Quanta Services Announces Three-Year $500 Million Share Repurchase Program

  Quanta Services Announces Three-Year $500 Million Share Repurchase Program

PR Newswire

HOUSTON, Dec. 6, 2013

HOUSTON, Dec. 6, 2013 /PRNewswire/ --Quanta Services, Inc. (NYSE: PWR) today
announced that its board of directors has authorized the repurchase of up to
$500 million of Quanta's common stock over the next three years. Under the
stock repurchase program, the company is authorized to repurchase, from
time-to-time, shares of its outstanding common stock in the open market or in
privately negotiated transactions, at management's discretion based on market
and business conditions, applicable legal requirements and other factors, or
pursuant to an issuer repurchase plan or agreement that may be in effect.

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"The authorization of this share repurchase program reflects the board of
directors' and management's confidence in Quanta's long-term growth
opportunities and commitment to delivering increased value to our
shareholders," said Jim O'Neil, president and chief executive officer of
Quanta Services. "Quanta's strong balance sheet and disciplined approach to
capital allocation should allow for continued investment in our business while
opportunistically returning capital to our shareholders."

The repurchase program authorized by Quanta's board of directors does not
obligate Quanta to acquire any specific amount of common stock and will
continue until otherwise modified or terminated by Quanta's board at any time
at its sole discretion and without notice.

ABOUT QUANTA SERVICES
Quanta Services is a leading specialized contracting services company,
delivering infrastructure solutions for the electric power and natural gas and
pipeline industries. Quanta's comprehensive services include designing,
installing, repairing and maintaining energy infrastructure. Additionally,
Quanta licenses point-to-point fiber optic telecommunications infrastructure
in certain markets and offers related design, procurement, construction and
maintenance services. With operations throughout North America and in certain
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 oral statements regarding the subject matter of this
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 concerning the long-term strategy and growth prospects of
Quanta, the ability to deliver increased value and return capital to
shareholders, and the strategic use of Quanta's balance sheet, 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, the effects of industry, economic or political conditions
outside of the control of Quanta; quarterly variations in operating results;
adverse economic and financial conditions, including weakness in the capital
markets; trends and growth opportunities in relevant markets; delays,
reductions in scope or cancellations of anticipated, pending or existing
projects, including as a result of weather, regulatory or environmental
processes, project performance issues, or our customers' capital constraints;
the successful negotiation, execution, performance and completion of
anticipated, pending and existing contracts, including the ability to obtain
awards of projects on which we bid or are otherwise discussing with customers;
the ability to attract skilled labor and retain key personnel and qualified
employees; potential shortage of skilled employees; the ability to generate
internal growth; competition in Quanta's business, including the ability to
effectively compete for new projects and market share; potential failure of
renewable energy initiatives, the economic stimulus package or other existing
or potential legislative actions to result in increased demand for Quanta's
services; liabilities associated with multi-employer pension plans, including
underfunding of liabilities and termination or withdrawal liabilities; the
possibility of increases in the liability associated with Quanta's withdrawal
from a multi-employer pension plan; liabilities for claims that are
self-insured or not insured; the effect of natural gas, natural gas liquids
and oil prices on Quanta's operations and growth opportunities; the future
development of natural resources in shale areas; the inability of customers to
pay for services; the failure to recover on payment claims against project
owners or to obtain adequate compensation for customer-requested change
orders; the ability to realize backlog; risks associated with operating in
international markets, including instability of foreign governments, currency
fluctuations, tax and investment strategies and compliance with the laws of
foreign jurisdictions as well as the U.S. Foreign Corrupt Practices Act and
other applicable anti-bribery and anti-corruption laws; the ability to
successfully identify, complete, integrate and realize synergies from
acquisitions; the potential adverse impact resulting from uncertainty
surrounding acquisitions, including the ability to retain key personnel from
the acquired businesses and the potential increase in risks already existing
in Quanta's operations; the adverse impact of impairments of goodwill and
other intangible asset or investments; growth outpacing our decentralized
management and infrastructure; requirements relating to governmental
regulation and changes thereto; inability to enforce our intellectual property
rights or the obsolescence of such rights; risks related to the implementation
of an information technology solution; the impact of a unionized workforce on
operations, including labor stoppages or interruptions due to strikes or
lockouts; potential liabilities relating to occupational health and safety
matters; our dependence on suppliers, subcontractors and equipment
manufacturers; risks associated with Quanta's fiber optic licensing business,
including regulatory and tax changes and the potential inability to realize a
return on capital investments; beliefs and assumptions about the
collectability of receivables; the cost of borrowing, availability of credit,
fluctuations in the price and volume of Quanta's common stock, debt covenant
compliance, interest rate fluctuations and other factors affecting financing
and investing activities; the ability to access sufficient funding to finance
desired growth and operations; the ability to obtain performance bonds;
potential exposure to environmental liabilities; the ability to continue to
meet the requirements of the Sarbanes-Oxley Act of 2002; rapid technological
and structural changes that could reduce the demand for services; the impact
of increased healthcare costs arising from healthcare reform legislation, and
other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K
for the year ended Dec. 31, 2012 and Quanta's Quarterly Report on Form 10-Q
for the quarters ended Mar. 31, 2013, June 30, 2013 and Sept. 30, 2013 and any
other documents that Quanta files with the Securities and Exchange Commission
(SEC). 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. 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

Contacts:
Investors - Kip Rupp, CFA Media – Deborah Buks and Molly LeCronier
Quanta Services, Inc.     Ward Creative Communications
713-629-7600              713-869-0707

SOURCE Quanta Services, Inc.

Website: http://www.quantaservices.com
 
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