Quanta Services Raises 2020 Earnings Outlook; Announces $500 Mln Stock Buyback

(RTTNews) - Quanta Services, Inc. (PWR) said, for fiscal 2020, the company projects: adjusted earnings per share to range between $3.18 and $3.48; and revenues to range between $11.0 billion and $11.4 billion. The company increased its full year free cash flow expectations to between $600 million and $800 million.

Second quarter adjusted earnings per share was $0.74 compared to $0.31, a year ago. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.48, for the quarter. Analysts' estimates typically exclude special items.

Second quarter revenues were $2.51 billion compared to $2.84 billion, prior year. Analysts expected revenue of $2.51 billion for the quarter.

Separately, Quanta Services announced that its board, in support of management's request, has authorized the company to repurchase, from time to time through June 30, 2023, up to $500 million in shares of its outstanding common stock under a new stock repurchase program. The new program is in addition to the remaining $87 million available under the previously authorized $500 million stock repurchase program.