Stock Alert: MasTec Shares Up 7% In Late Trade

(RTTNews) - Shares of MasTec Inc. (MTZ) rose over 7% to $38.45 in extended session on Thursday, following the company's better-than-expected Q1 profit.

The stock has been trading in the range of $22.51 - $73.71 for the past one year, and closed Thursday's regular trade at $35.90, down $2.03 or 5.35%. MTZ gained $2.55 or 7.10% in the after-hours trading session. Trading volume was 966K versus an average volume of 1.38 million shares.

The company reported Q1 net income of $36.2 million or $0.48 per share compared to $43.1 million or $0.57 per share last year.

On an adjusted basis, net income was $44.9 million or $0.60 per share versus $47.2 million or $0.62 per share in the prior year period. Wall Street analysts expected earnings of $0.45 per share for the quarter.

Revenue for the quarter declined to $1.42 billion from $1.52 billion generated a year ago.

Citing the risk for potential impacts of the COVID-19 pandemic, the company revised down its guidance expectations for the remainder of 2020. MasTec now sees 2020 GAAP net income to approximate $289 million - $326 million, $3.90 - $4.41 per share, adjusted EPS of $4.50 - $5.00, and revenue of about $7.3 billion - $7.7 billion.

Analysts polled by Thomson Reuters estimate earnings of $4.61 per share and revenue of $7.54 billion for fiscal 2020. Analysts' estimate typically exclude certain special items.

Earlier, the company expected 2020 GAAP net income to approximate record levels at $397 million or $5.19 per share, adjusted EPS of $5.63, and revenue to be about $8.0 billion.

For the second quarter of 2020, the company expects GAAP net income to be in the range of $47 million - $54 million, or $0.64 - $0.75 per share, adjusted earnings in the range of $0.78 - $0.89 per share, and revenue to be between $1.5 billion and $1.6 billion.

Analysts look for earnings of $0.93 per share on revenue of $1.76 billion for the second quarter.