Electric utility contractor Quanta Services Inc. on Monday announced a 4.4% fall in its fourth-quarter profit as higher costs more than offset a revenue boost triggered from an acquisition.

CEO John Colson posted that the company's customers and demand for its services are still thwarted by weak economic scenario.

The company reported its revenue to grow to $985.4 million in contrast with $921.5 million the previous year. Price Gregory's operations were included into Quanta's results starting Oct. 1.

Analysts were expecting lower earnings of 17 cents per share on lower revenue of $926.2 million, according to Thomson Reuters. The estimates typically exclude one-time items.

It witnessed 7 cents a share on revenue of $700 million and $750 million. However, analysts polled by Thomson Reuters estimated 14 cents and $831 million, respectively. For all of 2010, Quanta's view of 90 cents to $1 for earnings on $3.9 billion and $4.2 billion in revenue met analysts' forecasts.

Quanta Services grabbed $43.9 million, or 21 cents per share, in the three months ended Dec. 31 compared with $46.5 million, or 24 cents per share, the previous year.