Quanta Services Inc. (PWR) is a leading national provider of specialty contracting services, and one of the largest contractors serving the transmission and distribution sector of the North American electric utility industry. The company has grown organically and made strategic acquisitions to expand its geographic presence and scope of services, along with developing new capabilities to meet its customers evolving needs.
PWR is benefiting from increased spending in the Electric Power segment on projects to upgrade and deploy electric power transmission infrastructure so as to improve system reliability and deliver renewable electricity from new generation sources to demand centers. Also, PWR has a proven track record of on-time project completion, thereby ensuring client satisfaction.
However, the company’s first quarter had been challenging on account of seasonal weather conditions. Heavy snow in Newfoundland and dense fog in northern Saskatchewan added to PWR’s woes. Severely cold and rainy weather leads to decreased productivity of projects resulting in increased costs and reduced volumes. Also, in the last four trailing quarters, PWR has reported a negative average earnings surprise of 3.97%.
We have highlighted some of the key details from the just-released announcement below:
Earnings: PWR’s second-quarter 2015 adjusted earnings per share from net income attributable to common stock recorded a 38.1% decline to 26 cents on a year-over-year basis.
Revenue: Revenues of the company rose 1.8% to $ 1,872.3 million on a year over year basis.
Key Stats: PWR has completed the divesture of its fiber optic licensing operations on Aug 04. Also, concurrent with the earnings release the company has announced a $1.25 billion stock repurchase program. As of Aug 05, 2015, the company has repurchased $406 million shares from the previously declared $500 million stock repurchase program.
Stock Price: Shares prices did not show any movement in the pre-market trading session. It would be interesting to see how the market reacts to the results during the trading session today.
Check back for our full write up on this PWR earnings report later!
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