Why Is Infrastructure Construction Company MasTec Stock Surging Today?
Company Performance: MasTec, Inc. reported a revenue of $3.25 billion for the quarter, missing expectations, but raised its FY24 adjusted EPS guidance from $3.03 to $3.75 and provided a positive fourth-quarter outlook with an adjusted EPS estimate of $1.29.
Financial Highlights: The company achieved an adjusted EBITDA of $305.9 million, increased its backlog to $13.9 billion, and significantly exceeded cash flow targets, resulting in a 10.6% rise in share price to $135.88.
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Why Is Infrastructure Construction Company MasTec Stock Surging Today?
Company Performance: MasTec, Inc. reported a revenue of $3.25 billion for the quarter, missing expectations, but raised its FY24 adjusted EPS guidance from $3.03 to $3.75 and provided a positive fourth-quarter outlook with an adjusted EPS estimate of $1.29.
Financial Highlights: The company achieved an adjusted EBITDA of $305.9 million, increased its backlog to $13.9 billion, and significantly exceeded cash flow targets, resulting in a 10.6% rise in share price to $135.88.
Why Is Infrastructure Construction Company MasTec Stock Surging Today?
Company Performance: MasTec, Inc. reported a revenue of $3.25 billion for the quarter, missing expectations, but raised its FY24 adjusted EPS guidance from $3.03 to $3.75 and provided a positive fourth-quarter outlook with an adjusted EPS estimate of $1.29.
Financial Highlights: The company achieved an adjusted EBITDA of $305.9 million, increased its backlog to $13.9 billion, and significantly exceeded cash flow targets, resulting in a 10.6% rise in share price to $135.88.
