Quanta Services Authorizes New $500M Share Buyback Program

Quanta Services, Inc PWR disclosed a new share repurchase program and declared a quarterly dividend.
PWR authorized a new stock repurchase program of up to $500 million, which will become effective upon the expiration of the existing share buyback program.
Starting July 1, 2023, the company can repurchase shares from time to time through June 30, 2026, as per the program.
Under the existing share buyback program, PWR has repurchased around 1.4 million shares for about $155 million.
Also, the company announced a quarterly dividend per share of $0.08, payable on July 14, 2023, to shareholders of record as of July 3, 2023.
Earlier this month, the company reported Q1 2023 revenues of $4.43 billion, exceeding the consensus of $4.08 billion and adjusted EPS of $1.24, beating the analysts' expectations of $1.13.
PWR witnessed a negative FCF of $(31.2) million vs. $(15.8) million a year ago.
The company held $217.1 million in cash and equivalents as of Q1 2023.
Price Action: PWR shares are trading higher by 0.83% at $168.00 premarket on the last check Wednesday.

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