HOUSTON (AP) -- Quanta Services Inc., which builds and repairs electricity and natural gas transmission systems, said Wednesday its third-quarter earnings nearly doubled as demand increased for its services. The company also raised its earnings and revenue outlook for the year.
The company reported net income of $96.4 million, or 45 cents per share, in the July-September quarter, up from $52 million, or 25 cents per share, in the third quarter of 2011.
Third-quarter revenue jumped 35.2 percent to $1.69 billion from $1.25 billion a year earlier. Revenue from the electric power business rose 32 percent.
Adjusted earnings came in at 48 cents per share. That topped expectations for adjusted earnings of 36 cents per share, according to Factset.
Quanta announced in September that it had received a contract from American Electric Power for the longest energized transmission line reconductor in the U.S.
Companies like Quanta could benefit from the rebuilding effort following Hurricane Sandy.
The company said Wednesday that its overall outlook is positive. It did note, however, that its customers continue to face regulatory and permit hurdles for projects, while the weak economy creates uncertainty.
Quanta said it expects 2012 revenue to come in between $6.2 billion and $6.3 billion, an increase from its previous estimate of $5.9 billion to $6.1 billion. Earnings for 2012 are projected at $1.35 to $1.37 per share, up from the earlier estimate of $1.15 to $1.25 per share.
Analysts had expected adjusted earnings of $1.22 per share on revenue of $6.07 billion.
Shares of Houston-based Quanta rose $1.74, or 7.4 percent, to $25.34 in morning trading.