Construction company (NYSE: MTZ) did much better than expected in the first quarter and the company is growing increasingly confident about 2024. Investors are buying in, sending MasTec shares up 13% as of 11:15 a.m. ET.
MasTec is coming off a tough year in 2023. The construction and engineering company endured delays and cancellations to large projects as customers tried to assess the health of the economy, causing MasTec to miss earnings last November.
The company responded by broadening the services it offers and focusing on priority projects, and those changes appear to be paying off. MasTec lost $0.13 per share in the first quarter on revenue of $2.7 billion, significantly better than the $0.48-per-share loss on sales of $2.6 billion that Wall Street had expected.
Source Fool.com