Investing.com -- MasTec Inc (NYSE:MTZ) reported third quarter results that missed earnings expectations despite beating on revenue, sending shares down 2.9% in after-hours trading Thursday.
The infrastructure contractor posted adjusted earnings per share of $2.96, falling just short of the analyst consensus of $2.97. Revenue reached a quarterly record of $5.2 billion, surpassing the $4.94 billion estimate and marking a 30% increase from $4.0 billion in the same quarter last year. The company provided full-year adjusted EPS guidance of $8.92 to $9.30, with a midpoint of $9.11 that falls below the analyst consensus of $9.27.
Chief Executive Officer Jose Mas said, "We are pleased with our third-quarter performance, as both revenue and Adjusted EBITDA were ahead of our expectations, driven by strong Power Delivery results." He noted that permitting-related delays on certain Pipeline projects impacted margins during the quarter, though construction has now commenced.
For the full year 2026, MasTec expects revenue of $18.3 billion, slightly above the consensus estimate of $18.19 billion. The company's 18-month backlog reached a record $24.5 billion, up 46% YoY, with Power Delivery backlog growing 74% YoY.
The Power Delivery segment led growth with revenue of $1.8 billion, up 65% YoY, driven by the July acquisition of The Superior Group. However, the Communications segment declined 12% to $807 million as customers deferred spending in the second half of 2026. Chief Financial Officer Paul DiMarco noted the company expects to generate over $1 billion in operating cash flow for 2026.
Original Article
MasTec falls 3% as earnings miss offsets revenue beat
Amazon stock slides nearly 5% after hours as Q3 profit, revenue misses estimates
FTAI Aviation falls as earnings miss estimates despite growth
