Quanta Services (PWR) shares surged 8.71% in pre-market trading, as the company reported second-quarter results that significantly exceeded analyst expectations and issued a bullish full-year outlook.
The infrastructure solutions provider posted adjusted earnings per share of $4.24, crushing the IBES estimate of $3.30. Revenue came in at $9,600 million, well above the consensus forecast of $8,613 million. Adjusted EBITDA also surpassed projections, reaching $1,100 million compared to the expected $874.8 million.
Looking ahead, Quanta Services raised its full-year guidance substantially. The company now expects adjusted EPS in the range of $16.45 to $16.95, far ahead of the analyst estimate of $14. Adjusted EBITDA is projected to be between $4,090 million and $4,210 million, significantly higher than the $3,549 million consensus. The strong performance and optimistic outlook fueled the sharp pre-market rally.