What happened to the stock of MasTec Inc. (MTZ)?

NEWARK, Del. - April 5, 2022 - PRLog -- The stock was down roughly 12% as of today's mid-afternoon. MasTec stated aftermarket hours on Thursday that it earned $1.8 billion in the fourth quarter, about 11% higher than the same time in 2020. Non-GAAP net income on the other hand, fell to just under $100 million ($1.35 per share) from $128 million the year before.

This resulted in a mixed quarter for MasTec, as the average analyst projections for revenue was just under $1.9 billion, while adjusted per-share earnings were just $1.29. Three of the company's four primary business segments reported revenue growth in the first quarter. Communications, which is the most important in terms of sales, had a 20% growth in revenue to about $682 million. The most significant shift was in power delivery, which saw its revenue more than double to $285 million. However, the laggard segment, oil and gas, had a 44% drop to $335 million.

MasTec also provided forecasts for the first quarter and full year of 2022. It expects to match its fourth-quarter revenue of $1.8 billion in the first quarter, while losing $44 million on a GAAP basis. It didn't give a figure for the adjusted net loss. Project delays and integration expenses tied to the company's December purchase of utility services provider Henkels & McCoy are projected to contribute to the bottom-line deficit. The transaction was worth $600 million. For the whole year, MasTec expects revenue of roughly $9.95 billion, with a GAAP net income of $273 million.

The quarterly revenue prediction falls short of analyst expectations, although the yearly forecast doesn't. Professionals who watch the stock predict a first-quarter top line of $2.1 billion and a full-year top line of $9.83 billion.

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