MasTech: 2Q Earnings Snapshot
CORAL GABLES, Fla. (AP) _ MasTec Inc. (MTZ) on Thursday reported second-quarter earnings of $80.5 million.
On a per-share basis, the Coral Gables, Florida-based company said it had profit of $1.01. Earnings, adjusted for stock option expense and non-recurring costs, were $1.04 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The utility contractor posted revenue of $1.62 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $1.79 billion.
For the current quarter ending in October, MasTech expects its per-share earnings to be $1.26.
The company said it expects revenue in the range of $2 billion for the fiscal third quarter.
MasTech expects full-year earnings to be $3.67 per share, with revenue expected to be $6.9 billion.
MasTech shares have declined slightly more than 3 percent since the beginning of the year. The stock has risen roughly 4 percent in the last 12 months.