- 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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