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MasTec: 3Q Earnings Snapshot

·1 min read

CORAL GABLES, Fla. (AP) _ MasTec Inc. (MTZ) on Thursday reported third-quarter earnings of $116.5 million.

The Coral Gables, Florida-based company said it had profit of $1.59 per share. Earnings, adjusted for one-time gains and costs, came to $1.83 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.

The utility contractor posted revenue of $1.7 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $1.91 billion.

For the current quarter ending in December, MasTec expects its per-share earnings to range from $1.64 to $1.73.

The company said it expects revenue in the range of $1.7 billion to $1.9 billion for the fiscal fourth quarter.

MasTec expects full-year earnings in the range of $5 to $5.09 per share, with revenue ranging from $6.4 billion to $6.6 billion.

MasTec shares have fallen 25% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $48.35, a decline of 26% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MTZ at https://www.zacks.com/ap/MTZ