Construction company MasTec (NYSE: MTZ) beat quarterly earnings expectations and raised full-year guidance. Investors are pleased by the news, sending MasTec shares up 8.5% as of 11:30 a.m. ET.
MasTec is a construction and engineering company focused on large infrastructure projects. The company earned $1.63 per share in the third quarter on revenue of $3.3 billion, compared to Wall Street's $1.23 per share on sales of $3.4 billion estimate. Revenue was flat year over year, but declines in overhead and interest expense and depreciation helped to boost profitability.
The company ended the quarter with a backlog of $13.9 billion in future business, up $1.4 billion from a year ago.
Source Fool.com