Business News: Quanta Services Initiates Quarterly Cash Dividend

Business News: Quanta Services Initiates Quarterly Cash Dividend

HOUSTON, TXQuanta Services, Inc. (NYSE:PWR) announced today that its Board of Directors has declared an initial quarterly cash dividend to stockholders.  This initial quarterly dividend of $0.04 per share, a rate of $0.16 per share on an annualized basis, will be paid on January 16, 2019, to stockholders of record as of the close of business on January 2, 2019.  Quanta’s long-term objective is to prudently increase the amount of its dividend over time.

“Our decision to initiate a dividend demonstrates our continued confidence in the stability of Quanta’s base business, long-term growth prospects, solid financial position and commitment to enhancing stockholder value,” said Duke Austin, President and Chief Executive Officer of Quanta Services.  “The planned dividend is a meaningful milestone in Quanta’s history and complements our stock repurchase activity.  We believe our strategy of balancing return of capital to stockholders with prudent capital reinvestment and strategic acquisitions puts Quanta firmly on track for long-term growth and value creation.”

All subsequent dividends are subject to review and approval by Quanta’s Board of Directors in its discretion.  The decision whether to pay any future dividends and the amount of any such dividends will be based on, among other things, the Company’s financial position, results of operations, cash flows, capital requirements, restrictions under the Company’s existing credit agreement and the requirements of applicable law.


SOURCE: news provided by INVESTORS.QUANTASERVICES.COM