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Quanta Services reports drop in adjusted net income, revenues

QuantaServices Inc. reported May 5 that its adjusted net income fromcontinuing operations attributable to common stock fell to $37.7 million, or 23cents per share, in the first quarter of 2016, from $60.3 million, or 28 centsper share, in the same quarter in 2015.

On a GAAP basis, net income from continuing operationsattributable to common stock was $20.5 million, or 13 cents per share, downfrom $47.7 million, or 22 cents per share, in the prior-year period.

Revenues totaled $1.71 billion in the most recent quarter,compared with $1.86 billion in the 2015 first quarter. Operating income fell to$37.3 million in the first quarter of 2016, from $84.2 million in thecorresponding period in 2015.

For full-year 2016, Quanta expects revenues to range between$7.5 billion and $8.0 billion, and adjusted diluted EPS from continuingoperations to be $1.61 to $1.81.