Why MasTec (MTZ) Stock Is Getting Hammered Wednesday
Portfolio Pulse from Henry Khederian
MasTec Inc (MTZ) shares dropped by 21.3% after the company reported Q3 results and reduced its full year 2023 revenue and EPS outlook. The company's Q3 sales were $3.26 billion, falling short of the analyst consensus estimate of $3.76 billion by 13.4%. However, this still represents a 29.61% increase in sales compared to the same period last year. The company's 2023 revenue outlook was revised down from $12.7 billion-$13 billion to $12 billion, and its EPS guidance was lowered from $3.75-$4.19 to $1.75.
November 01, 2023 | 2:57 pm
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MasTec's stock price fell significantly after the company reported lower than expected Q3 results and reduced its 2023 revenue and EPS outlook. This could indicate a lack of confidence in the company's future performance.
MasTec's stock price fell by over 20% after the company reported lower than expected Q3 results and reduced its 2023 revenue and EPS outlook. This suggests that investors may be losing confidence in the company's ability to meet its financial targets, which could continue to put downward pressure on the stock price in the short term.
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IMPORTANCE 100
RELEVANCE 100