MasTec reports Q1 adjusted EPS (13c), consensus (48c)

Reports Q1 revenue $2.7B, consensus $2.62B.CEO Jose Mas commented “Our Q1 results significantly exceeded our expectations, and I expect 2024 to begin the validation of our investment and diversification strategy over the last few years…The expected power demand growth will have a significant impact on our Power Delivery, Clean Energy and Infrastructure, and Oil and Gas segments; coupled with the increasing demand for data capacity and speed impacting Communications, position all of our segments for growth.” CFO Paul DiMarco noted, “We are pleased to have exceeded our Q1 earnings guidance in each segment and reduced net debt leverage further than expected to 2.7x. We look forward to building on this momentum in subsequent quarters as we focus on executing for our clients and capitalizing on the numerous opportunities afforded by our end markets.”