MasTec revises 2026 profit forecast as Pipeline project delays weigh

MasTec Inc. (MTZ) said in an 8-K filed Oct. 29 that third-quarter revenue of $5.15 billion was a quarterly record, up 29.9% from a year earlier. The company also gave full-year 2026 guidance that includes adjusted diluted EPS of $8.92 to $9.30.

Shares fell 3.0% in after-hours trading as of 5:17 p.m. ET, from a regular-session close of $177.70.

Adjusted diluted EPS of $2.96 was below the $2.99 consensus estimate compiled by Finnhub. Revenue topped the $4.99 billion estimate.

Here's how the company did:

• Revenue: $5.15 billion vs. $3.97 billion a year earlier
• Adjusted diluted EPS: $2.96 vs. $2.48 a year earlier, according to Finnhub the estimate was $2.99
• GAAP diluted EPS: $1.89 vs. $2.04 a year earlier

CEO Jose Mas said, "We are pleased with our third-quarter performance, as both revenue and Adjusted EBITDA were ahead of our expectations, driven by strong Power Delivery results."

2026 guidance

The company now expects 2026 revenue of $18.3 billion, up from the $18.2 billion it gave on July 30.

It expects adjusted EBITDA of $1.565 billion to $1.6 billion, against a single $1.6 billion figure in its July 30 release. Adjusted diluted EPS guidance is $8.92 to $9.30, against the $9.30 given in July.

Chief Financial Officer Paul DiMarco said, "The range reflects the potential impact of delayed Pipeline project starts on labor and equipment utilization."

The company said revenue and earnings not recognized this year because of project timing are expected to shift into 2027.

Segment results

Power Delivery revenue rose 65.2% to $1.84 billion, and its EBITDA rose 131.6% to $241.5 million.

Pipeline Infrastructure EBITDA fell 18.4% to $75.1 million, and its margin fell to 10.4% from 15.4%. The company said permitting-related access delays on certain Pipeline projects left crews and equipment underutilized.

Communications revenue fell 11.8% to $806.9 million. The company said certain customers deferred spending in the second half of 2026, and it is streamlining operations and exiting underperforming markets.

Backlog, cash and capital

Estimated 18-month backlog reached $24.5 billion, up $7.8 billion from a year earlier and $3.2 billion from the prior quarter.

The company expects to generate more than $1 billion in operating cash flow for 2026.

In July it completed its acquisition of The Superior Group, a full-service electrical contractor included in Power Delivery. It funded part of the cash consideration with a $700 million delayed draw term loan.

In August the company issued $650 million of 5.850% senior unsecured notes due Sept. 30, 2036. The company also appointed Manny Miranda and Alex Spiro to its Board of Directors.