May 1 (Reuters) - Energy contractor Quanta Services PWR.N 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)
((Aatreyee.Dasgupta@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.