Published on 3 May 2024 on Zacks via Yahoo Finance

MasTec (MTZ) Q1 Earnings & Revenues Top Estimates, '24 View Up

MasTec, Inc. MTZ reported better-than-expected results in first-quarter 2024, with earnings and revenues beating the Zacks Consensus Estimate and increasing year over year.The company’s results reflect solid contributions from its Oil and Gas segment, which were partially offset by soft contributions from the other reportable segments. The uptick in the Oil and Gas segment was attributable to higher levels of project activity, including project timing-related increases in large-diameter and midstream project activity due to improved market and regulatory conditions.The company is optimistic about its growth prospects for 2024 and beyond, given the expected power demand growth accompanied by the increasing demand for data capacity and network speed. MasTec’s focus on strategic investments for portfolio diversification positions it well for satiating the increased infrastructure demands, globally.Following the results, MasTec’s shares rose 6.3% in the after-hours trading session on May 2.

Inside the Headlines

Adjusted loss per share of 13 cents was narrower than the Zacks Consensus Estimate of a loss per share of 47 cents. In the year-ago quarter, the company reported an adjusted loss of 54 cents per share. The reported value also topped MasTec’s expectation of an adjusted loss per share of 48 cents.