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MasTec Inc. (MTZ) Soars 17% on Earnings Beat, Raised Guidance
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Shares of MasTec Inc. (MTZ - Free Report) are up nearly 17% in late afternoon trading after the company reported its Q2 2016 earnings on August 4.
Based in Coral Gables, FL, MasTec provides construction services to the telecommunications, energy, and utility industries in the United States. The company beat the Zacks Consensus earnings per share estimate by $0.13 and revenue by $80 million, posting earnings of $0.33 per share and $1.23 billion respectively. Furthermore, the company increased its 2016 full year revenue guidance to approximately $5 billion compared to the Consensus Estimate of $4.84 billion.
MasTec’s 18-month backlog as of June 30, 2016 was $5.3 billion, representing a 31% year-over-year increase.
Jose R. Mas, MasTec’s CEO, commented that “Our second quarter results significantly exceeded our expectations, primarily due to improved productivity in our Oil & Gas segment. We expect record levels of Oil & Gas segment revenue during the second half of 2016 as we further ramp execution on large projects initiated at varying times during the 2016 second quarter. Most importantly, we have clear visibility to opportunities in the Oil & Gas segment which we expect will drive continued growth in 2017 and beyond.”
The company expects revenue of $1.5 billion for the third quarter compared to the Consensus Estimate of $1.33 billion. MasTec has seen one upward earnings estimate revision in the last 60 days, bringing the full fiscal year 2017 estimate up one cent to $1.56 in earnings per share. Shares of MasTec are up 42.63% year-to-date.
Because of the strong earnings performance, MasTec is currently trading near its 52-week high of $29.30 per share.
This chart shows MasTec’s recent earnings performance:
MasTec currently sits at a Zacks Rank #1 (Strong Buy), and could see further earnings estimate revisions in the days to come.
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MasTec Inc. (MTZ) Soars 17% on Earnings Beat, Raised Guidance
Shares of MasTec Inc. (MTZ - Free Report) are up nearly 17% in late afternoon trading after the company reported its Q2 2016 earnings on August 4.
Based in Coral Gables, FL, MasTec provides construction services to the telecommunications, energy, and utility industries in the United States. The company beat the Zacks Consensus earnings per share estimate by $0.13 and revenue by $80 million, posting earnings of $0.33 per share and $1.23 billion respectively. Furthermore, the company increased its 2016 full year revenue guidance to approximately $5 billion compared to the Consensus Estimate of $4.84 billion.
MasTec’s 18-month backlog as of June 30, 2016 was $5.3 billion, representing a 31% year-over-year increase.
Jose R. Mas, MasTec’s CEO, commented that “Our second quarter results significantly exceeded our expectations, primarily due to improved productivity in our Oil & Gas segment. We expect record levels of Oil & Gas segment revenue during the second half of 2016 as we further ramp execution on large projects initiated at varying times during the 2016 second quarter. Most importantly, we have clear visibility to opportunities in the Oil & Gas segment which we expect will drive continued growth in 2017 and beyond.”
The company expects revenue of $1.5 billion for the third quarter compared to the Consensus Estimate of $1.33 billion. MasTec has seen one upward earnings estimate revision in the last 60 days, bringing the full fiscal year 2017 estimate up one cent to $1.56 in earnings per share. Shares of MasTec are up 42.63% year-to-date.
Because of the strong earnings performance, MasTec is currently trading near its 52-week high of $29.30 per share.
This chart shows MasTec’s recent earnings performance:
MASTEC INC Price and EPS Surprise
MASTEC INC Price and EPS Surprise | MASTEC INC Quote
MasTec currently sits at a Zacks Rank #1 (Strong Buy), and could see further earnings estimate revisions in the days to come.
Oil prices have been volatile lately and this is definitely having a big impact on investments in the energy sector. In this free report, we take a look at top investments for each oil scenario in the near term, be it bearish, bullish, or neutral. Click here to see the free report>>>