May 2 (Reuters) - Quanta Services ( PWR ) raised its

annual revenue and profit forecasts on Thursday, encouraged by

strong demand for its construction and engineering services from

the renewable energy and electric power industries.

With companies increasingly tapping into new technologies

and federal and state policies pushing for an accelerated shift

to clean energy, demand for electric power infrastructure has

grown in the United States.

Growing internet traffic and cloud computing, coupled with

heavy investments in artificial intelligence technologies, have

also powered the development of data centers which are

power-intensive and require better grid capacity, boosting

demand for Quanta's services.

The growing adoption of EVs as well as increasing

electrification in building sectors through the usage of heat

pumps and boilers have also boosted the company's revenues.

The company's total revenue rose 13.5% from the previous

year to $5.03 billion in the quarter, beating analysts' average

estimates of $4.94 billion, according to LSEG data.

"Utilities across the United States are experiencing and

forecasting meaningful increases in power demand for the first

time in many years ... There is momentum building across our

portfolio of solutions," said Quanta CEO Duke Austin.

Quanta, which counts companies including AT&T, Verizon, BP

and Southwest Gas among its customers, said it now expects

full-year 2024 revenues between $22.50 billion and $23 billion,

compared with $22.25 billion to $22.75 billion estimated

previously.

Analysts on average expect revenue of $22.59 billion.

The Houston, Texas-based company projected annual adjusted

earnings per share to range between $8.15 and $8.65, up from its

prior forecast of $8.00 to $8.50. Analysts on average expect

$8.35.