MasTec Q3 revenue beats estimates on strength in power delivery segment

Overview

• US infrastructure builder's Q3 revenue rose 30% yr/yr, beating analyst expectations

• Adjusted diluted EPS for Q3 rose 19% yr/yr

• Company backlog hit record $24.5 bln, led by 74% yr/yr growth in Power Delivery

Outlook

• MasTec sees 2026 revenue at $18.3 bln

• Company expects 2026 adj diluted EPS of $8.92-$9.30

• MasTec says delayed pipeline project starts may shift revenue and earnings into 2027

Result Drivers

• POWER DELIVERY - Strong Power Delivery segment performance, including Superior acquisition, drove Q3 results

• PIPELINE DELAYS - Permitting delays on pipeline projects led to margin pressure and underutilized resources

• SUSTAINED DEMAND - Co continues to see sustained demand strength across service offerings, notably in support of utility and large-load infrastructure

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 22 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the construction & engineering peer group is "buy"

• Wall Street's median 12-month price target for MasTec Inc is $348.00, about 92.3% above its October 28 closing price of $181.00

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 41 three months ago

Reuters Recommended Reads

• Oct 29 - Caterpillar Q3 revenue rises 17%, slightly beats estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)