MasTec Q2 Adj. Profit Meets Estimate; Cuts FY14 Outlook - Quick Facts

(RTTNews) - MasTec, Inc. (MTZ) Monday reported second-quarter net income attributable to the company of $32.1 million or $0.37 per share, compared to $34.9 million or $0.41 per share in the same period last year.

Adjusted net income for the latest second quarter was $34.5 million or $0.40 per share, down from $39.4 million or $0.47 per share in the year-ago period. On average, ten analysts polled by Thomson Reuters expected the company to earn $0.40 per share. Analysts' estimates typically exclude special items.

Revenues increased 13% to $1.10 billion from $977.62 million last year, while ten analysts expected revenues of $1.09 billion.

Looking ahead to the third quarter, the company has forecast adjusted earnings of $0.56 per share, with revenues ranging between $1.30 billion to $1.35 billion. Analysts currently expect the company to earn $0.61 per share on third-quarter revenues of $1.26 billion.

For the fiscal 2014, the company currently projects adjusted earnings in the range of $1.55 to $1.58 per share, with revenues ranging between $4.4 billion and $4.5 billion. Earlier, the company expected adjusted earnings in the range of $2.27 to $2.30 per share and revenues in the order of $4.7 billion to $4.8 billion.

Analysts now expect the company to report full-year earnings of $1.82 per share on revenues of $4.54 billion.