Quanta Services forecasts upbeat revenue as renewables sector booms
Nov 2 (Reuters) - Quanta Services forecast full-year revenue above Wall Street estimates as its quarterly results beat estimates on strong demand its services from the renewable energy sector.
Governments across the globe have been providing subsidies and introducing policies to facilitate the shift away from fossil fuels to renewable energy, helping suppliers like Quanta Services.
Quanta provides components and equipment repair services to electric and gas utilities, pipeline and energy industries in the North America and Australia.
It forecast full-year revenue of $20.1 billion to $20.4 billion, compared with $19.6 billion to $20.0 billion forecast earlier.
Texas-based Quanta Services reported an adjusted quarterly profit of $2.24 per share, compared with expectations of $2.11 per share.
Its quarterly revenue rose to $5.62 billion, beating analysts' average estimate of $5.23 billion. (Reporting by Aishwarya Jain and Priyamvada C Editing by Vinay Dwivedi)
