MTZ - Why MasTec Stock Is Gaining Ground Today
2024-03-01 11:53:46 ET
Construction company MasTec (NYSE: MTZ) is feeling good about the new year after enduring a rough 2023. The upbeat talk has investors buying in, sending shares of MasTec up 12% as of 11 a.m. ET.
MasTec is a construction and engineering company focused on large infrastructure projects, energy, and communications construction. The company earned $0.66 per share in the fourth quarter on revenue of $3.3 billion, surpassing Wall Street expectations for $0.44 per share in earnings on $3.25 billion in sales.
The quarter ends what was a tough year on a high note. MasTec shares plunged back in November after the company said customer delays on big-ticket energy and infrastructure projects had caused it to miss top- and bottom-line estimates. Revenue was up 9% year over year in the quarter, and the company generated nearly $500 million in cash in the final three months of the year.
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Why MasTec Stock Is Gaining Ground Today