Quanta’s CEO sees “meaningful recovery” in 2nd half of 2010

Quanta Services Inc., Houston, is suffering through 2009 YTY sales declines like most companies, but its CEO sees better days ahead late next year. While third-quarter revenues for the utility services contractor were down 26 percent to $780.8 million from $1.05 billion in 3Q 2008, net income for the quarter was $63.4 million, up 22 percent from $51.9 million in the same quarter last year. Said John Colson, Quanta’s chairman and CEO, “The slow economy continues to negatively affect the industries we serve and our revenues. While the first quarter of 2010 may be challenging, we expect a meaningful recovery in the second half of next year as spending by our customers returns.”