MasTec Q1 revenue beats on growth in pipeline infrastructure segment

Overview

• US infrastructure builder's Q1 revenue rose 34% yr/yr, beating analyst expectations

• Adjusted diluted EPS for Q1 rose 174% yr/yr to $1.39

• Company raised full-year 2026 revenue and adjusted EPS guidance

Outlook

• MasTec raises full-year 2026 revenue guidance to $17.5 bln

• Company lifts full-year 2026 adjusted diluted EPS forecast to $8.79

• MasTec expects Q2 2026 revenue of $4.3 bln and adjusted diluted EPS of $2.20

Result Drivers

• SEGMENT GROWTH - Revenue growth was led by a 91% increase in Pipeline Infrastructure and a 45% increase in Clean Energy and Infrastructure

• OPERATIONAL EFFICIENCIES - Improved efficiencies and project mix in Pipeline Infrastructure, Power Delivery, and Clean Energy and Infrastructure segments drove higher margins

• BACKLOG EXPANSION - 28% yr/yr backlog growth, with Clean Energy and Infrastructure backlog up 65%, supported future revenue

Company press release: ID:nBw42jXpTa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 19 "strong buy" or "buy", 2 "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 $400.00, about 7.9% above its April 29 closing price of $370.55

• The stock recently traded at 40 times the next 12-month earnings vs. a P/E of 27 three months ago

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