 last year. On an adjusted basis, earnings per share from continuing operations was $0.23.
On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.26 per share. Analysts estimates usually excludes special items.
Revenue for the quarter declined to $1.713 billion from $1.861 billion in the previous year. Wall Street was looking for $1.74 billion.
The company said it is on track to achieve full year earnings from continuing operations of $0.13 per share and adjusted earnings per share from continuing operations of $0.23. Backlog for the quarter increased to $10.1 billion.
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