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Colson said, "After thirteen years at the helm of Quanta, it is time to transition the leadership of the company's day-to-day operations.
Quanta Services (NYSE:PWR) announced that chairman and CEO John R. Colson will assume the role of executive chairman of the board on May 19, 2011, and president and COO James F. O'Neil III will succeed Colson as CEO.
The firm cited valuation and the company's more cautious outlook for transmission spending.
The firm lowered its target for shares to $22 from $23.
Deutsche Bank reportedly downgraded Quanta Services (PWR) to Hold from Buy.
The company said it sees Q1 adjusted EPS of 6-7 cents (vs. estimate of 16 cents) and sees Q1 revenue of $775-$825 million (vs. estimate of $880 million). For the year, Quanta said it sees EPS of 80-90 cents (vs. estimate of $1.05)
Quanta Services (NYSE:PWR) reports Q4 EPS of 16 cents, inline with consensus estimates. Revenue in the quarter totaled $1.11 billion, better than the $1.01 billion analysts were expecting.
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From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
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