Quanta 4Q outlook lower than Wall Street's

HOUSTON - Quanta Services Inc., which builds and maintains energy infrastructure, on Wednesday issued fourth-quarter financial targets that are lower than the average expectation on Wall Street.

The company expects profit between 18 cents and 20 cents per share on revenue between $875 million and $930 million.

Analysts project profit at 26 cents per share and revenue at $1.03 billion, according to Thomson Reuters.

Part of the reason for the lower revenue target is an expectation for a sharp decline in emergency restoration projects, such as fixing downed power lines.

Quanta reported its third-quarter earnings rose 11 percent, as heightened demand drove revenue sharply higher.

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.

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

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