MasTec: 2Q Earnings Snapshot
CORAL GABLES, Fla. (AP) _ MasTec Inc. (MTZ) on Thursday reported second-quarter profit of $119.7 million.
The Coral Gables, Florida-based company said it had net income of $1.58 per share. Earnings, adjusted for one-time gains and costs, came to $1.60 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
The utility contractor posted revenue of $1.94 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.81 billion.
For the current quarter ending in October, MasTec expects its per-share earnings to be $1.62.
The company expects full-year earnings to be $5.04 per share.
MasTec shares have increased 24% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $50.16, an increase of nearly 6% in the last 12 months.