MasTec (MTZ) Tops Q2 EPS by 1c, Revenues Miss; Offers FY18 EPS/Revenue Outlook
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MasTec Announces Second Quarter 2018 Financial Results, Record Backlog and Increased Annual Guidance
August 2, 2018 5:05 PM EDTCORAL GABLES, Fla., Aug. 2, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced second quarter financial results and increased 2018 annual guidance.
Second quarter 2018 revenue was $1.62 billion, a 14% decrease compared with $1.89 billion for the same period last year, primarily due to expected timing variances in large project activity in the Oil & Gas segment. GAAP net income was $80.4 million, or $1.01 per diluted share, compared to $83.3 million or $0.99 per share in the second quarter of 2017. GAAP results exceeded the Company's previously announced diluted earnings per share expectation by $0.01. Second quarter 2018... More