MasTec Q2 Profit Down; Lifts FY12 EPS View - Quick Facts

RELATED NEWS

Trade MTZ now with

8/2/2012 8:00 PM ET

MasTec Inc. (MTZ: Quote) reported that its second-quarter net income attributable to the company decreased to $30.09 million from $44.49 million in the year ago quarter. On a GAAP basis, second quarter of 2012 earnings per share was $0.37 compared to $0.51 for the second quarter of 2011.

Included in the 2011 second quarter GAAP results was a non-cash, after-tax gain of $17.7 million, or $0.20 per share, from the remeasurement of the Company's initial 2010 33% equity investment in EC Source, an electrical transmission construction company.

Adjusted earnings per share for the quarter increased to $0.37 from $0.31 last year.

Revenue for the second quarter was $992 million compared to $717 million for the second quarter of 2011, an increase of 38%.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share on revenues of $902.18 million for the quarter. Analysts' estimates typically exclude special items.

The company also announced the completion of its aggregate $150 million stock purchase plan that was authorized during the fourth quarter of 2011. MasTec completed the share repurchase plan on July 27, having repurchased a total of 9.47 million shares at an average purchase price of $15.84.

For the third quarter of 2012, the Company currently expects revenue of $950 million to $1 billion, and earnings per share of $0.52. Analysts expect the company to report earnings of $0.49 per share on revenues of $904.35 million for the third-quarter.

MasTec raised its 2012 total full year guidance to revenue of $3.55 billion - $3.60 billion, and earnings per share of $1.50. The 2012 expected growth in revenue is 24-26%, adjusted EBITDA is 25% and adjusted earnings per share is 40%.

Previously, the company expected full-year 2012 adjusted net income of $122.0 million or $1.42 per share. The company expected revenue for the year of $3.35 billion.

Analysts expect the company to report earnings of $1.42 per share on revenues of $3.40 billion for fiscal 2012.

To receive FREE breaking news email alerts for Mastec Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 93 Articles

Editors Pick

Fed Concerns Contribute To Lackluster Session On Wall Street - U.S. Commentary

There was a mixed performance on Wall Street on Friday. Shares suffered an early decline, as investors continued to express worries about the Federal Reserve. A recovery through the rest of the day allowed the Dow to edge into positive territory by the close. The Nasdaq and S&P 500 posted fractional losses.

Stocks Come Under Pressure Amid Worries About The Fed - U.S. Commentary

Stocks have shown a notable move to the downside in early trading on Friday amid lingering concerns about the outlook for the Federal Reserve's asset purchase program. The major averages have slid firmly into negative territory, adding to the modest losses posted in the previous session. The major averages are currently posting notable losses, near their lows for the young session.

U.S. Durable Goods Orders Rise 3.3% In April, More Than Expected

After reporting a sharp drop in new orders for manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than anticipated in the month of April. The report said durable goods orders surged up by 3.3 percent in April after tumbling by a revised 5.9 percent in March.