Quanta 3Q profit rises 11 percent

HOUSTON - Quanta Services Inc., which builds and maintains energy infrastructure, said Wednesday its third-quarter earnings rose 11 percent, as heightened demand drove revenue sharply higher.

But it issued fourth-quarter financial targets that are lower than the average forecast on Wall Street.

Net income climbed to $54.9 million from $49.3 million in the three months ended Sept. 30. The per share result declined to 29 cents from 31 cents because of an increase in the number of shares outstanding.

Analysts expected earnings of 26 cents per share on revenue of $1.03 billion, according to a survey by Thomson Reuters.

Revenue jumped to $1.05 billion from $655.9 million a year ago.

The latest results include a full quarter's worth of revenue from InfraSource Services Inc., which was acquired in August 2007.

"Many of our customers continue to invest in infrastructure despite a challenging economic environment," Chief Executive John Colson said in a statement.

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