What happened
Shares of construction firm MasTec, Inc. (MTZ 1.17%) jumped as much as 10.2% in trading Friday after reporting first-quarter earnings. At 1:55 p.m. EDT, shares were still up 8.6% on the day.
So what
Revenue jumped 19% in the quarter, to $1.2 billion, and the company swung from a net loss of $2.9 million to net income of $40.6 million, or $0.50 per share. Adjusted net income was $48.4 million, or $0.59 per share, which topped estimates of $0.51 per share in earnings from Wall Street analysts.
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Backlog increased 5% sequentially, to $5.7 billion, and management expects second-quarter revenue to be about $1.5 billion, with net income up around 113% from a year ago, to $0.61 per share.
Now what
Oil and gas demand is the big growth driver right now, with revenue up to $455.9 million last quarter from $292.7 million a year earlier. But it should be noted that communication and electrical transmission revenue were both up, as well. It looks like the infrastructure market is trending higher, and with more investment needed across energy and communications, MasTec is well positioned for growth for years to come.
