CORAL GABLES, Fla. (AP) _ MasTec Inc. (MTZ) on Thursday reported first-quarter net income of $36.2 million.
The Coral Gables, Florida-based company said it had profit of 48 cents per share. Earnings, adjusted for amortization costs and stock option expense, were 60 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The utility contractor posted revenue of $1.42 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.31 billion.
For the current quarter ending in July, MasTec expects its per-share earnings to range from 78 cents to 89 cents.
The company said it expects revenue in the range of $1.5 billion to $1.6 billion for the fiscal second quarter.
MasTec shares have dropped 44% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $35.96, a fall of 30% in the last 12 months.