Quanta Services, Inc. announced results for the three and 12 months ended Dec. 31, 2009. Despite the fact that it suffered a drop in profits due to its acquisition of Price Gregory Services, the Houston, Tex. company reported earnings of $43.9 million, or 21 cents per share, beating the estimates of analysts polled by Thomson Reuters who predicted earnings of 17 cents per share on sales of $926.2 million.
Quanta Services acquired Price Gregory Services, a gas pipeline construction company, for $350 million. Quanta closed on the deal on October 1, 2009. In connection with the acquisition, Quanta issued about 10.9 million shares of Quanta common stock and paid abut $96 million in cash to the stockholders of Price Gregory Services.
Quanta Services sales for the period ending December 31, 2009 jumped 6.9%, to $985.4 million, up from $921.5 million in the fourth quarter of 2008. The Company sais it expects 2010 earnings to range between 90 cents and $1 per share on sales of $3.9 billion to $4.2 billion.