MasTec reports Q2 adjusted EPS 89c, consensus 85c

Reports Q2 revenue $2.9B, consensus $3B. Jose Mas, CEO, commented, “All of our segments showed improved margin performance this quarter compared to the comparable quarter last year…While margins improved as expected, we did begin to see tighter management of CAPEX by a number of customers. We also expect revenue at recently acquired IEA to be impacted in the second half because of project delays, with revenue being pushed into 2024. We have strong growth potential in all of our markets, and we are well-positioned to capitalize on these opportunities in all of our segments. While we are disappointed with the second half revenue expectations, our focus on improving margins has materialized and we expect this to continue in the second half of 2023 and we expect to enter 2024 with significant revenue growth and margin expansion.”