Quanta Services Announces $50 Million Increase in Stock Repurchase Program

Quanta Services, Inc. PWR today announced that its board of directors approved an increase in the company's common stock repurchase program. Under the amended plan, the board authorized Quanta to purchase, from time to time, up to $150 million of its outstanding common stock. As announced on May 4, 2011, the board previously approved a common stock repurchase program of up to $100 million of its outstanding common stock. Since the program became effective on May 9, 2011, Quanta has repurchased a total of approximately 4.9 million shares in the open market for a total cost of approximately $93.8 million. All repurchases were paid for in cash. "The increase in our common stock repurchase program reflects our confidence in the long-term prospects for Quanta," said John R. Colson, executive chairman of Quanta's board of directors. "We believe that repurchasing shares at the current price is an efficient use of capital and a strategic use of our strong balance sheet to enhance stockholder returns."