Quanta 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.”
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Jim Lucy Blog
Chief Editor
Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.