MasTec Shares Jump 9% On Earnings Beat (MTZ)

MasTec, Inc. MTZ released financial results on Wednesday after the market closed that beat Wall Street estimates. MasTec, Inc announced that its 3rd quarter net income rose to $30 million, or 35 cents per share, up from $21.6 million, 27 cents per share, a year earlier. The company's revenue soared 59% to $632 million, up from $397 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 28 cents per share, on revenue of $567.8 million. Chief executive officer Jose R. Mas said, "Our third quarter greatly exceeded expectations and demonstrated solid execution, the power of our diversified business model, management improvements and our increasing focus on marketing and business development. Even in a difficult economic environment, we increased revenue, continued our margin expansion, improved our cash flow and liquidity, and added new customers. We believe that the higher performance for the third quarter was especially impressive, since the high profile Ruby Pipeline project did not fully ramp up until after quarter-end, and was not a significant factor in the quarter." MasTec, Inc. (MTZ) finished the trading day at $12.37 per share, then climbed 9.1% to $13.50 per share during after hours trading. The consensus price target of analysts covering the company's stock is $15.05 per share. Read more from Benzinga's Company news.