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Net income for the second quarter rose to $40.5 million or $0.22 per share from $21.9 million or $0.17 per share in the same quarter last year. Cash earnings from continuing operations, which exclude amortization of intangible assets and compensation expense, were $49.3 million or $0.26 per share, up from $23.3 million or $0.18 per share last year. Analysts polled by First Call/Thomson Financial expected earnings of $0.19 per share for the quarter.
Revenues for the quarter rose 74% to $960.9 million from $552.2 million a year ago. Analysts anticipated revenues of $902.6 million for the quarter.
The company, which delivers infrastructure network solutions for the electric power, natural gas, telecommunications and cable television industries, noted that pro forma internal revenue growth for the quarter was approximately 20%.
John Colson, CEO of Quanta Services, said, "Our customers continue to invest in infrastructure despite a challenging economic environment. The growth in renewable energy generation is creating opportunities and adding momentum to the already strong electrical construction market."
For the six-month period, earnings were $64.8 million or $0.35 per share, compared to $53.1 million or $0.40 per share a year ago. Revenues for the period grew to $1.81 billion from $1.12 billion last year.
Looking ahead to the third quarter, Quanta expects earnings per share in the range of $0.23 - $0.26, on revenues between $1.00 billion and $1.04 billion. Cash earnings per share are expected between $0.27 and $0.31. Analysts anticipate earnings of $0.26 per share, on revenues of $972.2 million for the quarter.
Quanta Services is currently trading at $32.83, up $2.17 or 7.08%.
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