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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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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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.
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>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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