MasTec shares plummeted 14.08% in the post-market session on Thursday, wiping out a comparable intraday rally as investors reacted to the company's second-quarter earnings report and forward guidance.
The sell-off was triggered by adjusted earnings per share of $2.22, which narrowly missed the consensus estimate of $2.23 by just 0.45%, despite revenue of $4.373 billion beating expectations. The marginal EPS shortfall, combined with a third-quarter adjusted EPS guidance of $2.98 that fell below the $3.09 consensus, catalyzed aggressive profit-taking after the stock had surged roughly 12% during regular trading on sector-wide optimism and elevated earnings expectations.
While the company reported a 49% year-over-year increase in adjusted EPS and raised its full-year adjusted EPS outlook to $9.30, the post-market move reflected a swift unwinding of earlier gains as traders focused on the near-term misses following a fully priced-in bullish session.