What: Shares of Quanta Services (NYSE:PWR) jumped as much as 10% today after reporting earnings.

So what: Third quarter revenue was up 35% to $1.69 billion, and net income nearly doubled, to $96.4 million, or $0.45 per share. On an adjusted basis, earnings were $0.48 per share, which was well ahead of the $0.36 that analysts expected.

Now what: Quanta also increased 2012 earnings guidance to $1.35 to $1.37 per share, from $1.15 to $1.25, which investors love to see. The company should also benefit from repair work after Hurricane Sandy, but the impact isn't known yet. Shares aren't cheap at 19 times the low end of 2012 earnings estimates, but the company has a lot of operational momentum, and I think that conditions will continue to improve as we improve our electrical infrastructure. I think shares have room to run, but I'd prefer to get in at a better price, so I'm not a buyer today.

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Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDrawThe Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.