MTZ - Why MasTec's Shares Jumped 17.2% on Friday
Shares of utility construction firm MasTec (NYSE: MTZ) jumped as much as 18% in trading Friday after reporting third-quarter 2022 financial results. The stock closed the day up 17.2%.
Revenue for the quarter was up 38% to $2.5 billion, and net income was $49.2 million, or $1.34 per share. Adjusted net income, which pulls out one-time items, was $100.8 million, or $1.34 per share.
Analysts were expecting earnings of $1.29 per share, which is what investors were focused on today. Management also guided for fourth-quarter 2022 revenue of $2.9 billion, with adjusted earnings per share of $1.00. Analysts were expecting fourth-quarter revenue of $2.47 billion and earnings of $1.09 per share, so guidance was mixed.
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Why MasTec's Shares Jumped 17.2% on Friday