MasTec Beats on Top and Bottom Lines
Infrastructure construction company MasTec reported third-quarter results today after the markets closed, showing that it posted revenues of $1.27 million, a robust 19% increase from the same period in the previous year and well ahead of the $1.16 million Capital IQ consensus estimate.
While adjusted net income came in at $48.0 million, or $0.61 per share, up 44% from $33.4 million, or $0.18 per share, in the same period in 2012, it was only a penny better than the Capital IQ estimates of $0.60 per share.
MasTec says it is enjoying double-digit growth in all almost all of its segments and sees the oil and gas, electrical transmission, and wireless markets as the best chances it has for growth in the future.
The construction company raised its revenue guidance to $4.25 billion, generating per-share earnings from continuing operations to $1.88, but analysts anticipate MasTec will post earnings of $0.52 per share in the fourth quarter on revenues of $1.11 billion.
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