Quanta Services Guidance Sends Shares Falling (PWR)

Shares of Quanta Services, Inc. PWR are currently down 10.6% at $17.82 per share during Wednesday afternoon trading. Today's trading range for shares of Quanta Services, Inc has been between $17.71 and $18.79 per share. The consensus price target of analysts covering the company's stock is $24.30 per share. Volume of 7.8 million shares is already nearly 4 times the daily average volume of 2.1 million shares. Quanta Services, Inc. (PWR) released financial results early Wednesday morning. Quanta Services, Inc reported 3rd quarter earnings of 30 cents per share, on revenue of $1.21 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 30 cents per share, on revenue of $1.15 billion. However, the company disappointed Wall Street with its 4th quarter earnings forecast in the range of 15 cents to 17 cents per share. Chairman and CEO John R. Colson said, "Our third and fourth quarters have been negatively impacted by several project delays and lower than expected margins on two pipeline projects due to above-average rainfall. We also incurred approximately $5 million in costs associated with acquisition opportunities and losses on disposals of equipment during the third quarter." Colson added, "We believe the industries we serve are in a transitional period. Long-awaited telecom stimulus projects are being awarded, CREZ projects are out for bid, distribution spending is showing signs of recovery, and the bidding season for our natural gas and pipeline segment appears to be robust. In general, we are seeing a breakthrough in the accumulation of delayed projects, postponed bids and deferred infrastructure spending. We believe this breakthrough will impact us positively beginning in 2011." Read more from Benzinga's Company news.