MTZ - Why MasTec Stock Is Falling Today
2023-08-04 14:22:18 ET
Construction company MasTec (NYSE: MTZ) is seeing some belt-tightening among its energy and utility customers, and it is impacting near-term results. Shares of MasTec were down more than 15% on Friday after the company lowered its outlook for the full year.
MasTec is an engineering and construction company focused on communications, energy, utility, and other infrastructure, with a specialty in renewable energy power generation. The company had a solid quarter, earning $0.89 per share, $0.04 ahead of estimates, despite revenue that at $2.9 billion came in about $100 million below expectations.
Revenue was up 25% year over year and adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) climbed 43%. MasTec's backlog at quarter-end stood at $13.4 billion, up 22% compared to the second quarter of 2022.
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Why MasTec Stock Is Falling Today