MasTec 3Q earnings match street expectations

Jose R. Mas, CEO of MasTec Inc.
Jose R. Mas, CEO of MasTec Inc.

MasTec Inc., a Coral Gables-based infrastructure construction firm, reported third-quarter net income of $45.3 million, or 53 cents a share, in line with Wall Street expectations.

Revenue rose 3.2 percent to $1.31 billion from $1.27 billion a year earlier.

Net income fell 1.9 percent from $46.1 million, or 54 cents a share, reported for the year-earlier quarter.

Third-quarter net income included net from continuing operations of $45.7 million, or 53 cents a share; a $320,000 loss from discontinued operations; and $139,000 in income from non-controlling interests.

MasTec reported a 7.4 percent increase in revenue in its oil and gas segment; an 11.6 percent increase in its electrical transmission segment; and a 34.4 percent increase in its power generation and industrial segment. That growth, the company said, was partially offset by a 7 percent decline in revenue in its communications segment, reflecting a “previously announced” drop in wireless project revenue.

“We remain very encouraged by the long-term outlook in our businesses,’’ MasTec CEO Jose R. Mas said in a statement. The company expects to hold a conference call on its results on Friday morning.