Mastec Inc. (MTZ)

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Why is Mastec Inc. (MTZ) Stock down?

We've noticed a 7.73% decline in Mastec Inc. (MTZ) stock during the 2024-01-19 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

01 Nov, 2023:

MasTec, Inc. Stock (MTZ) dropped by 17.60% from $59.44 to $48.98 in the trading on Wednesday November 1, 2023. The reason why MTZ stock down today include:

Third-quarter earnings results: MasTec reported $0.95 per share in the quarter on revenue of $3.26 billion, but that was well below the $1.87 per share on revenue of $3.76 billion that Wall Street had expected.
Customer delays: MasTec's big issue is customer delays, especially in the clean energy and infrastructure segments. The company listed several reasons for delays, including interconnect-agreement lead times, supply chain issues, permitting delays, and uncertainty in tax equity funding.
Oil and gas business: MasTec said its oil and gas business has seen delays due to hiring challenges, and its communications and power delivery segment is facing deferrals due to higher financing costs.
Lower guidance for the full year: MasTec now expects to earn $1.75 per share in 2023, down from previous guidance for $3.75 to $4.19 per share in earnings and well short of the $3.76 analysts had expected.