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.
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by RTT Staff Writer
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