HOUSTON, Dec. 12, 2019 /PRNewswire/ -- Quanta Services, Inc. (NYSE:PWR) announced today that its Board of Directors has declared a quarterly cash dividend to stockholders of $0.05 per share, or a rate of $0.20 per share on an annualized basis, which represents a 25% increase from Quanta's last quarterly cash dividend paid in October 2019. The dividend is payable January 16, 2020, to stockholders of record on January 2, 2020.
Quanta's President and Chief Executive Officer, Duke Austin, commented, "This dividend increase reflects our continued confidence in the stability of Quanta's base business, Quanta's long-term growth prospects, and Quanta's solid financial position, as well as our commitment to enhancing stockholder value."
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, pipeline, energy and communications industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Latin America, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
Forward Looking Statements
This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the declaration, amount or timing of any future dividends; expectations regarding Quanta's business or financial outlook, plans and strategies; growth, trends or opportunities; and the ability to deliver increased value or return capital to stockholders; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, variations in Quanta's financial condition, results of operations, profitability, cash flows and liquidity; current and expected capital requirements and reinvestment opportunities; market conditions; the effects of industry, economic, financial or political conditions outside of the control of Quanta; delays, reductions in scope or cancellations of anticipated, pending or existing projects; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts, including the ability to obtain future project awards; cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms; loss of customers with whom Quanta has long-standing or significant relationships; requirements relating to dividends under Delaware law and the credit agreement for Quanta's senior secured credit facility; the impact of income tax laws;; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2018, Quanta's Quarterly Reports on Form 10-Q for the quarters ended Mar. 31, 2019, June 30, 2019 and Sep. 30, 2019 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.
Investors - Kip Rupp, CFA
Media – Lynn Hancock
Quanta Services, Inc.
SOURCE Quanta Services, Inc.