CORAL GABLES, Fla. (AP) _ MasTec Inc. (MTZ) on Thursday reported second-quarter earnings of $57 million.
On a per-share basis, the Coral Gables, Florida-based company said it had profit of 78 cents. Earnings, adjusted for one-time gains and costs, came to 95 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.
The utility contractor posted revenue of $1.57 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $1.54 billion.
For the current quarter ending in October, MasTec expects its per-share earnings to be $1.67.
MasTec shares have declined 41% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $37.81, a decline of 29% in the last 12 months.