MasTec Misses Q2 EPS, Guides Q3 and FY Revenue Below Street; Shares Plunge 18%
MTZ sits 66% above its 52-week low of $160.08 on elevated volume (2.4× avg).
Summary
MasTec reported Q2 adjusted EPS of $2.22, missing the $2.23 consensus by a penny, while revenue of $4.37B beat estimates. The real damage came from guidance: Q3 revenue view of $4.93B fell well short of the $5.06B Street estimate, and the full-year outlook of $18.2B missed the $18.38B consensus. Shares dropped over 18% intraday, erasing a chunk of the year's gains. This follows the record Q2 results and raised EPS guidance filed just yesterday, suggesting the market had priced in stronger forward momentum. The recently closed $1.65B Superior Group acquisition adds scale but also integration risk. Watch for analyst downgrades and whether the backlog of $21.4B can support a recovery in sentiment.
At the time of this announcement, MTZ was trading at $266.10 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $21B. The 52-week trading range was $160.08 to $441.43. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.