MasTec jumps 20% on raised full-year guidance, higher Q2 revenues
MasTec Inc. (NYSE:MTZ) is up 20% today on above-average volume after reporting its second-quarter earnings and raising its full-year outlook after Wednesday’s close. For the quarter ended June 30, net income was $15.7 million, or $0.23 per share, compared with $15.9 million, or $0.24 per share, for the same quarter a year earlier. Revenue was $305 million, compared with $256.3 million for the year-ago period.
“With revenue up 19%, we continue to see the positive effects of the diversification strategy that we laid out last year. Our efforts to grow our business with utilities customers is beginning to pay off as second quarter revenue for these customers doubled over last year. Utilities customers now make up 34% of revenue compared to 20% a year ago. These results were helped by our expansion into the wind and natural gas pipeline sectors, areas where we continue to see significant opportunities for growth,” said Jose R. Mas, president and CEO, in a statement.
The Coral Gables, Fla.-based contractor now expects full-year revenue to be in the range of $1.21 billion and $1.23 billion with earnings per share from continuing operations of $0.88 and $0.92.
At 11:47 a.m. ET, shares are at $14.41, up $2.36 from Wednesday’s close. Trading volume is more than double the average. Shares have ranged from $6.96 to $16.02 during the past year.
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