MasTec earnings in line with expectations
08/11/2014 5:37 PM
08/11/2014 5:45 PM
MasTec announced its second quarter financial results after the bell on Monday, and the results were in line with analysts’ expectations.
Revenue increased 13 percent to $1.1 billion from $978 million for the prior year quarter. Second quarter adjusted net income of was $34.7 million compared to $39.9 million in 2013, or earnings per share of $0.40, compared to $0.47 last year.
“We had a challenging second quarter, primarily because of slowdown in revenue growth of wireless projects. Our guidance for the second half of 2014 reflects reduced levels of expected wireless project revenue, when compared to prior year, and we have taken and will continue to take steps to mitigate the impact of these reduced revenue levels. We anticipate a return to a more normalized level of wireless project revenue in 2015,” said Jose R. Mas, MasTec's chief executive officer, in a statement.
Looking ahead to the third quarter, the said it company expects adjusted earnings of $0.56 per share, with revenues of $1.3 billion to $1.35 billion. Analysts expect the company to earn $0.61 per share on third-quarter revenues of $1.26 billion. For fiscal 2014, the company projects adjusted earnings of $1.55 to $1.58 per share, with revenues of $4.4 billion to $4.5 billion.
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