Quanta Services Authorizes New $500M Share Buyback Program

Lekha Gupta
1 min read
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In this article:

  • Quanta Services, Inc (NYSE: 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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This article Quanta Services Authorizes New $500M Share Buyback Program originally appeared on Benzinga.com

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