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MasTec: 3Q Earnings Snapshot

CORAL GABLES, Fla. (AP) _ MasTec Inc. (MTZ) on Thursday reported third-quarter net income of $128.6 million.

The Coral Gables, Florida-based company said it had profit of $1.69 per share. Earnings, adjusted for one-time gains and costs, were $1.73 per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.63 per share.

The utility contractor posted revenue of $2.02 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $2.13 billion.

For the current quarter ending in December, MasTec expects its per-share earnings to be $1.25.

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

MasTec expects full-year earnings to be $5.16 per share, with revenue expected to be $7.2 billion.

MasTec shares have climbed 55% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $62.94, an increase of 45% in the last 12 months.


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