MasTec on Monday reported a second-quarter loss of $3.7 million, after reporting a profit of $33.7 million in the same period a year earlier.
On a per-share basis, the Coral Gables-based infrastructure construction company said it had a loss of 5 cents. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 10 cents per share and missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
MasTec posted revenue of $1.07 billion in the period, exceeding Street forecasts of $1.02 billion, but down 3.7 percent from $1.1 billion a year ago. MasTec said the quarterly revenue drop was primarily due to declines in the Electrical Transmission and Communications segments, which were partially offset by revenue increases in the Oil & Gas and Power Generation & Industrial segments.
“In the second quarter our business was challenged by the adverse impact of rain and flooding across multiple segments, as well as significant disruptions within our Electrical Transmission segment. While we are not pleased with our current performance, we are very encouraged by the business outlook in multiple segments, especially in Oil & Gas, Wireless and Fiber network upgrades,” CEO Jorge R. Mas said in a statement.
For the third quarter ending in October, MasTec expects its per-share earnings to range from 31 cents to 37 cents, and revenue in the range of $1.1 billion to $1.2 billion. MasTec expects full-year earnings in the range of 73 cents to 83 cents per share, with revenue ranging from $4.2 billion to $4.3 billion.
In New York Stock Exchange trading on Monday, MasTec shares closed at $17.29, down 24 percent this year.