Quanta Services Down 6.6% On Revenue Miss, Forecast (PWR)

Shares of Quanta Services, Inc. PWR are currently down 6.62% at $20.02 per share during Wednesday afternoon trading. Today's trading range for shares of Quanta Services, Inc. has been between $19.41 and $20.89 per share. The consensus price target of analysts covering the company's stock is $25.30 per share. Volume of 5.2 million shares is already nearly double the daily average volume of 3 million shares. Quanta Services, Inc. (PWR) released financial results on Wednesday morning that beat Wall Street earnings estimates but missed revenue expectations when it reported 2nd quarter adjusted earnings of 22 cents per share, on revenue of $870.5 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 18 cents per share, on revenue of $935.59 million. The company forecast disappointing full year earnings in the range of $1.05 to $1.10 per share, on revenue of $3.8 billion and $4.1 billion. Chairman and chief executive officer John R. Colson said, "We continue to maintain a disciplined approach to the margins we are willing to accept. This discipline has contributed to our gross margins improving quarter over quarter for the past twelve quarters. Our expectations for 2010 have been negatively impacted by project delays and postponements that are primarily caused by increased regulatory requirements. Once these obstacles are overcome, however, we believe projects will move quickly, as customers stand ready with planning and funding in place to enhance their infrastructure." Read more from Benzinga's Company news.