MasTec said Tuesday that the company’s third-quarter revenue decreased 15.5 percent to $1.1 billion compared to $1.3 billion for the same quarter the year before.
The Coral Gables-based engineering and construction contractor reported third-quarter earnings of $7.4 million, or 9 cents per share, compared to $49.1 million, or 57 cents a share a year ago. Earnings, adjusted for non-recurring costs and stock option expense, were 26 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for adjusted earnings of 33 cents per share. Five analysts surveyed by Zacks expected $1.14 billion in revenues.
Jose R. Mas, MasTec’s CEO, said in a statement, “While we are disappointed with our results in 2015, we believe it will prove to be a transitional year. We continue to be very encouraged about our growth prospects for 2016 and beyond, with exciting opportunities in Oil & Gas, Wireless and Fiber network upgrades. Our current backlog is at record levels, reflecting an approximate $500 million increase during the quarter across multiple segments. Additionally, we expect continued significant backlog growth during the fourth quarter, including over $1.5 billion of additional oil & gas projects awarded to us, which we expect will be included in backlog during the fourth quarter when these contracts are fully executed.”
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For the current quarter ending in December, MasTec expects its earnings per share to range from 10 cents to 17 cent and revenue of $900 million to $1 billion. The company expects full-year earnings in the range of 53 cents to 60 cents per share and revenue of $4.1 billion to $4.15 billion.
MasTec shares closed Wednesday at $18.10, up 5.11 percent from the previous day.
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