MasTec, Inc. (NYSE:MTZ) reported better-than-expected second-quarter adjusted earnings results, after the closing bell on Thursday.
MasTec reported quarterly earnings of 96 cents per share which beat the analyst consensus estimate of 87 cents per share. The company reported quarterly sales of $2.961 billion which missed the analyst consensus estimate of $3.092 billion, according to data from Benzinga Pro.
Jose Mas, MasTec's Chief Executive Officer, commented "We are pleased with our solid second quarter performance, and expect to build on this momentum during the balance of 2024 and in 2025. Our record backlog in multiple segments illustrates the confidence our customers have in MasTec to partner on their strategic capital programs. I'd like to highlight that during the second quarter, MasTec was awarded an approximately 700-mile high voltage transmission project that is expected to start in early 2025. We are experiencing significant demand for our services and look forward to continue delivering best in class execution for our customers in a safe, timely and cost-effective manner through the hard work and dedication of the men and women of MasTec."
MasTec said it sees 2024 revenue of $12.4 billion, versus estimates of $12.55 billion. The company expects adjusted EPS of $3.03 versus expectations of $2.95.
MasTec shares fell 0.5% to trade at $101.65 on Monday.
These analysts made changes to their price targets on MasTec following earnings announcement.
- Stifel analyst Brian Brophy maintained MasTec with a Buy and raised the price target from $120 to $121.
- Truist Securities analyst Jamie Cook reiterated the stock with a Hold and raised the price target from $109 to $112.
- B. Riley Securities analyst Alex Rygiel maintained MasTec with a Buy and boosted the price target from $132 to $134.
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