NEW YORK (TheStreet) -- Shares of MasTec (MTZ) were falling 9.4% to $16.72 on heavy trading volume Tuesday after the engineering and construction company missed analysts' estimates for earnings in the first quarter.
MasTec reported earnings of 7 cents a share for the first quarter, below analysts' estimates of 18 cents a share for the quarter. Revenue grew 3.7% year over year to $1 billion for the quarter, in line with analysts' estimates.
"We had a difficult start to 2015," CEO Joe R. Mas said. "Results in the quarter were negatively impacted by adverse weather, a weaker Canadian dollar, the impact of lower commodity prices and a very difficult Canadian wind farm project. Despite these challenges for 2015, we are very encouraged about our growth prospects for 2016 and beyond."
About 2.9 million shares of MasTec were traded by 11:33 a.m. Tuesday, above the company's average trading volume of about 995,000 shares a day.
TheStreet Ratings team rates MASTEC INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MASTEC INC (MTZ) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."