WASHINGTON (dpa-AFX) - Quanta Services Inc. (PWR), while announcing higher
third-quarter results, on Thursday tightened its fiscal 2023 earnings outlook,
while raised revenue and adjusted EBITDA expectations.

For the full year 2023, Quanta now expects net income attributable to common
stock to range between $729 million and $759 million, compared to previously
expected range between $705 million and $765 million.

Earnings per share are now expected to range between $4.90 and $5.10 and
adjusted earnings per share between $7.00 and $7.20.

Quanta previously expected earnings per share between $4.75 and $5.15 and
adjusted earnings per share between $6.90 and $7.30.

Analysts on average expect the company to report earnings of $7.13 per share,
according to figures compiled by Thomson Reuters. Analysts' estimates typically
exclude special items.

Quanta now expects revenues to range between $20.1 billion and $20.4 billion,
higher than previously expected $19.6 billion and $20.0 billion. The Street is
looking for revenues of $19.83 billion.

Further, the company now expects EBITDA to range between $1.74 billion and $1.79
billion and adjusted EBITDA to range between $1.91 billion and $1.95 billion.

Earlier, it was looking for EBITDA to range between $1.73 billion and $1.82
billion and adjusted EBITDA to range between $1.88 billion and $1.97 billion.

The company said its long-term outlook is positive. However, weather,
regulatory, permitting, supply chain challenges and other factors affecting
project timing and execution have impacted, and may impact in the future, the
financial results.

Further, the company sees double-digit earnings per share growth in 2024.

In its third quarter, Quanta Services revealed a profit that increased from the
same period last year and beat the Street estimates.

The company's bottom line came in at $272.84 million, or $1.83 per share. This
compares with $155.96 million, or $1.06 per share, in last year's third quarter.

Adjusted earnings were $332.55 million or $2.24 per share for the period.
Analysts had expected the company to earn $2.11 per share.

The company's revenue for the quarter rose 26.0 percent to $5.62 billion from
$4.46 billion last year.

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