Energy solutions provider Quanta Services gives hope to investors despite M&A expenses

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs