Quanta beats quarterly profit estimates, raises annual profit forecast
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FILE PHOTO: A local resident walks by power grid towers in Redwood City, California, United States, January 26, 2022. REUTERS/Carlos Barria/File Photo
(Reuters) -Energy contractor Quanta Services beat first-quarter profit estimates and raised its annual forecast on Thursday, aided by sustained strength in demand for its infrastructure services.
The ongoing power grid modernization and electrification in the U.S. and construction of data centers due to the AI boom is helping infrastructure service providers.
Quanta also stands to benefit from the push for reshoring manufacturing in the U.S. under the Trump administration as companies look to shift global supply chains in response to tariff pressures.
The company now expects its adjusted profit for 2025 to be in the range of $10.05 to $10.65 per share, compared with its prior forecast of $9.90 to $10.50.
Analysts on an average expected profit of $10.17 per share, according to data compiled by LSEG.
Quanta posted quarterly adjusted profit of $1.78 per share, compared with analysts' estimates of $1.67 according to data compiled by LSEG.
Revenue for the quarter ended March 31 was $6.23 billion, above analysts' average estimate of $5.86 billion.
(Reporting by Aatreyee Dasgupta and Anshuman Tripathy in Bengaluru; Editing by Krishna Chandra Eluri)
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