By Anastasia Tomazhenkova: Quanta Services Inc., provider of outsourced construction, maintenance, and technology services for electric power,telecommunications,broadband cable, and gas pipeline industries posted that it swung to a fourth-quarter profit, as revenue rose 50% helped by robust customer spending and strong backlog.
The company reported profit of 33.6 million dollars, or 18 cents a share, compared with a loss of 30.5 million dollars, or 26 cents a share, in the prior year.
Profit from continuing operations was 33.5 million dollars, or 18 cents a share, compared with a loss from continuing operations of 31.2 million dollars, or 27 cents a share.
Analysts predicted net income of 13 cents a share, according to a Thomson Financial survey.
For the period ended December 31, sales surged 50% to 879 million dollars from 585.2 million dollars to top Wall Street's estimate of 833.1 million dollars.
Full-year earnings jumped to 136 million dollars, or 1 dollar a share, from 17.5 million dollars, or 15 cents a share.
Income from continuing operations soared to 133.1 million dollars, or 87 cents a share, from 16.2 million dollars, or 14 cents a share, a year ago.
Annual revenue rose 26% to 2.66 billion dollars from 2.11 billion dollars a year earlier.