MasTec, Inc.
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- Third quarter 2019 revenue was $2.02 billion, compared with $1.98 billion for the same period last year. GAAP net income increased 8% to $130.1 million, or $1.69 per diluted share, compared to $120.5 million, or $1.52 per diluted share, in the third quarter of 2018. GAAP results exceeded the Company's previously announced diluted earnings per share expectation by $0.12.
- Third quarter 2019 adjusted net income, a non-GAAP measure, increased 26% to $132.8 million, compared to $105.2 million for the same period last year. Adjusted diluted earnings per share, a non-GAAP measure, increased 30% to $1.73, compared to $1.33 in the third quarter of 2018, exceeding the Company's previously announced third quarter 2019 expectation by $0.11.
- Third quarter adjusted EBITDA, also a non-GAAP measure, was $252.1 million, compared with $226.3 million in the third quarter of 2018, an 11% increase. Third quarter adjusted EBITDA margin was 12.5%. Third quarter adjusted EBITDA also exceeded the Company's previously announced 2019 third quarter guidance expectation by approximately $6 million.
- The Company also announced 18-month backlog as of September 30, 2019 of $7.5 billion, an approximate $300 million decline when compared to the third quarter of 2018. Backlog as of September 30, 2019 does not include approximately $700 million in awards signed during the third quarter that are estimated to be realized beyond the 18-month period utilized in backlog.
- Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
- Second quarter 2019 revenue was $1.94 billion, a 20% increase compared with $1.62 billion for the same period last year. GAAP net income was up 50% to $120.2 million, or $1.58 per diluted share, compared to $80.4 million, or $1.01 per diluted share, in the second quarter of 2018.
- Second quarter 2019 adjusted net income, a non-GAAP measure, was up 46% to $122.0 million compared with $83.5 million for the same period last year. Adjusted diluted earnings per share, a non-GAAP measure, was up 54% to $1.60 compared with $1.04 for the same period last year, exceeding the Company's previously announced second quarter 2019 expectation by $0.49.
- Second quarter 2019 adjusted EBITDA, also a non-GAAP measure, was up 26% to $240.7 million, compared with $191.1 million for the same period last year, exceeding the Company's previously announced 2019 second quarter guidance expectation by approximately $41 million.
- Strong second quarter 2019 cash flow from operations of $398 million, with second quarter days sales outstanding, net of BIEC ("DSO"), normalized at 77 days, enabling a $287 million net debt reduction.
- The Company also announced 18-month backlog as of June 30, 2019 of $7.8 billion, a $51 million increase compared to the second quarter last year.
- First quarter 2019 revenue was a record $1.5 billion, an 8.7% increase compared with $1.4 billion for the same period last year. GAAP net income was $43.1 million, or $0.57 per diluted share, compared to $26.5 million, or $0.32 per diluted share, in the first quarter of 2018. GAAP results exceeded the Company's previously announced diluted earnings per share expectation by $0.18.
- First quarter 2019 adjusted net income, a non-GAAP measure, was $43.6 million. Adjusted diluted earnings per share, a non-GAAP measure, was $0.58 exceeding the Company's previously announced first quarter 2019 expectation by $0.15.
- First quarter 2019 adjusted EBITDA, also a non-GAAP measure, was $140 million, exceeding the Company's previously announced first quarter 2019 expectation by approximately $14 million.
- The Company also announced record 18-month backlog as of March 31, 2019 of $8.0 billion, a $310 million sequential increase when compared to fourth quarter 2018 and a $449 million increase compared to the first quarter of 2018.
- Fourth quarter 2018 revenue was $1.92 billion, compared with $1.60 billion for the same period last year. GAAP net income was $31.8 million, or $0.41 per diluted share, compared to $160.7 million, or $1.95 per diluted share, in the fourth quarter of 2017. Fourth quarter 2017 GAAP results include an after-tax benefit of $1.46 per diluted share related to the impact of initial re-measurement of the Company's U.S. deferred income tax balances because of the Tax Cuts and Jobs Act enacted in December 2017 ("2017 Tax Act").
- Fourth quarter 2018 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $83.1 million, or $1.07 per adjusted diluted share, compared to $38.8 million, or $0.47 per adjusted diluted share in the fourth quarter of 2017, a 128% increase per adjusted diluted share.
- Fourth quarter 2018 adjusted EBITDA, also a non-GAAP measure, was $195.8 million, compared to $128.9 million in the fourth quarter of 2017, a 52% increase. Fourth quarter adjusted EBITDA margin rate of 10.2% increased 220 basis points compared to last year's period.
- Record year end 18-month backlog as of December 31, 2018 was $7.7 billion, a 9% increase compared to $7.1 billion for the prior year end.
- For the year ended December 31, 2018, revenue was $6.9 billion, a 4.6% increase compared with $6.6 billion for the prior year. GAAP net income was $259.2 million, or $3.26 per diluted share, compared to $348.9 million, or $4.22 per diluted share in 2017 which included the after-tax benefit of $1.46 per diluted share, related to the 2017 Tax Act.
- Full year 2018 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $300.6 million or $3.77 per adjusted diluted share, compared to $241.9 million or $2.92 per adjusted diluted share during 2017, a 29% increase per adjusted diluted share.
- Full year 2018 adjusted EBITDA, also a non-GAAP measure, was $721.0 million, compared to $645.6 million in 2017, a 12% increase. Full year 2018 adjusted EBITDA margin rate of 10.4% increased 60 basis points compared to last year's period.
- Third quarter 2018 revenue was $1.98 billion, compared with $1.96 billion for the same period last year. GAAP net income was $120.5 million, or $1.52 per diluted share, compared to $64.2 million, or $0.77 per diluted share, in the third quarter of 2017, a 97% increase. GAAP results exceeded the Company's previously announced diluted earnings per share expectation by $0.29, inclusive of a $0.23 per diluted share benefit related to the impact of re-measurement of the Company's U.S. deferred income tax balances because of the Tax Cuts and Jobs Act.
- Third quarter 2018 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $105.2 million, or $1.33 per adjusted diluted share, compared to $68.0 million, or $0.82 per adjusted diluted share, in the third quarter of 2017, a 62% increase. Adjusted diluted earnings per share exceeded the Company's previously announced third quarter 2018 expectation by $0.07.
- Third quarter adjusted EBITDA, also a non-GAAP measure, was $226.3 million, compared with $179.6 million in the third quarter of 2017, a 26% increase. Third quarter adjusted EBITDA margin rate of 11.4% increased 220 basis points compared to last year's period. Third quarter adjusted EBITDA also exceeded the Company's previously announced 2018 third quarter guidance expectation by approximately $6 million.
- During the third quarter, the Company successfully finalized contractual resolution related to a recently completed large Oil & Gas long-haul pipeline construction project. Cash collections related to this resolution were received subsequent to quarter end.
- The Company also announced record 18-month backlog as of September 30, 2018 of $7.8 billion, a $114 million sequential increase when compared to second quarter 2018, and a $2.8 billion increase, or 56%, compared to the third quarter of 2017.
- Third quarter 2016 revenue increased 43% organically to $1.59 billion compared to $1.11 billion in the same period in 2015. GAAP net income was $56.5 million, or $0.69 per diluted share, compared to a net income of $7.4 million, or $0.09 per diluted share, in the third quarter of 2015.
- Third quarter 2016 adjusted net income, a non-GAAP measure, was $66.3 million compared to $20.4 million in the same period in 2015. Third quarter 2016 adjusted diluted earnings per share, a non-GAAP measure, was $0.81, compared to $0.26 in the same period last year.
- Third quarter 2016 adjusted EBITDA, also a non-GAAP measure, increased 81% to approximately $165 million compared to $91 million in the same period in 2015.
- The Company increased 2016 full year revenue guidance to approximately $5.1 billion. The Company also increased 2016 full year guidance expectations to GAAP net income of approximately $118 million, or $1.44 per diluted share, adjusted net income of approximately $142 million, or $1.73 adjusted diluted earnings per share, and adjusted EBITDA of $455 million.
- Second quarter 2016 revenue was $1.23 billion compared to $1.07 billion in the same period in 2015. GAAP net income was $24.4 million, or $0.30 per diluted share, compared to a net loss of $3.8 million, or a loss of $0.05 per diluted share, in the second quarter of 2015.
- Second quarter 2016 adjusted net income, a non-GAAP measure, was $29.9 million compared to $8.1 million in the same period in 2015. Second quarter 2016 adjusted diluted earnings per share, a non-GAAP measure, was $0.36, compared to $0.10 in the same period last year. Second quarter 2016 adjusted diluted earnings per share, a non-GAAP measure, of $0.36 exceeded the high end of the company's previously announced second quarter 2016 guidance range by $0.09 per share.
- Second quarter 2016 adjusted EBITDA, also a non-GAAP measure, was $104 million compared to $71 million in the same period in 2015.
- 18-month backlog as of June 30, 2016 was $5.3 billion, compared to $4.1 billion as of June 30, 2015, a 31% increase.
- The Company increased 2016 full year revenue guidance to approximately $5.0 billion. The Company also increased 2016 full year guidance expectations to GAAP net income of approximately $112 million, or $1.36 per diluted share, adjusted net income of approximately $129 million or $1.57 per adjusted diluted share and adjusted EBITDA of approximately $440 million.
- Fourth quarter 2015 revenue was $1.03 billion, a 16.6% decrease compared with $1.23 billion for the prior year fourth quarter. 18-month backlog as of December 31, 2015 represented a record level, at $5.7 billion, a 31% increase compared to $4.3 billion as of December 31, 2014 and a 24% increase compared to $4.6 billion as of September 30, 2015.
- Fourth quarter 2015 adjusted net income from continuing operations, a non-GAAP measure, was $16.8 million compared to $32.4 million in the same period in 2014. Fourth quarter 2015 continuing operations adjusted diluted earnings per share, a non-GAAP measure, was $0.21, compared to $0.38 in the same period in 2014.
- Fourth quarter 2015 continuing operations adjusted EBITDA, also a non-GAAP measure, was $82 million compared to $110 million in the same period in 2014.
- Fourth quarter 2015 GAAP net loss from continuing operations was $76.9 million or $0.96 per diluted share, compared to net income from continuing operations of $26.6 million, or $0.32 per diluted share in the fourth quarter of 2014. Fourth quarter GAAP 2015 results include non-cash goodwill and intangible asset impairment of $0.95 per diluted share related to the Company's western Canadian Oil and Gas operations and also include approximately $0.15 per diluted share of incremental non-operating and non-core charges over prior year results.
- For the year ended December 31, 2015, revenue was $4.2 billion, an 8.7% decrease compared with $4.6 billion for the prior year.
- For the year ended December 31, 2015, the Company reported record levels of cash flow from operating activities at $367 million, a 14% increase compared to $323 million for the prior year.
- For the year ended December 31, 2015, adjusted net income from continuing operations, a non-GAAP measure, was approximately $51.4 million compared to $135.0 million for the prior year. Full year 2015 continuing operations adjusted diluted earnings per share, a non-GAAP measure, was $0.64 compared to $1.57 last year.
- Full year 2015 continuing operations adjusted EBITDA, also a non-GAAP measure, was $308 million compared to $425 million last year.
- Full year 2015 GAAP net loss from continuing operations was $79.7 million or $0.98 per diluted share for the year ended 2015 compared to net income from continuing operations of $122.0 million or $1.42 per diluted share for the year ended 2014. 2015 year end GAAP results include non-cash goodwill and intangible asset impairment of $0.94 per diluted share related to the Company's western Canadian Oil and Gas operations also include approximately $0.52 per diluted share of incremental non-operating and non-core charges over prior year results.
1/28/2021 - Casey Industrial Awarded Lowman Energy Center Units 1 & 2 Mechanical Construction Project
Casey Industrial Awarded Lowman Energy Center Units 1 & 2 Mechanical Construction Project
Source: PR Newswire
Orignial Article: https://contentapi.cision...
LOUISVILLE, Colo., Jan. 28, 2021 /PRNewswire/ -- Casey Industrial, Inc., a wholly owned subsidiary of MasTec, Inc. (NYSE: MTZ), is proud to announce the award of the PowerSouth Lowman Energy Center Units 1 & 2 Mechanical Construction project in Leroy, Alabama by PowerSouth Energy Cooperative. The new plant will replace the Charles R. Lowman coal–fired power plant that began operation in 1969. It will be among the world's most fuel-efficient natural gas power plants and have among the lowest carbon dioxide emissions of any combined-cycle plant.
Casey Industrial will install all mechanical equipment, materials, and structural steel from the anchor bolts up, for the new, state–of–the–art, combined cycle facility. The 640 MW power island will comprise a Mitsubishi Power M501JAC Advanced Class Gas Turbine, a steam turbine, and a Vogt three pressure reheat heat recovery steam generator in a 1 x 1 multi-shaft configuration. The JAC gas turbine will deliver industry-leading reliability and world class efficiency that will reduce carbon emissions by 65 percent versus legacy coal-fired plants.
Casey will be working with Black & Veatch and other major contractors on site, through startup, commissioning, and performance testing, to achieve substantial completion in December of 2022.
Taking advantage of the remaining useful life of existing utilities and infrastructure at Lowman, PowerSouth will utilize the site to maintain the decades–long legacy of Lowman supplying highly efficient, cost–effective power generation to its customers for future generations.
The project is being constructed under PowerSouth and Black & Veatch management with multiple discipline construction packages.
About PowerSouth Energy Cooperative
PowerSouth is a generation and transmission cooperative that serves the wholesale energy needs of 16 electric cooperatives and four municipal electric systems in Alabama and northwest Florida. Collectively, the members provide electric service to homes, businesses and industries in 39 Alabama and 10 Florida counties.
About Casey Industrial
Casey Industrial, a wholly owned subsidiary of MasTec, Inc., a publicly traded, minority–controlled corporation, was founded in 1947 now serves a variety of markets including power generation, industrial process, building products and environmental. As a merit shop, multi–craft industrial contractor, Casey's ability to self–perform all major craft trades ensures greater safety, quality, flexibility, and economy in delivering the work required to complete each project. Casey also provides project development, pre–construction planning, project management, outage support, and fabrication.
About Black & Veatch
Black & Veatch is an employee–owned engineering, procurement, consulting and construction company with a more than 100–year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on https://www.bv.com/ and on social media.
About Mitsubishi Power Americas, Inc.
Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries, is a world leader in power generation and energy storage solutions. It provides power generation solutions that include cleaner natural gas and green hydrogen; renewable energy; long- and short-term energy storage; environmental controls; services; and digital solutions for plant operation and maintenance. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
View original content:http://www.prnewswire.com/news-releases/casey-industrial-awarded-lowman-energy-center-units-1--2-mechanical-construction-project-301216942.html
SOURCE MasTec, Inc.
Article Date
1/28/2021MasTec Schedules Third Quarter 2020 Earnings Release and Conference Call
Source: PR Newswire
CORAL GABLES, Fla., Oct. 16, 2020 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended September 30, 2020 after the market closes on Thursday, October 29, 2020. Senior Management will also hold a conference call to discuss these results on Friday, October 30, 2020, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (323) 794-2094 or (800) 347-6311 and the replay number is (719) 457-0820, with a pass code of 4718477. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-third-quarter-2020-earnings-release-and-conference-call-301152766.html
SOURCE MasTec, Inc.
Article Date
10/16/20207/30/2020 - MasTec Announces Better Than Expected Second Quarter 2020 Results and Record Second Quarter Backlog
MasTec Announces Better Than Expected Second Quarter 2020 Results and Record Second Quarter Backlog
Source: PR Newswire
CORAL GABLES, Fla., July 30, 2020 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced better than expected second quarter 2020 financial results and updated its guidance for the remainder of 2020.
Second quarter 2020 revenue was $1.57 billion, with second quarter cash flow from operations of $293 million, enabling a $177 million reduction in total debt levels. First half 2020 revenue was $2.99 billion, with first half 2020 cash flow from operations at a record level of $497 million, a $145 million increase over cash flow from operations during the first half of last year, enabling a $190 million reduction in total debt levels. As of June 30, 2020, the Company had net debt, defined as total debt less cash, of $1.19 billion.
Second quarter GAAP net income and earnings per diluted share exceeded the Company's expectations at $56.8 million, or $0.78, respectively. Second quarter 2020 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $69.0 million and $0.95, respectively, with adjusted diluted earnings per share exceeding the high end of the Company's previously announced expectation by $0.06. Second quarter 2020 adjusted EBITDA, also a non-GAAP measure, was $165.7 million also exceeding the high end of the Company's guidance expectation by approximately $6 million.
Second quarter 18-month backlog as of June 30, 2020 was a record $8.2 billion, a $398 million increase compared to the same quarter last year.
Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "The resilience, dedication and focus of the men and women of MasTec resulted in strong second quarter results that exceeded our expectation during these unprecedented times. We are actively monitoring potential volatility caused by the pandemic, while continuing the focus on ensuring the safety of our employees as they provide critical power, communications and other services."
Mr. Mas continued, "Our diversified business model has proven highly resilient, with record first half 2020 cash flow from operations performance of approximately $500 million and record second quarter backlog as of June 30, 2020. Our strong liquidity and balance sheet give us full flexibility to capitalize on opportunities to maximize shareholder value and to support our customers."
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We opportunistically took advantage of market conditions shortly after the end of the second quarter to further strengthen our capital structure by offering $600 million in new senior unsecured notes with a favorable 4.50% coupon, which is expected to close on August 4, 2020 subject to customary conditions. The new notes, maturing in 2028, will allow us to redeem our existing $400 million 4.875% senior unsecured notes at a lower rate, extend our maturity profile and will increase our overall liquidity by approximately $200 million, to approximately $1.3 billion. We continue to monitor current conditions and prudently manage our cash flow and liquidity, and our strong first half 2020 cash flow performance supports our expectations that annual 2020 cash flow from operations will reach new record levels, further strengthening our capital structure, liquidity levels and leverage profile."
Most of MasTec's construction services have been deemed essential under state and local pandemic mitigation orders, and all its business segments have continued to operate. The COVID-19 pandemic has had a negative impact on the Company's operations and the Company expects some continued negative impact for the remainder of 2020. Negative effects include lost productivity from governmental permitting delays, reduced crew productivity due to social distancing and other mitigation measures, lower levels of overhead cost absorption, and/or delayed project start dates, project shutdowns or cancellations that may be imposed on the Company, or its customers. Inclusive of currently expected COVID-19 impacts, the Company estimates 2020 annual revenue of approximately $7.0 billion, with 2020 annual GAAP net income and diluted earnings per share expected to approximate $314 million and $4.27, respectively. 2020 annual adjusted EBITDA, a non-GAAP measure, is expected to be $800 million, or 11.4% of revenue, and 2020 annual adjusted diluted earnings per share, a non-GAAP measure, is expected at $4.93. The Company's 2020 annual revenue expectation includes the impact of lower than expected third and fourth quarter Oil & Gas segment revenue, as regulatory delays on two large projects is expected to cause lower 2020 project activity, shifting awarded project activity into 2021.
For the third quarter of 2020, the Company expects revenue of approximately $1.9 billion. Third quarter 2020 GAAP net income is expected to approximate $106 million with GAAP diluted earnings per share expected to approximate $1.45. Third quarter 2020 adjusted EBITDA, a non-GAAP measure, is expected to approximate to $254 million, or 13.4% of revenue, with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $1.67.
Senior Management will hold a conference call to discuss these results on Friday, July 31, 2020, at 9:00 a.m. Eastern time. The call-in number for the conference call is (323) 794-2094 or (800) 263-0877 and the replay number is (719) 457-0820, with a pass code of 5797259. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended June 30, 2020 and 2019:
Consolidated Statements of Operations (unaudited - in thousands, except per share information) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 1,569,297 | $ | 1,939,006 | $ | 2,985,901 | $ | 3,457,346 | |||||||
Costs of revenue, excluding depreciation and amortization | 1,341,825 | 1,633,400 | 2,568,122 | 2,945,448 | |||||||||||
Depreciation | 57,687 | 55,279 | 110,776 | 109,504 | |||||||||||
Amortization of intangible assets | 9,793 | 4,665 | 17,184 | 9,471 | |||||||||||
General and administrative expenses | 84,959 | 70,819 | 170,473 | 143,436 | |||||||||||
Interest expense, net | 14,808 | 16,623 | 31,812 | 38,881 | |||||||||||
Equity in earnings of unconsolidated affiliates | (6,813) | (6,551) | (14,647) | (12,811) | |||||||||||
Other (income) expense, net | (10,527) | 4,812 | (11,869) | 8,317 | |||||||||||
Income before income taxes | $ | 77,565 | $ | 159,959 | $ | 114,050 | $ | 215,100 | |||||||
Provision for income taxes | (20,738) | (39,736) | (21,161) | (51,770) | |||||||||||
Net income | $ | 56,827 | $ | 120,223 | $ | 92,889 | $ | 163,330 | |||||||
Net (loss) income attributable to non-controlling interests | (178) | 513 | (346) | 507 | |||||||||||
Net income attributable to MasTec, Inc. | $ | 57,005 | $ | 119,710 | $ | 93,235 | $ | 162,823 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 0.79 | $ | 1.59 | $ | 1.27 | $ | 2.17 | |||||||
Basic weighted average common shares outstanding | 72,045 | 75,183 | 73,392 | 75,088 | |||||||||||
Diluted earnings per share | $ | 0.78 | $ | 1.58 | $ | 1.26 | $ | 2.15 | |||||||
Diluted weighted average common shares outstanding | 72,777 | 75,747 | 74,135 | 75,661 | |||||||||||
Consolidated Balance Sheets (unaudited - in thousands) | |||||||
June 30, | December 31, | ||||||
Assets | |||||||
Current assets | $ | 2,137,048 | $ | 2,173,559 | |||
Property and equipment, net | 972,177 | 905,835 | |||||
Operating lease assets | 198,844 | 229,903 | |||||
Goodwill, net | 1,227,405 | 1,221,440 | |||||
Other intangible assets, net | 202,165 | 211,528 | |||||
Other long-term assets | 252,346 | 254,741 | |||||
Total assets | $ | 4,989,985 | $ | 4,997,006 | |||
Liabilities and Equity | |||||||
Current liabilities | $ | 1,523,391 | $ | 1,219,126 | |||
Long-term debt, including finance leases | 1,115,839 | 1,314,030 | |||||
Long-term operating lease liabilities | 133,535 | 154,553 | |||||
Deferred income taxes | 267,525 | 296,326 | |||||
Other long-term liabilities | 198,859 | 221,280 | |||||
Total equity | 1,750,836 | 1,791,691 | |||||
Total liabilities and equity | $ | 4,989,985 | $ | 4,997,006 | |||
Consolidated Statements of Cash Flows (unaudited - in thousands) | |||||||
For the Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Net cash provided by operating activities | $ | 496,502 | $ | 351,461 | |||
Net cash used in investing activities | (136,673) | (122,802) | |||||
Net cash used in financing activities | (383,832) | (196,825) | |||||
Effect of currency translation on cash | 1,214 | (80) | |||||
Net (decrease) increase in cash and cash equivalents | (22,789) | 31,754 | |||||
Cash and cash equivalents - beginning of period | $ | 71,427 | $ | 27,422 | |||
Cash and cash equivalents - end of period | $ | 48,638 | $ | 59,176 | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
Segment Information | 2020 | 2019 | 2020 | 2019 | |||||||||||
Revenue by Reportable Segment | |||||||||||||||
Communications | $ | 654.3 | $ | 652.6 | $ | 1,298.4 | $ | 1,265.4 | |||||||
Oil and Gas | 368.5 | 936.8 | 727.6 | 1,558.1 | |||||||||||
Electrical Transmission | 124.1 | 100.4 | 252.2 | 195.3 | |||||||||||
Clean Energy and Infrastructure (a) | 426.1 | 250.2 | 712.4 | 439.6 | |||||||||||
Other | 0.1 | 0.0 | 0.1 | 0.1 | |||||||||||
Eliminations | (3.8) | (1.0) | (4.8) | (1.2) | |||||||||||
Corporate | — | — | — | — | |||||||||||
Consolidated revenue | $ | 1,569.3 | $ | 1,939.0 | $ | 2,985.9 | $ | 3,457.3 | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Adjusted EBITDA by Reportable Segment | |||||||||||||||
EBITDA | $ | 159.9 | $ | 236.5 | $ | 273.8 | $ | 373.0 | |||||||
Non-cash stock-based compensation expense | 5.8 | 4.2 | 9.9 | 7.9 | |||||||||||
Adjusted EBITDA | $ | 165.7 | $ | 240.7 | $ | 283.7 | $ | 380.9 | |||||||
Reportable Segment: | |||||||||||||||
Communications | $ | 76.4 | $ | 52.4 | $ | 127.2 | $ | 97.8 | |||||||
Oil and Gas | 80.1 | 179.3 | 154.5 | 286.7 | |||||||||||
Electrical Transmission | (3.2) | 8.7 | 5.1 | 12.4 | |||||||||||
Clean Energy and Infrastructure (a) | 30.1 | 8.9 | 35.0 | 12.1 | |||||||||||
Other | 7.5 | 6.4 | 14.9 | 12.7 | |||||||||||
Corporate | (25.2) | (15.0) | (53.0) | (40.8) | |||||||||||
Adjusted EBITDA | $ | 165.7 | $ | 240.7 | $ | 283.7 | $ | 380.9 | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Adjusted EBITDA Margin by Reportable Segment | |||||||||||||||
EBITDA Margin | 10.2 | % | 12.2 | % | 9.2 | % | 10.8 | % | |||||||
Non-cash stock-based compensation expense | 0.4 | % | 0.2 | % | 0.3 | % | 0.2 | % | |||||||
Adjusted EBITDA margin | 10.6 | % | 12.4 | % | 9.5 | % | 11.0 | % | |||||||
Reportable Segment: | |||||||||||||||
Communications | 11.7 | % | 8.0 | % | 9.8 | % | 7.7 | % | |||||||
Oil and Gas | 21.7 | % | 19.1 | % | 21.2 | % | 18.4 | % | |||||||
Electrical Transmission | (2.6) | % | 8.6 | % | 2.0 | % | 6.4 | % | |||||||
Clean Energy and Infrastructure (a) | 7.1 | % | 3.5 | % | 4.9 | % | 2.8 | % | |||||||
Other | NM | NM | NM | NM | |||||||||||
Corporate | — | — | — | — | |||||||||||
Adjusted EBITDA margin | 10.6 | % | 12.4 | % | 9.5 | % | 11.0 | % | |||||||
(a) During the second quarter of 2020, the Company renamed its Power Generation and Industrial segment as the Clean Energy and Infrastructure segment to better represent the nature of the segment's operations, end markets and customer characteristics. There was no change to the composition of the segment or its historical results. |
NM - Percentage is not meaningful |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
EBITDA and Adjusted EBITDA Reconciliation | ||||||||||||||||
Net income | $ | 56.8 | $ | 120.2 | $ | 92.9 | $ | 163.3 | ||||||||
Interest expense, net | 14.8 | 16.6 | 31.8 | 38.9 | ||||||||||||
Provision for income taxes | 20.7 | 39.7 | 21.2 | 51.8 | ||||||||||||
Depreciation | 57.7 | 55.3 | 110.8 | 109.5 | ||||||||||||
Amortization of intangible assets | 9.8 | 4.7 | 17.2 | 9.5 | ||||||||||||
EBITDA | $ | 159.9 | $ | 236.5 | $ | 273.8 | $ | 373.0 | ||||||||
Non-cash stock-based compensation expense | 5.8 | 4.2 | 9.9 | 7.9 | ||||||||||||
Adjusted EBITDA | $ | 165.7 | $ | 240.7 | $ | 283.7 | $ | 380.9 | ||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||
Net income | 3.6 | % | 6.2 | % | 3.1 | % | 4.7 | % | |||
Interest expense, net | 0.9 | % | 0.9 | % | 1.1 | % | 1.1 | % | |||
Provision for income taxes | 1.3 | % | 2.0 | % | 0.7 | % | 1.5 | % | |||
Depreciation | 3.7 | % | 2.9 | % | 3.7 | % | 3.2 | % | |||
Amortization of intangible assets | 0.6 | % | 0.2 | % | 0.6 | % | 0.3 | % | |||
EBITDA margin | 10.2 | % | 12.2 | % | 9.2 | % | 10.8 | % | |||
Non-cash stock-based compensation expense | 0.4 | % | 0.2 | % | 0.3 | % | 0.2 | % | |||
Adjusted EBITDA margin | 10.6 | % | 12.4 | % | 9.5 | % | 11.0 | % | |||
(a) All prior year periods have been updated to conform with the current period presentation. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Adjusted Net Income Reconciliation | |||||||||||||||
Net income | $ | 56.8 | $ | 120.2 | $ | 92.9 | $ | 163.3 | |||||||
Non-cash stock-based compensation expense | 5.8 | 4.2 | 9.9 | 7.9 | |||||||||||
Amortization of intangible assets | 9.8 | 4.7 | 17.2 | 9.5 | |||||||||||
Income tax effect of adjustments (a) | (3.5) | (2.1) | (6.1) | (6.5) | |||||||||||
Statutory tax rate effects (b) | — | (1.4) | — | (1.4) | |||||||||||
Adjusted net income | $ | 69.0 | $ | 125.6 | $ | 113.8 | $ | 172.8 | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||||||
Diluted earnings per share | $ | 0.78 | $ | 1.58 | $ | 1.26 | $ | 2.15 | |||||||
Non-cash stock-based compensation expense | 0.08 | 0.06 | 0.13 | 0.10 | |||||||||||
Amortization of intangible assets | 0.13 | 0.06 | 0.23 | 0.13 | |||||||||||
Income tax effect of adjustments (a) | (0.05) | (0.03) | (0.08) | (0.09) | |||||||||||
Statutory tax rate effects (b) | — | (0.02) | — | (0.02) | |||||||||||
Adjusted diluted earnings per share | $ | 0.95 | $ | 1.65 | $ | 1.54 | $ | 2.28 | |||||||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) | For the three and six month periods ended June 30, 2019, includes the effects of changes in Canadian provincial statutory tax rates. |
(c) | All prior year periods have been updated to conform with the current period presentation. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||
Guidance for the Three Months | For the Three Months Ended | ||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||
Net income | $ | 106 | $ | 130.1 | |||
Interest expense, net | 16 | 19.3 | |||||
Provision for income taxes | 38 | 43.3 | |||||
Depreciation | 73 | 50.5 | |||||
Amortization of intangible assets | 10 | 4.7 | |||||
EBITDA | $ | 243 | $ | 247.9 | |||
Non-cash stock-based compensation expense | 6 | 4.2 | |||||
Loss on extinguishment of debt (a) | 6 | - | |||||
Adjusted EBITDA | $ | 254 | $ | 252.1 | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||
Net income | 5.6 | % | 6.5 | % | |||
Interest expense, net | 0.8 | % | 1.0 | % | |||
Provision for income taxes | 2.0 | % | 2.1 | % | |||
Depreciation | 3.8 | % | 2.5 | % | |||
Amortization of intangible assets | 0.5 | % | 0.2 | % | |||
EBITDA margin | 12.8 | % | 12.3 | % | |||
Non-cash stock-based compensation expense | 0.3 | % | 0.2 | % | |||
Loss on extinguishment of debt (a) | 0.3 | % | - | % | |||
Adjusted EBITDA margin | 13.4 | % | 12.5 | % | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 106 | $ | 130.1 | |||
Non-cash stock-based compensation expense | 6 | 4.2 | |||||
Loss on extinguishment of debt (a) | 6 | - | |||||
Amortization of intangible assets | 10 | 4.7 | |||||
Income tax effect of adjustments (b) | (5) | (1.7) | |||||
Statutory tax rate effects (c) | — | (0.5) | |||||
Adjusted net income | $ | 122 | $ | 136.8 | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 1.45 | $ | 1.69 | |||
Non-cash stock-based compensation expense | 0.08 | 0.06 | |||||
Loss on extinguishment of debt (a) | 0.08 | - | |||||
Amortization of intangible assets | 0.13 | 0.06 | |||||
Income tax effect of adjustments (b) | (0.06) | (0.02) | |||||
Statutory tax rate effects (c) | — | (0.01) | |||||
Adjusted diluted earnings per share | $ | 1.67 | $ | 1.78 | |||
(a) | Includes the costs expected to be incurred in connection with the refinancing of the existing $400 million 4.875% senior unsecured notes. |
(b) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(c) | For the 3 month period ending September 30, 2019, includes foreign and/or state statutory rate changes. |
(d) | All prior year periods have been updated to conform with the current period presentation. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||
Net income | $ | 314 | $ | 394.1 | $ | 259.2 | |||||
Interest expense, net | 63 | 77.0 | 82.6 | ||||||||
Provision for income taxes | 101 | 116.8 | 106.1 | ||||||||
Depreciation | 259 | 212.5 | 192.3 | ||||||||
Amortization of intangible assets | 36 | 23.0 | 20.6 | ||||||||
EBITDA | $ | 774 | $ | 823.4 | $ | 660.8 | |||||
Non-cash stock-based compensation expense | 21 | 16.4 | 13.5 | ||||||||
Loss on extinguishment of debt (a) | 6 | - | - | ||||||||
Goodwill and intangible asset impairment | — | 3.3 | 47.7 | ||||||||
Project results from non-controlled joint venture | — | — | (1.0) | ||||||||
Adjusted EBITDA | $ | 800 | $ | 843.2 | $ | 721.0 | |||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||
Net income | 4.5 | % | 5.5 | % | 3.8 | % | |||||
Interest expense, net | 0.9 | % | 1.1 | % | 1.2 | % | |||||
Provision for income taxes | 1.4 | % | 1.6 | % | 1.5 | % | |||||
Depreciation | 3.7 | % | 3.0 | % | 2.8 | % | |||||
Amortization of intangible assets | 0.5 | % | 0.3 | % | 0.3 | % | |||||
EBITDA margin | 11.1 | % | 11.5 | % | 9.6 | % | |||||
Non-cash stock-based compensation expense | 0.3 | % | 0.2 | % | 0.2 | % | |||||
Loss on extinguishment of debt (a) | 0.1 | % | - | % | - | % | |||||
Goodwill and intangible asset impairment | — | % | 0.0 | % | 0.7 | % | |||||
Project results from non-controlled joint venture | — | % | — | % | (0.0) | % | |||||
Adjusted EBITDA margin | 11.4 | % | 11.7 | % | 10.4 | % | |||||
(a) Includes the costs expected to be incurred in connection with the refinancing of the existing $400 million 4.875% senior unsecured notes. |
(b) All prior year periods have been updated to conform with the current period presentation. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (unaudited - in millions, except for percentages and per share information) | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
Adjusted Net Income Reconciliation | |||||||||||
Net income | $ | 314 | $ | 394.1 | $ | 259.2 | |||||
Non-cash stock-based compensation expense | 21 | 16.4 | 13.5 | ||||||||
Loss on extinguishment of debt (a) | 6 | - | - | ||||||||
Amortization of intangible assets | 36 | 23.0 | 20.6 | ||||||||
Goodwill and intangible asset impairment | — | 3.3 | 47.7 | ||||||||
Project results from non-controlled joint venture | — | — | (1.0) | ||||||||
Income tax effect of adjustments (b) | (14) | (13.2) | (10.5) | ||||||||
Statutory tax rate effects (c) | — | (7.8) | (12.8) | ||||||||
Adjusted net income | $ | 363 | $ | 415.9 | $ | 316.7 | |||||
Guidance for the | For the Year | For the Year | |||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||
Diluted earnings per share | $ | 4.27 | $ | 5.17 | $ | 3.26 | |||||
Non-cash stock-based compensation expense | 0.28 | 0.22 | 0.17 | ||||||||
Loss on extinguishment of debt (a) | 0.08 | - | - | ||||||||
Amortization of intangible assets | 0.49 | 0.30 | 0.26 | ||||||||
Goodwill and intangible asset impairment | — | 0.04 | 0.60 | ||||||||
Project results from non-controlled joint venture | — | — | (0.01) | ||||||||
Income tax effect of adjustments (b) | (0.18) | (0.17) | (0.14) | ||||||||
Statutory tax rate effects (c) | — | (0.10) | (0.16) | ||||||||
Adjusted diluted earnings per share | $ | 4.93 | $ | 5.46 | $ | 3.98 | |||||
(a) | Includes the costs expected to be incurred in connection with the refinancing of the existing $400 million 4.875% senior unsecured notes. |
(b) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(c) | For the year ended December 31, 2019, includes the effects of Canadian provincial statutory tax rates, as well as changes in state tax rates, and for the year ended December 31, 2018, includes the effects of the 2017 Tax Act. |
(d) | All prior year periods have been updated to conform with the current period presentation. |
(e) | Reflects revised estimate for tax effects as compared to earnings release filed on February 27, 2020. |
The tables may contain slight summation differences due to rounding.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the new senior unsecured notes (the "Offering") or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. In addition, this press release is not and should not be construed as a notice of redemption for the 4.875% senior unsecured notes due 2023 (the "2023 Notes"), or an offer to tender for, or purchase, any of such notes or any other security.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: risks related to the completion of the Offering and the redemption of the 2023 Notes; risks related to adverse effects of health epidemics and pandemics or other outbreaks of communicable diseases, such as the COVID-19 pandemic; market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic on economic activity generally, our customers and our operations, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental, health and safety issues and other hazards from our operations, as well as the potential for liability as a result of the COVID-19 pandemic, including issues with regulators or claims alleging exposure to COVID-19 relating to our operations or facilities; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
View original content:http://www.prnewswire.com/news-releases/mastec-announces-better-than-expected-second-quarter-2020-results-and-record-second-quarter-backlog-301103491.html
SOURCE MasTec, Inc.
Article Date
7/30/2020MasTec Announces Upsize and Pricing of its Senior Unsecured Notes Offering to Refinance Existing $400 Million Senior Notes Due 2023
Source: PR Newswire
CORAL GABLES, Fla., July 21, 2020 /PRNewswire/ -- MasTec, Inc. (the "Company") (NYSE: MTZ) today announced that it has upsized and priced a private offering (the "Offering") of $600 million aggregate principal amount of unsecured notes (the "Notes") at par, representing an increase of $200 million in aggregate principal amount from the previously announced proposed offering size. The Notes will mature on August 15, 2028 and will bear an interest rate of 4.50%. The offering is expected to close on August 4, 2020, subject to customary closing conditions.
The Notes will rank equally in right of payment with any existing and future senior debt, and senior in right of payment to any existing and future subordinated debt. The Notes will be effectively junior to the Company's secured debt, including the Company's existing credit facilities, to the extent of the value of the assets securing that debt.
The Company intends to use the proceeds from the Offering ultimately to redeem or repurchase all of the Company's existing 4.875% Senior Notes due 2023 (the "2023 Notes"), to pay fees and expenses in connection therewith, and to repay revolving loans under its existing credit facilities. Prior to redeeming the 2023 Notes, the Company may temporarily pay down amounts under its revolving credit facility and then, subject to customary borrowing conditions, reborrow under the revolving credit facility to effect the redemption.
The Notes will be guaranteed on a senior unsecured basis by the Company's wholly-owned domestic restricted subsidiaries that guarantee the Company's existing credit facilities, subject to certain exceptions.
The Offering is exempt from the registration requirements of Securities Act of 1933 (as amended, the "Securities Act"). The Notes have been offered and will be sold only to persons reasonably believed to be "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold absent an effective registration statement or pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release is issued pursuant to Rule 135c of the Securities Act and does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. In addition, this press release is not and should not be construed as a notice of redemption for the 2023 Notes, or an offer to tender for, or purchase, any of the 2023 Notes or any other security.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including from renewable sources; heavy civil, and industrial infrastructure. The Company's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements, including statements regarding the Offering, the redemption of the 2023 Notes and other uses of proceeds from the Offering, within the meaning of the Private Securities Litigation Reform Act. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: risks related to the completion of the Offering and the redemption of the 2023 Notes; risks related to adverse effects of health epidemics and pandemics or other outbreaks of communicable diseases, such as the COVID-19 pandemic; market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic on economic activity generally, our customers and our operations, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental, health and safety issues and other hazards from our operations, as well as the potential for liability as a result of the COVID-19 pandemic, including issues with regulators or claims alleging exposure to COVID-19 relating to our operations or facilities; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
View original content:http://www.prnewswire.com/news-releases/mastec-announces-upsize-and-pricing-of-its-senior-unsecured-notes-offering-to-refinance-existing-400-million-senior-notes-due-2023-301097390.html
SOURCE MasTec, Inc.
Article Date
7/21/2020MasTec Senior Management to Present at the Stifel Cross Sector Insight Conference
Source: PR Newswire
CORAL GABLES, Fla., June 4, 2020 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be participating in a fireside chat during the Stifel Cross Sector Insight Virtual Conference on Wednesday, June 10th, at approximately 12:40 p.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conference.
The fireside chat audio, and any presentation materials, may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
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SOURCE MasTec, Inc.
Article Date
6/4/20205/27/2020 - MasTec Senior Management to Present at the UBS Global Industrials and Transportation Conference
MasTec Senior Management to Present at the UBS Global Industrials and Transportation Conference
Source: PR Newswire
CORAL GABLES, Fla., May 27, 2020 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be participating in a fireside chat during the UBS Global Industrials and Transportation Virtual Conference on Tuesday, June 2nd at approximately 4:40 a.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conference.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-ubs-global-industrials-and-transportation-conference-301065499.html
SOURCE MasTec, Inc.
Article Date
5/27/2020MasTec Announces Better than Expected First Quarter 2020 Results and Updated Annual Guidance Incorporating Potential COVID-19 Pandemic Impacts
Source: PR Newswire
CORAL GABLES, Fla., April 30, 2020 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced better than expected first quarter financial results and updated its guidance for the remainder of 2020 for the potential impacts of the COVID-19 Pandemic.
First quarter 2020 revenue was $1.4 billion, and cash flow from operations was a first quarter record at $203 million, a $250 million increase over cash flow from operations during the same period last year.
First quarter GAAP net income was $36.1 million, or $0.48 per diluted share. GAAP results exceeded the Company's previously announced diluted earnings per share expectation by $0.10. First quarter 2020 adjusted net income, a non-GAAP measure, was $44.9 million. Adjusted diluted earnings per share, a non-GAAP measure, was $0.60, exceeding the Company's previously announced expectation by $0.12. First quarter 2020 adjusted EBITDA, also a non-GAAP measure, was $118 million, exceeding the Company's previously announced expectation by approximately $10 million.
18-month backlog as of March 31, 2020 was a record $8.3 billion, a $367 million sequential increase when compared to fourth quarter 2019 and a $327 million increase compared to the first quarter of 2019.
Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "I'd first like to thank the men and women of MasTec for their dedication, commitment and focus. I'm inspired by their efforts, as millions of families throughout the U.S. rely on the power, communications, entertainment and other services we help our customers provide. The safety of our people has been our primary focus and I'm proud of their resilience and creativity in making sure we provide value to our customers."
Mr. Mas continued, "As it relates to COVID-19, we've assessed and continue to manage the impact across all of our segments. We are closely monitoring the impact the pandemic is having on commodity prices and, in particular how it is affecting demand. We expect continued volatility and caution as the world begins to reopen and demand recovers. In the meantime, we enjoy significant backlog and have strong visibility both for the remainder of 2020 and 2021."
Mr. Mas concluded, "Our first quarter results exceeded our expectations, our balance sheet is strong, backlog across all of our segments is solid and we feel we are in an excellent position to not only weather this storm but to actively work with all of our customers to provide value as they evaluate their future needs."
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We had record first quarter cash flow from operations which enabled us to opportunistically repurchase approximately 5% of the outstanding shares of our common stock, while still reducing our overall net debt levels. Our balance sheet remains in excellent shape, ending the quarter with approximately $950 million in liquidity, which we define as cash and availability under our credit facility. We continue to monitor conditions during this uncertain time and will prudently manage our cash flow and liquidity."
The Company also noted that, to date, most of its construction services have been deemed essential under state and local pandemic mitigation orders, and all of its business segments have continued to operate. While the COVID-19 pandemic had minimal impact on its first quarter operations, the Company does expect some impact for the remainder of the year. These impacts may include lost productivity from governmental permitting delays, reduced crew productivity due to social distancing and other mitigation measures, lower levels of overhead cost absorption, and/or delayed project start dates or project shutdowns that may be imposed on us, or our customers.
Because of the risk for potential impacts of the COVID-19 pandemic, the Company is revising guidance expectations for the remainder of 2020. Based on the information available today, the Company estimates 2020 annual revenue of approximately $7.3 to $7.7 billion, with 2020 annual GAAP net income and diluted earnings per share expected to approximate $289 to $326 million and $3.90 to $4.41, respectively. 2020 annual adjusted EBITDA, a non-GAAP measure, is expected to be between $775 and $825 million, and 2020 annual adjusted diluted earnings per share, a non-GAAP measure, is expected to range from $4.50 to $5.00.
For the second quarter of 2020, the Company expects revenue to be between $1.5 and $1.6 billion. Second quarter 2020 GAAP net income is expected to approximate $47 to $54 million with GAAP diluted earnings per share expected to approximate $0.64 to $0.75. Second quarter 2020 adjusted EBITDA, a non-GAAP measure, is expected to approximate from $150 to $160 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $0.78 to $0.89.
Finally, the Company also notes that it has updated its corporate website, www.mastec.com, to include a new Sustainability section disclosing new information on the Company's environmental stewardship, employee health, safety, training and education, community impact, and sustainability leadership and other governance related initiatives. The Company has also dedicated board level committee oversight to Sustainability issues.
Senior Management will hold a conference call to discuss these results on Friday, May 1, 2020, at 9:00 a.m. Eastern time. The call-in number for the conference call is (323) 794-2551 or (888) 204-4368 and the replay number is (719) 457-0820, with a pass code of 3818954. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended March 31, 2020 and 2019:
Consolidated Statements of Operations | |||||||
(unaudited - in thousands, except per share information) | |||||||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
Revenue | $ | 1,416,604 | $ | 1,518,340 | |||
Costs of revenue, excluding depreciation and amortization |
1,226,297 | 1,312,048 | |||||
Depreciation | 53,089 | 54,226 | |||||
Amortization of intangible assets | 7,391 | 4,805 | |||||
General and administrative expenses |
85,514 | 72,616 | |||||
Interest expense, net | 17,004 | 22,258 | |||||
Equity in earnings of unconsolidated affiliates | (7,834) | (6,260) | |||||
Other (income) expense, net | (1,342) | 3,507 | |||||
Income before income taxes | $ | 36,485 | $ | 55,140 | |||
Provision for income taxes | (423) | (12,033) | |||||
Net income | $ | 36,062 | $ | 43,107 | |||
Net loss attributable to non-controlling interests | (168) | (5) | |||||
Net income attributable to MasTec, Inc. | $ | 36,230 | $ | 43,112 | |||
Earnings per share: | |||||||
Basic earnings per share | $ | 0.48 | $ | 0.57 | |||
Basic weighted average common shares outstanding | 74,738 | 74,991 | |||||
Diluted earnings per share | $ | 0.48 | $ | 0.57 | |||
Diluted weighted average common shares outstanding | 75,413 | 75,578 | |||||
Consolidated Balance Sheets | |||||||
(unaudited - in thousands) | |||||||
March 31, | December 31, | ||||||
Assets | |||||||
Current assets | $ | 2,079,779 | $ | 2,173,559 | |||
Property and equipment, net | 937,309 | 905,835 | |||||
Operating lease assets | 210,637 | 229,903 | |||||
Goodwill, net | 1,221,147 | 1,221,440 | |||||
Other intangible assets, net | 200,788 | 211,528 | |||||
Other long-term assets | 243,888 | 254,741 | |||||
Total assets | $ | 4,893,548 | $ | 4,997,006 | |||
Liabilities and Equity | |||||||
Current liabilities | $ | 1,260,033 | $ | 1,219,126 | |||
Long-term debt, including finance leases | 1,297,342 | 1,314,030 | |||||
Long-term operating lease liabilities | 143,441 | 154,553 | |||||
Deferred income taxes | 276,060 | 296,326 | |||||
Other long-term liabilities | 226,859 | 221,280 | |||||
Total equity | 1,689,813 | 1,791,691 | |||||
Total liabilities and equity | $ | 4,893,548 | $ | 4,997,006 | |||
Consolidated Statements of Cash Flows | |||||||
(unaudited - in thousands) | |||||||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
Net cash provided by (used in) operating activities | $ | 203,266 | $ | (46,807) | |||
Net cash used in investing activities | (58,740) | (111,203) | |||||
Net cash (used in) provided by financing activities | (145,224) | 173,773 | |||||
Effect of currency translation on cash | 934 | 9 | |||||
Net increase in cash and cash equivalents | 236 | 15,772 | |||||
Cash and cash equivalents - beginning of period | $ | 71,427 | $ | 27,422 | |||
Cash and cash equivalents - end of period | $ | 71,663 | $ | 43,194 | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||
(unaudited - in millions, except for percentages and per share information) | |||||||
For the Three Months Ended | |||||||
Segment Information | 2020 | 2019 | |||||
Revenue by Reportable Segment | |||||||
Communications | $ | 644.1 | $ | 612.8 | |||
Oil and Gas | 359.1 | 621.3 | |||||
Electrical Transmission | 128.1 | 94.9 | |||||
Power Generation and Industrial | 286.3 | 189.4 | |||||
Other | 0.0 | 0.0 | |||||
Eliminations | (1.0) | (0.1) | |||||
Corporate | — | — | |||||
Consolidated revenue | $ | 1,416.6 | $ | 1,518.3 | |||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
Adjusted EBITDA by Reportable Segment | |||||||
EBITDA | $ | 114.0 | $ | 136.4 | |||
Non-cash stock-based compensation expense | 4.0 | 3.7 | |||||
Adjusted EBITDA | $ | 118.0 | $ | 140.1 | |||
Reportable Segment: | |||||||
Communications | $ | 50.8 | $ | 45.3 | |||
Oil and Gas | 74.4 | 107.4 | |||||
Electrical Transmission | 8.3 | 3.8 | |||||
Power Generation and Industrial | 5.0 | 3.2 | |||||
Other | 7.4 | 6.2 | |||||
Corporate | (27.9) | (25.8) | |||||
Adjusted EBITDA | $ | 118.0 | $ | 140.1 | |||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
Adjusted EBITDA Margin by Reportable Segment | |||||||
EBITDA Margin | 8.0 | % | 9.0 | % | |||
Non-cash stock-based compensation expense | 0.3 | % | 0.2 | % | |||
Adjusted EBITDA margin | 8.3 | % | 9.2 | % | |||
Reportable Segment: | |||||||
Communications | 7.9 | % | 7.4 | % | |||
Oil and Gas | 20.7 | % | 17.3 | % | |||
Electrical Transmission | 6.5 | % | 4.0 | % | |||
Power Generation and Industrial | 1.7 | % | 1.7 | % | |||
Other | NM | NM | |||||
Corporate | - | - | |||||
Adjusted EBITDA margin | 8.3 | % | 9.2 | % | |||
NM - Percentage is not meaningful | |||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||
(unaudited - in millions, except for percentages and per share information) | |||||||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||
Net income | $ | 36.1 | $ | 43.1 | |||
Interest expense, net | 17.0 | 22.3 | |||||
Provision for income taxes | 0.4 | 12.0 | |||||
Depreciation | 53.1 | 54.2 | |||||
Amortization of intangible assets | 7.4 | 4.8 | |||||
EBITDA | $ | 114.0 | $ | 136.4 | |||
Non-cash stock-based compensation expense | 4.0 | 3.7 | |||||
Adjusted EBITDA | $ | 118.0 | $ | 140.1 | |||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||
Net income | 2.5 | % | 2.8 | % | |||
Interest expense, net | 1.2 | % | 1.5 | % | |||
Provision for income taxes | 0.0 | % | 0.8 | % | |||
Depreciation | 3.7 | % | 3.6 | % | |||
Amortization of intangible assets | 0.5 | % | 0.3 | % | |||
EBITDA margin | 8.0 | % | 9.0 | % | |||
Non-cash stock-based compensation expense | 0.3 | % | 0.2 | % | |||
Adjusted EBITDA margin | 8.3 | % | 9.2 | % | |||
(a) All prior year periods have been updated to conform with the current period presentation. | |||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||
(unaudited - in millions, except for percentages and per share information) | |||||||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 36.1 | $ | 43.1 | |||
Non-cash stock-based compensation expense | 4.0 | 3.7 | |||||
Amortization of intangible assets | 7.4 | 4.8 | |||||
Income tax effect of adjustments (a) | (2.7) | (4.4) | |||||
Adjusted net income | $ | 44.9 | $ | 47.2 | |||
For the Three Months Ended | |||||||
2020 | 2019 | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 0.48 | $ | 0.57 | |||
Non-cash stock-based compensation expense | 0.05 | 0.05 | |||||
Amortization of intangible assets | 0.10 | 0.06 | |||||
Income tax effect of adjustments (a) | (0.04) | (0.06) | |||||
Adjusted diluted earnings per share | $ | 0.60 | $ | 0.62 | |||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) | All prior year periods have been updated to conform with the current period presentation. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||
(unaudited - in millions, except for percentages and per share information) | |||||||
Guidance for the Three Months | For the Three Months Ended | ||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||
Net income | $ | 47 - 54 | $ | 120.2 | |||
Interest expense, net | 17 | 16.6 | |||||
Provision for income taxes | 17 - 19 | 39.7 | |||||
Depreciation | 55 | 55.3 | |||||
Amortization of intangible assets | 9 | 4.7 | |||||
EBITDA | $ | 146 - 156 | $ | 236.5 | |||
Non-cash stock-based compensation expense | 4 | 4.2 | |||||
Adjusted EBITDA | $ | 150 - 160 | $ | 240.7 | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||
Net income | 3.1 – 3.4 | % | 6.2 | % | |||
Interest expense, net | 1.1 – 1.2 | % | 0.9 | % | |||
Provision for income taxes | 1.1 - 1.2 | % | 2.0 | % | |||
Depreciation | 3.4 – 3.7 | % | 2.9 | % | |||
Amortization of intangible assets | 0.6 | % | 0.2 | % | |||
EBITDA margin | 9.7 | % | 12.2 | % | |||
Non-cash stock-based compensation expense | 0.3 | % | 0.2 | % | |||
Adjusted EBITDA margin | 10.0 | % | 12.4 | % | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 47 - 54 | $ | 120.2 | |||
Non-cash stock-based compensation expense | 4 | 4.2 | |||||
Amortization of intangible assets | 9 | 4.7 | |||||
Income tax effect of adjustments (a) | (3) | (2.1) | |||||
Statutory tax rate effects (b) | — | (1.4) | |||||
Adjusted net income | $ | 57 - 65 | $ | 125.6 | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 0.64 – 0.75 | $ | 1.58 | |||
Non-cash stock-based compensation expense | 0.06 | 0.06 | |||||
Amortization of intangible assets | 0.13 | 0.06 | |||||
Income tax effect of adjustments (a) | (0.04) | (0.03) | |||||
Statutory tax rate effects (b) | — | (0.02) | |||||
Adjusted diluted earnings per share | $ | 0.78 – 0.89 | $ | 1.65 | |||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) | For the three month period ended June 30, 2019, includes the effects of changes in Canadian provincial statutory tax rates. |
(c) | All prior year periods have been updated to conform with the current period presentation. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||
(unaudited - in millions, except for percentages and per share information) | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||
Net income | $ | 289 - 326 | $ | 394.1 | $ | 259.2 | |||||
Interest expense, net | 69 | 77.0 | 82.6 | ||||||||
Provision for income taxes | 92 - 105 | 116.8 | 106.1 | ||||||||
Depreciation | 270 | 212.5 | 192.3 | ||||||||
Amortization of intangible assets | 35 | 23.0 | 20.6 | ||||||||
EBITDA | $ | 755 - 805 | $ | 823.4 | $ | 660.8 | |||||
Non-cash stock-based compensation expense | 20 | 16.4 | 13.5 | ||||||||
Goodwill and intangible asset impairment | — | 3.3 | 47.7 | ||||||||
Project results from non-controlled joint venture | — | — | (1.0) | ||||||||
Adjusted EBITDA | $ | 775 - 825 | $ | 843.2 | $ | 721.0 | |||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||
Net income | 4.0 – 4.2 | % | 5.5 | % | 3.8 | % | |||||
Interest expense, net | 0.9 | % | 1.1 | % | 1.2 | % | |||||
Provision for income taxes | 1.3 – 1.4 | % | 1.6 | % | 1.5 | % | |||||
Depreciation | 3.5 – 3.7 | % | 3.0 | % | 2.8 | % | |||||
Amortization of intangible assets | 0.5 | % | 0.3 | % | 0.3 | % | |||||
EBITDA margin | 10.3 – 10.4 | % | 11.5 | % | 9.6 | % | |||||
Non-cash stock-based compensation expense | 0.3 | % | 0.2 | % | 0.2 | % | |||||
Goodwill and intangible asset impairment | — | % | 0.0 | % | 0.7 | % | |||||
Project results from non-controlled joint venture | — | % | — | % | (0.0) | % | |||||
Adjusted EBITDA margin | 10.6 – 10.7 | % | 11.7 | % | 10.4 | % | |||||
(a) All prior year periods have been updated to conform with the current period presentation. | |||||||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||
(unaudited - in millions, except for percentages and per share information) | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
Adjusted Net Income Reconciliation | |||||||||||
Net income | $ | 289 - 326 | $ | 394.1 | $ | 259.2 | |||||
Non-cash stock-based compensation expense | 20 | 16.4 | 13.5 | ||||||||
Amortization of intangible assets | 35 | 23.0 | 20.6 | ||||||||
Goodwill and intangible asset impairment | — | 3.3 | 47.7 | ||||||||
Project results from non-controlled joint venture | — | — | (1.0) | ||||||||
Income tax effect of adjustments (a) | (11) | (13.2) | (10.5) | ||||||||
Statutory tax rate effects (b) | — | (7.8) | (12.8) | ||||||||
Adjusted net income | $ | 333 - 370 | $ | 415.9 | $ | 316.7 | |||||
Guidance for the | For the Year | For the Year | |||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||
Diluted earnings per share | $ | 3.90 – 4.41 | $ | 5.17 | $ | 3.26 | |||||
Non-cash stock-based compensation expense | 0.28 | 0.22 | 0.17 | ||||||||
Amortization of intangible assets | 0.47 | 0.30 | 0.26 | ||||||||
Goodwill and intangible asset impairment | — | 0.04 | 0.60 | ||||||||
Project results from non-controlled joint venture | — | — | (0.01) | ||||||||
Income tax effect of adjustments (a) | (0.15) | (0.17) |
(0.14) | ||||||||
Statutory tax rate effects (b) | — | (0.10) | (0.16) | ||||||||
Adjusted diluted earnings per share | $ | 4.50 – 5.00 | $ | 5.46 | $ | 3.98 | |||||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) | For the year ended December 31, 2019, includes the effects of Canadian provincial statutory tax rates, as well as changes in state tax rates, and for the year ended December 31, 2018, includes the effects of the 2017 Tax Act. |
(c) | All prior year periods have been updated to conform with the current period presentation. |
(d) | Reflects revised estimate for tax effects as compared to earnings release filed on February 27, 2020. |
The tables may contain slight summation differences due to rounding.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic, on economic activity generally, our customers and our operations, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
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SOURCE MasTec, Inc.
Article Date
4/30/2020MasTec Schedules Fourth Quarter 2019 Earnings Release and Conference Call
Source: PR Newswire
CORAL GABLES, Fla., Feb. 19, 2020 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the year and quarter ended December 31, 2019 after the market closes on Thursday, February 27, 2020. Senior Management will also hold a conference call to discuss these results on Friday, February 28, 2020, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (323) 794-2094 or (800) 263-0877 and the replay number is (719) 457-0820, with a pass code of 9606087. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-fourth-quarter-2019-earnings-release-and-conference-call-301006920.html
SOURCE MasTec, Inc.
Article Date
2/19/2020MasTec Senior Management to Present at the Barclays and Citibank Investor Conferences in Miami Beach, Florida
Source: PR Newswire
CORAL GABLES, Fla., Feb. 12, 2020 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Barclays 2020 Industrial Select Conference on Wednesday, February 19th at approximately 3:00 p.m. ET. Also, company management will present at the Citibank 2020 Global Industrials Conference on Thursday, February 20th at approximately 11:45 a.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-barclays-and-citibank-investor-conferences-in-miami-beach-florida-300999999.html
SOURCE MasTec, Inc.
Article Date
2/12/202011/22/2019 - MasTec Senior Management to Present at the Credit Suisse and UBS Investor Conferences in Palm Beach and New York
MasTec Senior Management to Present at the Credit Suisse and UBS Investor Conferences in Palm Beach and New York
Source: PR Newswire
CORAL GABLES, Fla., Nov. 22, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be in Palm Beach, Florida presenting at the Credit Suisse Industrials Conference on Wednesday, December 4th, at approximately 10:30 a.m. ET. Additionally, senior management will be in New York City presenting at the UBS Global Telecom Media and Technology Investor Conference on Monday, December 9th, at approximately 10:00 a.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-credit-suisse-and-ubs-investor-conferences-in-palm-beach-and-new-york-300959021.html
SOURCE MasTec, Inc.
Article Date
11/22/2019MasTec Announces Details of Mas Family Financing Arrangements
Source: PR Newswire
CORAL GABLES, Fla., Nov. 19, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that Jorge Mas, Chairman, and Jose Mas, Chief Executive Officer (together with certain family partnerships and trusts, the "Mas Brothers"), have entered into financing arrangements (the "Financings") involving prepaid variable forward contracts with respect to MasTec common stock, as described in more detail in various filings with the Securities and Exchange Commission ("SEC") on or about the date of this press release. The Mas Brothers remain committed to being long-term shareholders of MasTec and currently have no intent to sell or enter into additional financings involving their MasTec shares.
The Financings provide the Mas Brothers the ability to receive cash now, while retaining full ownership and voting rights during the three-year initial term. Furthermore, the Mas Brothers can retain ownership of these shares at the end of the three-year term by settling the Financings with cash. The Mas Brothers could also seek to extend the Financings beyond the initial term. The Financings allow the Mas Brothers to pay down balances associated with certain non-company related loans predominantly related to their investment in Major League Soccer.
The Financings allow the Mas Brothers to retain an interest in a possible increase in the shares' value over the three-year term and provide protection against a potential decline in value of MasTec shares during that same period. The Financings involve an aggregate of 3,487,500 shares of MasTec common stock, which approximates only 22% and 17% of the MasTec shares beneficially owned by Jorge and Jose Mas, respectively. The Mas Brothers remain committed long term MasTec shareholders, with a significant ownership interest of 17,266,799 shares collectively, representing approximately 23% of MasTec's total outstanding shares, and other Mas family members continue to own additional separate significant MasTec share holdings.
Jorge Mas, MasTec's Chairman noted, "MasTec is our family's legacy. Today more than ever I believe in its future and my brother and I are committed to a path that delivers value and growth for our team members and shareholders. We are also dedicated to bringing MLS Soccer to South Florida (InterMiami CF) and the creation of Miami Freedom Park as an iconic destination for fans, tourists and residents alike. This transaction provides the financial flexibility needed to bring the vision of InterMiami CF to our community."
Jose Mas, MasTec's CEO commented, "As I have previously noted, MasTec has exciting long term prospects and Jorge and I are confident the Company is well positioned to be a leader across the segments we serve. Given this strong belief in MasTec's future growth potential, it was of the utmost importance for us that the Financings be designed to allow continued participation in potential future share appreciation. My brother and I are committed to MasTec's growth and success, and our significant ownership maintains our strong alignment with the interests of our shareholders."
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write- downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks associated with potential environmental issues and other hazards from our operations; risks related to our strategic arrangements, including our equity investees; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/mastec-announces-details-of-mas-family-financing-arrangements-300961458.html
SOURCE MasTec, Inc.
Article Date
11/20/201910/31/2019 - MasTec Announces Record Third Quarter 2019 Financial Results and Increased Annual Earnings Guidance
MasTec Announces Record Third Quarter 2019 Financial Results and Increased Annual Earnings Guidance
Source: PR Newswire
CORAL GABLES, Fla., Oct. 31, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced better than expected third quarter financial results and increased 2019 annual earnings guidance.
Jose Mas, MasTec's Chief Executive Officer, commented, "We had a strong quarter and exceeded our earnings expectation with a 110-basis point improvement in adjusted EBITDA margin. We are pleased to raise our annual earnings guidance expectation, despite lower than originally expected third and fourth quarter Oil & Gas revenue, as regulatory delays on one large project caused shifts in construction activity and revenue to 2020."
Mr. Mas continued, "As we look forward into 2020 and beyond, we remain bullish about our growth prospects, with great visibility and strong demand for our Oil & Gas, Communications, Power Generation & Industrial and Electrical Transmission segments. We believe our growing end markets will allow us the opportunity to extend both our geographic base as well as our service offerings."
Mr. Mas concluded, "We are entering one of the most exciting advancements in the history of telecommunications. The deployment of 5G wireless technologies will create opportunities for the consumer, our customers and for MasTec. We are pleased to announce that we recently completed a fourth quarter acquisition that will expand our services to include wireless network integration, engineering and optimization, uniquely positioning MasTec to offer full "end-to-end" capabilities for our wireless customers.
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "During the quarter, we once again exhibited strong cash flow performance and continue to expect to generate record annual 2019 cash flow from operations approaching $600 million. During the quarter, we also took advantage of favorable market conditions and opportunistically extended, expanded and improved pricing on our senior debt facility. As of quarter end, our balance sheet is in excellent shape with ample liquidity and comfortable leverage metrics. Our strong capital structure should allow us to take full advantage of the various growth opportunities our markets afford us as we work to maximize shareholder value."
Based on the information available today, the Company is providing initial fourth quarter guidance, and updating full year 2019 guidance expectations. The Company currently estimates full year 2019 revenue of approximately $7.2 billion. Full year 2019 GAAP net income and diluted earnings per share are expected to approximate $385 million and $5.05, respectively. Regarding full year 2019 expectations for non-GAAP measures, adjusted EBITDA is expected to approximate $842 million or 11.7% of revenue and adjusted diluted earnings per share is expected to be $5.16, a 37% increase over 2018.
For the fourth quarter of 2019 the Company expects revenue of approximately $1.7 billion. Fourth quarter 2019 GAAP net income is expected to approximate $92 million with GAAP diluted earnings per share expected to approximate $1.21. Fourth quarter 2019 adjusted EBITDA, a non-GAAP measure, is expected to approximate $209 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $1.25.
Management will hold a conference call to discuss these results on Friday, November 1, 2019 at 9:00 a.m. Eastern time. The call-in number for the conference call is (323) 794-2588 or (888) 220-8451 and the replay number is (719) 457-0820, with a pass code of 4775353. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended September 30, 2019 and 2018:
Consolidated Statements of Operations | |||||||||||
(unaudited - in thousands, except per share amounts) | |||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Revenue | $ | 2,016,618 | $ | 1,977,227 | $ | 5,473,965 | $ | 4,991,865 | |||
Costs of revenue, excluding depreciation and amortization | 1,690,558 | 1,681,438 | 4,636,006 | 4,285,320 | |||||||
Depreciation and amortization | 55,196 | 54,863 | 174,171 | 156,478 | |||||||
General and administrative expenses | 77,146 | 80,311 | 220,581 | 211,535 | |||||||
Interest expense, net | 19,297 | 22,330 | 58,178 | 60,183 | |||||||
Equity in earnings of unconsolidated affiliates | (6,966) | (7,671) | (19,778) | (19,080) | |||||||
Other expense (income), net | 8,002 | 323 | 16,323 | (1,976) | |||||||
Income before income taxes | $ | 173,385 | $ | 145,633 | $ | 388,484 | $ | 299,405 | |||
Provision for income taxes | (43,303) | (25,091) | (95,073) | (71,999) | |||||||
Net income | $ | 130,082 | $ | 120,542 | $ | 293,411 | $ | 227,406 | |||
Net income (loss) attributable to non-controlling interests | 1,486 | (124) | 1,993 | (312) | |||||||
Net income attributable to MasTec, Inc. | $ | 128,596 | $ | 120,666 | $ | 291,418 | $ | 227,718 | |||
Earnings per share: | |||||||||||
Basic earnings per share | $ | 1.71 | $ | 1.55 | $ | 3.88 | $ | 2.87 | |||
Basic weighted average common shares outstanding | 75,217 | 78,096 | 75,131 | 79,399 | |||||||
Diluted earnings per share | $ | 1.69 | $ | 1.52 | $ | 3.85 | $ | 2.83 | |||
Diluted weighted average common shares outstanding | 75,934 | 79,201 | 75,760 | 80,484 | |||||||
Consolidated Balance Sheets | |||||
(unaudited - in thousands) | |||||
September 30, | December 31, | ||||
Assets | |||||
Current assets | $ | 2,198,696 | $ | 2,168,989 | |
Property and equipment, net | 862,923 | 747,808 | |||
Operating lease assets | 233,423 | — | |||
Goodwill and other intangible assets, net | 1,325,812 | 1,269,720 | |||
Other long-term assets | 237,798 | 253,436 | |||
Total assets | $ | 4,858,652 | $ | 4,439,953 | |
Liabilities and Equity | |||||
Current liabilities | $ | 1,334,506 | $ | 1,283,611 | |
Long-term debt, including finance leases | 1,221,127 | 1,324,223 | |||
Long-term operating lease liabilities | 159,283 | — | |||
Deferred income taxes | 277,439 | 263,687 | |||
Other long-term liabilities | 186,993 | 176,408 | |||
Total equity | 1,679,304 | 1,392,024 | |||
Total liabilities and equity | $ | 4,858,652 | $ | 4,439,953 | |
Consolidated Statements of Cash Flows | |||||
(unaudited - in thousands) | |||||
For the Nine Months Ended September 30, | |||||
2019 | 2018 | ||||
Net cash provided by operating activities | $ | 441,394 | $ | 26,770 | |
Net cash used in investing activities | (143,524) | (142,137) | |||
Net cash (used in) provided by financing activities | (282,043) | 142,924 | |||
Effect of currency translation on cash | (154) | 601 | |||
Net increase in cash and cash equivalents | 15,673 | 28,158 | |||
Cash and cash equivalents - beginning of period | $ | 27,422 | $ | 40,326 | |
Cash and cash equivalents - end of period | $ | 43,095 | $ | 68,484 | |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||||||
(unaudited - in millions, except for percentages and per share amounts) | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
Segment Information | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenue by Reportable Segment | |||||||||||||||
Communications | $ | 679.5 | $ | 661.7 | $ | 1,944.9 | $ | 1,907.5 | |||||||
Oil and Gas | 972.5 | 1,035.9 | 2,530.5 | 2,341.6 | |||||||||||
Electrical Transmission | 103.0 | 99.1 | 298.3 | 297.6 | |||||||||||
Power Generation and Industrial | 261.7 | 179.6 | 701.3 | 443.2 | |||||||||||
Other | 0.1 | 1.6 | 0.1 | 3.7 | |||||||||||
Eliminations | (0.2) | (0.7) | (1.1) | (1.7) | |||||||||||
Corporate | — | — | — | — | |||||||||||
Consolidated revenue | $ | 2,016.6 | $ | 1,977.2 | $ | 5,474.0 | $ | 4,991.9 | |||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Adjusted EBITDA by Reportable Segment | |||||||||||||||
EBITDA | $ | 247.9 | $ | 222.8 | $ | 620.8 | $ | 516.1 | |||||||
Non-cash stock-based compensation expense | 4.2 | 3.5 | 12.1 | 10.1 | |||||||||||
Project results from non-controlled joint venture | — | — | — | (1.0) | |||||||||||
Adjusted EBITDA | $ | 252.1 | $ | 226.3 | $ | 633.0 | $ | 525.2 | |||||||
Reportable Segment: | |||||||||||||||
Communications | $ | 57.1 | $ | 74.8 | $ | 154.8 | $ | 230.6 | |||||||
Oil and Gas | 212.9 | 155.8 | 499.6 | 311.5 | |||||||||||
Electrical Transmission | 7.8 | 3.1 | 20.3 | 5.0 | |||||||||||
Power Generation and Industrial | 2.3 | 9.7 | 14.4 | 24.3 | |||||||||||
Other | 6.7 | 7.0 | 19.4 | 18.7 | |||||||||||
Corporate | (34.7) | (24.1) | (75.5) | (64.9) | |||||||||||
Adjusted EBITDA | $ | 252.1 | $ | 226.3 | $ | 633.0 | $ | 525.2 | |||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Adjusted EBITDA Margin by Reportable Segment | |||||||||||||||
EBITDA Margin | 12.3 | % | 11.3 | % | 11.3 | % | 10.3 | % | |||||||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | |||||||
Project results from non-controlled joint venture | — | % | — | % | — | % | (0.0) | % | |||||||
Adjusted EBITDA margin | 12.5 | % | 11.4 | % | 11.6 | % | 10.5 | % | |||||||
Reportable Segment: | |||||||||||||||
Communications | 8.4 | % | 11.3 | % | 8.0 | % | 12.1 | % | |||||||
Oil and Gas | 21.9 | % | 15.0 | % | 19.7 | % | 13.3 | % | |||||||
Electrical Transmission | 7.6 | % | 3.1 | % | 6.8 | % | 1.7 | % | |||||||
Power Generation and Industrial | 0.9 | % | 5.4 | % | 2.1 | % | 5.5 | % | |||||||
Other | NM | 448.4 | % | NM | 501.0 | % | |||||||||
Corporate | NA | NA | NA | NA | |||||||||||
Adjusted EBITDA margin | 12.5 | % | 11.4 | % | 11.6 | % | 10.5 | % | |||||||
NM - Percentage is not meaningful | |||||||||||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||||||
(unaudited - in millions, except for percentages and per share amounts) | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||
Net income | $ | 130.1 | $ | 120.5 | $ | 293.4 | $ | 227.4 | |||||||
Interest expense, net | 19.3 | 22.3 | 58.2 | 60.2 | |||||||||||
Provision for income taxes | 43.3 | 25.1 | 95.1 | 72.0 | |||||||||||
Depreciation and amortization | 55.2 | 54.9 | 174.2 | 156.5 | |||||||||||
EBITDA | $ | 247.9 | $ | 222.8 | $ | 620.8 | $ | 516.1 | |||||||
Non-cash stock-based compensation expense | 4.2 | 3.5 | 12.1 | 10.1 | |||||||||||
Project results from non-controlled joint venture | — | — | — | (1.0) | |||||||||||
Adjusted EBITDA | $ | 252.1 | $ | 226.3 | $ | 633.0 | $ | 525.2 | |||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||||||
Net income | 6.5 | % | 6.1 | % | 5.4 | % | 4.6 | % | |||||||
Interest expense, net | 1.0 | % | 1.1 | % | 1.1 | % | 1.2 | % | |||||||
Provision for income taxes | 2.1 | % | 1.3 | % | 1.7 | % | 1.4 | % | |||||||
Depreciation and amortization | 2.7 | % | 2.8 | % | 3.2 | % | 3.1 | % | |||||||
EBITDA margin | 12.3 | % | 11.3 | % | 11.3 | % | 10.3 | % | |||||||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | |||||||
Project results from non-controlled joint venture | — | % | — | % | — | % | (0.0) | % | |||||||
Adjusted EBITDA margin | 12.5 | % | 11.4 | % | 11.6 | % | 10.5 | % | |||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||
(unaudited - in millions, except for percentages and per share amounts) | |||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Adjusted Net Income Reconciliation | |||||||||||
Net income | $ | 130.1 | $ | 120.5 | $ | 293.4 | $ | 227.4 | |||
Non-cash stock-based compensation expense | 4.2 | 3.5 | 12.1 | 10.1 | |||||||
Project results from non-controlled joint venture | — | — | — | (1.0) | |||||||
Income tax effect of adjustments (a) | (1.0) | (0.9) | (5.2) | (2.5) | |||||||
Statutory tax rate effects (b) | (0.5) | (17.9) | (1.9) | (16.4) | |||||||
Adjusted net income | $ | 132.8 | $ | 105.2 | $ | 298.4 | $ | 217.5 | |||
For the Three Months Ended | For the Nine Months Ended | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||
Diluted earnings per share | $ | 1.69 | $ | 1.52 | $ | 3.85 | $ | 2.83 | |||
Non-cash stock-based compensation expense | 0.06 | 0.04 | 0.16 | 0.13 | |||||||
Project results from non-controlled joint venture | — | — | — | (0.01) | |||||||
Income tax effect of adjustments (a) | (0.01) | (0.01) | (0.07) | (0.03) | |||||||
Statutory tax rate effects (b) | (0.01) | (0.23) | (0.02) | (0.20) | |||||||
Adjusted diluted earnings per share | $ | 1.73 | $ | 1.33 | $ | 3.91 | $ | 2.71 | |||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) | For the nine month period ended September 30, 2019, includes the effects of Canadian provincial statutory tax rates, as well as changes in statutory state tax rates, and for the nine month period ended September 30, 2018, includes the effects of the 2017 Tax Act. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||
(unaudited - in millions, except for percentages and per share amounts) | |||||
Guidance for the Three Months | For the Three Months Ended | ||||
EBITDA and Adjusted EBITDA Reconciliation | |||||
Net income | $ | 92 | $ | 31.8 | |
Interest expense, net | 21 | 22.4 | |||
Provision for income taxes | 32 | 34.1 | |||
Depreciation and amortization | 60 | 56.5 | |||
EBITDA | $ | 205 | $ | 144.7 | |
Non-cash stock-based compensation expense | 4 | 3.4 | |||
Goodwill impairment | — | 47.7 | |||
Adjusted EBITDA | $ | 209 | $ | 195.8 | |
Guidance for the Three Months | For the Three Months Ended | ||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||
Net income | 5.3 | % | 1.7 | % | |
Interest expense, net | 1.2 | % | 1.2 | % | |
Provision for income taxes | 1.8 | % | 1.8 | % | |
Depreciation and amortization | 3.5 | % | 2.9 | % | |
EBITDA margin | 11.9 | % | 7.5 | % | |
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | |
Goodwill impairment | — | % | 2.5 | % | |
Adjusted EBITDA margin | 12.1 | % | 10.2 | % | |
Guidance for the Three Months | For the Three Months Ended | ||||
Adjusted Net Income Reconciliation | |||||
Net income | $ | 92 | $ | 31.8 | |
Non-cash stock-based compensation expense | 4 | 3.4 | |||
Goodwill impairment | — | 47.7 | |||
Income tax effect of adjustments (a) | (1) | (3.5) | |||
Statutory tax rate effects (b) | — | 3.7 | |||
Adjusted net income | $ | 95 | $ | 83.1 | |
Guidance for the Three Months | For the Three Months | ||||
Adjusted Diluted Earnings per Share Reconciliation | |||||
Diluted earnings per share | $ | 1.21 | $ | 0.41 | |
Non-cash stock-based compensation expense | 0.05 | 0.04 | |||
Goodwill impairment | — | 0.61 | |||
Income tax effect of adjustments (a) | (0.01) | (0.04) | |||
Statutory tax rate effects (b) | — | 0.05 | |||
Adjusted diluted earnings per share | $ | 1.25 | $ | 1.07 | |
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) | For the nine month period ended September 30, 2019, includes the effects of Canadian provincial statutory tax rates, as well as changes in statutory state tax rates, and for the nine month period ended September 30, 2018, includes the effects of the 2017 Tax Act. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||
(unaudited - in millions, except for percentages and per share amounts) | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||
Net income | $ | 385 | $ | 259.2 | $ | 348.9 | |||||
Interest expense, net | 79 | 82.6 | 61.0 | ||||||||
Provision for income taxes | 127 | 106.1 | 22.9 | ||||||||
Depreciation and amortization | 234 | 212.9 | 188.0 | ||||||||
EBITDA | $ | 825 | $ | 660.8 | $ | 620.9 | |||||
Non-cash stock-based compensation expense | 16 | 13.5 | 15.7 | ||||||||
Goodwill impairment | — | 47.7 | — | ||||||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | ||||||||
Restructuring charges | — | — | 0.6 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | ||||||||
Adjusted EBITDA | $ | 842 | $ | 721.0 | $ | 645.6 | |||||
Guidance for the | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | |||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||
Net income | 5.3 | % | 3.8 | % | 5.3 | % | |||||
Interest expense, net | 1.1 | % | 1.2 | % | 0.9 | % | |||||
Provision for income taxes | 1.8 | % | 1.5 | % | 0.3 | % | |||||
Depreciation and amortization | 3.2 | % | 3.1 | % | 2.8 | % | |||||
EBITDA margin | 11.5 | % | 9.6 | % | 9.4 | % | |||||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | |||||
Goodwill impairment | — | % | 0.7 | % | — | % | |||||
Project results from non-controlled joint venture | — | % | (0.0) | % | 0.1 | % | |||||
Restructuring charges | — | % | — | % | 0.0 | % | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | — | % | 0.0 | % | |||||
Adjusted EBITDA margin | 11.7 | % | 10.4 | % | 9.8 | % | |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | ||||||||
(unaudited - in millions, except for percentages and per share amounts) | ||||||||
Guidance for the | For the Year | For the Year | ||||||
Adjusted Net Income Reconciliation | ||||||||
Net income | $ | 385 | $ | 259.2 | $ | 348.9 | ||
Non-cash stock-based compensation expense | 16 | 13.5 | 15.7 | |||||
Goodwill impairment | — | 47.7 | — | |||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | |||||
Restructuring charges | — | — | 0.6 | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | |||||
Income tax effect of adjustments (a) | (6) | (6.0) | (11.6) | |||||
Statutory tax rate effects (b) | (1) | (12.8) | (120.1) | |||||
Adjusted net income | $ | 393 | $ | 300.6 | $ | 241.9 | ||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | ||||||
Adjusted Diluted Earnings per Share Reconciliation | ||||||||
Diluted earnings per share | $ | 5.05 | $ | 3.26 | $ | 4.22 | ||
Non-cash stock-based compensation expense | 0.21 | 0.17 | 0.19 | |||||
Goodwill impairment | — | 0.60 | — | |||||
Project results from non-controlled joint venture | — | (0.01) | 0.10 | |||||
Restructuring charges | — | — | 0.01 | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.01 | |||||
Income tax effect of adjustments (a) | (0.08) | (0.08) | (0.14) | |||||
Statutory tax rate effects (b) | (0.02) | (0.16) | (1.46) | |||||
Adjusted diluted earnings per share | $ | 5.16 | $ | 3.77 | $ | 2.92 | ||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) | For the nine month period ended September 30, 2019, includes the effects of Canadian provincial statutory tax rates, as well as changes in statutory state tax rates, and for the nine month period ended September 30, 2018, includes the effects of the 2017 Tax Act. |
The tables may contain slight summation differences due to rounding. | |
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including renewables; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write- downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks associated with potential environmental issues and other hazards from our operations; risks related to our strategic arrangements, including our equity investees; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/mastec-announces-record-third-quarter-2019-financial-results-and-increased-annual-earnings-guidance-300949513.html
SOURCE MasTec, Inc.
Article Date
10/31/201910/30/2019 - MasTec Senior Management to Present at the Baird and Stephens Investor Conferences in Chicago and Nashville
MasTec Senior Management to Present at the Baird and Stephens Investor Conferences in Chicago and Nashville
Source: PR Newswire
CORAL GABLES, Fla., Oct. 30, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the R.W. Baird 2019 Global Industrial Conference on Tuesday, November 5th at approximately 3:30 p.m. CT. Additionally, company management will present at the Stephens, Inc. Nashville Investment Conference on Friday, November 15th at approximately 8:15 a.m. CT. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-baird-and-stephens-investor-conferences-in-chicago-and-nashville-300948476.html
SOURCE MasTec, Inc.
Article Date
10/30/2019MasTec Schedules Third Quarter 2019 Earnings Release and Conference Call
Source: PR Newswire
CORAL GABLES, Fla., Oct. 17, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended September 30, 2019 after the market closes on Thursday, October 31, 2019. Senior Management will also hold a conference call to discuss these results on Friday, November 1, 2019, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (323) 794-2588 or (888) 220-8451 and the replay number is (719) 457-0820, with a pass code of 4775353. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-third-quarter-2019-earnings-release-and-conference-call-300938957.html
SOURCE MasTec, Inc.
Article Date
10/17/2019MasTec Senior Management to Present at the Morgan Stanley and DADCO Investor Conferences in Laguna Beach and Chicago
Source: PR Newswire
CORAL GABLES, Fla., Sept. 4, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Morgan Stanley 7th Annual Laguna Investor Conference on Wednesday, September 11th at approximately 12:50 p.m. PT. Additionally, company management will present at the D.A. Davidson 18th Annual Diversified Industrials & Services Conference on Wednesday, September 18th at approximately 1:45 p.m. CT. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-morgan-stanley-and-dadco-investor-conferences-in-laguna-beach-and-chicago-300907014.html
SOURCE MasTec, Inc.
Article Date
9/4/20198/1/2019 - MasTec Announces Strong Second Quarter 2019 Financial Results and Increased Annual Guidance
MasTec Announces Strong Second Quarter 2019 Financial Results and Increased Annual Guidance
Source: PR Newswire
CORAL GABLES, Fla., Aug. 1, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced higher than expected second quarter financial results and cash flow from operations as well as increased 2019 annual guidance.
Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "We are proud to report record second quarter results, significantly above our guidance expectation. We continue to have strong visibility into continued growth opportunities and are pleased to increase our 2019 annual guidance to yet another record level."
Mr. Mas continued, "As we look beyond 2019, our diversified end markets continue to afford us multiple growth opportunities, and we believe investments made during 2019 to support growth will position us to maximize our future growth and financial performance."
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We had record second quarter 2019 cash flow from operations and significantly reduced debt levels, resulting from ordinary course cash collection activity. Our second quarter DSOs are at a normalized level of 77 days, and we expect that our future DSOs will remain within our targeted range of mid to high 70's to low 80's. We also continue to expect record annual 2019 cash flow from operations, and our capital structure and ample liquidity afford us the ability to take advantage of various multi-year growth opportunities in our markets."
Based on the information available today, the Company is providing initial third quarter guidance, and increasing full year 2019 guidance expectations. The Company currently estimates full year 2019 revenue of approximately $7.7 billion. Full year 2019 GAAP net income and diluted earnings per share are expected to approximate $375 million and $4.93, respectively. Regarding full year 2019 expectations for non-GAAP measures, adjusted EBITDA is expected to approximate $836 million or 10.9% of revenue and adjusted diluted earnings per share is expected to be $5.04, a 34% increase over 2018.
For the third quarter of 2019, the Company expects revenue of approximately $2.15 billion. Third quarter 2019 GAAP net income is expected to approximate $120 million with GAAP diluted earnings per share expected to approximate $1.57. Third quarter 2019 adjusted EBITDA, a non-GAAP measure, is expected to approximate $246 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $1.62.
Management will hold a conference call to discuss these results on Friday, August 2, 2019 at 9:00 a.m. Eastern time. The call-in number for the conference call is (323) 794-2423 or (888) 204-4368, and the replay number is (719) 457-0820, with a pass code of 5713663. The replay will be available for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended June 30, 2019 and 2018:
Condensed Unaudited Consolidated Statements of Operations | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 1,939,006 | $ | 1,617,804 | $ | 3,457,346 | $ | 3,014,638 | |||||||
Costs of revenue, excluding depreciation and amortization | 1,633,400 | 1,366,584 | 2,945,448 | 2,603,883 | |||||||||||
Depreciation and amortization | 59,944 | 51,676 | 118,975 | 101,615 | |||||||||||
General and administrative expenses | 70,819 | 67,602 | 143,436 | 131,224 | |||||||||||
Interest expense, net | 16,623 | 20,795 | 38,881 | 37,854 | |||||||||||
Equity in earnings of unconsolidated affiliates | (6,551) | (5,824) | (12,811) | (11,409) | |||||||||||
Other expense (income), net | 4,812 | 788 | 8,317 | (2,301) | |||||||||||
Income before income taxes | $ | 159,959 | $ | 116,183 | $ | 215,100 | $ | 153,772 | |||||||
Provision for income taxes | (39,736) | (35,782) | (51,770) | (46,908) | |||||||||||
Net income | $ | 120,223 | $ | 80,401 | $ | 163,330 | $ | 106,864 | |||||||
Net income (loss) attributable to non-controlling interests | 513 | (91) | 507 | (188) | |||||||||||
Net income attributable to MasTec, Inc. | $ | 119,710 | $ | 80,492 | $ | 162,823 | $ | 107,052 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 1.59 | $ | 1.02 | $ | 2.17 | $ | 1.34 | |||||||
Basic weighted average common shares outstanding | 75,183 | 78,984 | 75,088 | 80,061 | |||||||||||
Diluted earnings per share | $ | 1.58 | $ | 1.01 | $ | 2.15 | $ | 1.32 | |||||||
Diluted weighted average common shares outstanding | 75,747 | 80,062 | 75,661 | 81,136 | |||||||||||
Condensed Unaudited Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
June 30, | December 31, | ||||||
Assets | |||||||
Current assets | $ | 2,127,012 | $ | 2,168,989 | |||
Property and equipment, net | 852,804 | 747,808 | |||||
Operating lease assets | 241,493 | — | |||||
Goodwill and other intangibles, net | 1,334,325 | 1,269,720 | |||||
Other long-term assets | 241,737 | 253,436 | |||||
Total assets | $ | 4,797,371 | $ | 4,439,953 | |||
Liabilities and Equity | |||||||
Current liabilities | $ | 1,391,153 | $ | 1,283,611 | |||
Long-term debt, including financed leases | 1,250,812 | 1,324,223 | |||||
Long-term operating lease liabilities | 168,698 | — | |||||
Long-term deferred tax liabilities, net | 256,519 | 263,687 | |||||
Other long-term liabilities | 178,851 | 176,408 | |||||
Total equity | 1,551,338 | 1,392,024 | |||||
Total liabilities and equity | $ | 4,797,371 | $ | 4,439,953 | |||
Condensed Unaudited Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
For the Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net cash provided by operating activities | $ | 351,461 | $ | 23,217 | |||
Net cash used in investing activities | (122,802) | (111,095) | |||||
Net cash (used in) provided by financing activities | (196,825) | 67,724 | |||||
Effect of currency translation on cash | (80) | 512 | |||||
Net increase (decrease) in cash and cash equivalents | 31,754 | (19,642) | |||||
Cash and cash equivalents - beginning of period | $ | 27,422 | $ | 40,326 | |||
Cash and cash equivalents - end of period | $ | 59,176 | $ | 20,684 | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
Segment Information | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenue by Reportable Segment | |||||||||||||||
Communications | $ | 652.6 | $ | 618.6 | $ | 1,265.4 | $ | 1,245.7 | |||||||
Oil and Gas | 936.8 | 769.3 | 1,558.1 | 1,305.8 | |||||||||||
Electrical Transmission | 100.4 | 84.5 | 195.3 | 198.5 | |||||||||||
Power Generation and Industrial | 250.2 | 146.0 | 439.6 | 263.6 | |||||||||||
Other | 0.0 | 0.2 | 0.1 | 2.2 | |||||||||||
Eliminations | (1.0) | (0.8) | (1.2) | (1.2) | |||||||||||
Corporate | — | — | — | — | |||||||||||
Consolidated revenue | $ | 1,939.0 | $ | 1,617.8 | $ | 3,457.3 | $ | 3,014.6 | |||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Adjusted EBITDA by Reportable Segment | |||||||||||||||
EBITDA | $ | 236.5 | $ | 188.7 | $ | 373.0 | $ | 293.2 | |||||||
Non-cash stock-based compensation expense | 4.2 | 3.4 | 7.9 | 6.6 | |||||||||||
Project results from non-controlled joint venture | — | (1.0) | — | (1.0) | |||||||||||
Adjusted EBITDA | $ | 240.7 | $ | 191.1 | $ | 380.9 | $ | 298.8 | |||||||
Reportable Segment: | |||||||||||||||
Communications | $ | 52.4 | $ | 73.7 | $ | 97.8 | $ | 155.8 | |||||||
Oil and Gas | 179.3 | 122.7 | 286.7 | 155.7 | |||||||||||
Electrical Transmission | 8.7 | (2.7) | 12.4 | 1.9 | |||||||||||
Power Generation and Industrial | 8.9 | 9.8 | 12.1 | 14.6 | |||||||||||
Other | 6.4 | 5.8 | 12.7 | 11.8 | |||||||||||
Corporate | (15.0) | (18.2) | (40.8) | (41.0) | |||||||||||
Adjusted EBITDA | $ | 240.7 | $ | 191.1 | $ | 380.9 | $ | 298.8 | |||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Adjusted EBITDA Margin by Reportable Segment | |||||||||||
EBITDA Margin | 12.2 | % | 11.7 | % | 10.8 | % | 9.7 | % | |||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | |||
Project results from non-controlled joint venture | — | % | (0.1) | % | — | % | (0.0) | % | |||
Adjusted EBITDA margin | 12.4 | % | 11.8 | % | 11.0 | % | 9.9 | % | |||
Reportable Segment: | |||||||||||
Communications | 8.0 | % | 11.9 | % | 7.7 | % | 12.5 | % | |||
Oil and Gas | 19.1 | % | 15.9 | % | 18.4 | % | 11.9 | % | |||
Electrical Transmission | 8.6 | % | (3.2) | % | 6.4 | % | 0.9 | % | |||
Power Generation and Industrial | 3.5 | % | 6.7 | % | 2.8 | % | 5.5 | % | |||
Other | NM | 2,479 | % | NM | 538.5 | % | |||||
Corporate | NA | NA | NA | NA | |||||||
Adjusted EBITDA margin | 12.4 | % | 11.8 | % | 11.0 | % | 9.9 | % | |||
[NM - Percentage is not meaningful] |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||
Net income | $ | 120.2 | $ | 80.4 | $ | 163.3 | $ | 106.9 | |||||||
Interest expense, net | 16.6 | 20.8 | 38.9 | 37.9 | |||||||||||
Provision for income taxes | 39.7 | 35.8 | 51.8 | 46.9 | |||||||||||
Depreciation and amortization | 59.9 | 51.7 | 119.0 | 101.6 | |||||||||||
EBITDA | $ | 236.5 | $ | 188.7 | $ | 373.0 | $ | 293.2 | |||||||
Non-cash stock-based compensation expense | 4.2 | 3.4 | 7.9 | 6.6 | |||||||||||
Project results from non-controlled joint venture | — | (1.0) | — | (1.0) | |||||||||||
Adjusted EBITDA | $ | 240.7 | $ | 191.1 | $ | 380.9 | $ | 298.8 | |||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||
Net income | 6.2 | % | 5.0 | % | 4.7 | % | 3.5 | % | |||
Interest expense, net | 0.9 | % | 1.3 | % | 1.1 | % | 1.3 | % | |||
Provision for income taxes | 2.0 | % | 2.2 | % | 1.5 | % | 1.6 | % | |||
Depreciation and amortization | 3.1 | % | 3.2 | % | 3.4 | % | 3.4 | % | |||
EBITDA margin | 12.2 | % | 11.7 | % | 10.8 | % | 9.7 | % | |||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | |||
Project results from non-controlled joint venture | — | % | (0.1 | )% | — | % | (0.0 | )% | |||
Adjusted EBITDA margin | 12.4 | % | 11.8 | % | 11.0 | % | 9.9 | % | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Adjusted Net Income Reconciliation | |||||||||||||||
Net income | $ | 120.2 | $ | 80.4 | $ | 163.3 | $ | 106.9 | |||||||
Non-cash stock-based compensation expense | 4.2 | 3.4 | 7.9 | 6.6 | |||||||||||
Project results from non-controlled joint venture | — | (1.0) | — | (1.0) | |||||||||||
Income tax effect of adjustments (a) | (1.0) | (0.8) | (4.2) | (1.6) | |||||||||||
Statutory tax rate effects (b) | (1.4) | 1.5 | (1.4) | 1.5 | |||||||||||
Adjusted net income | $ | 122.0 | $ | 83.5 | $ | 165.6 | $ | 112.3 | |||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||||||
Diluted earnings per share | $ | 1.58 | $ | 1.01 | $ | 2.15 | $ | 1.32 | |||||||
Non-cash stock-based compensation expense | 0.06 | 0.04 | 0.10 | 0.08 | |||||||||||
Project results from non-controlled joint venture | — | (0.01) | — | (0.01) | |||||||||||
Income tax effect of adjustments (a) | (0.01) | (0.01) | (0.06) | (0.02) | |||||||||||
Statutory tax rate effects (b) | (0.02) | 0.02 | (0.02) | 0.02 | |||||||||||
Adjusted diluted earnings per share | $ | 1.60 | $ | 1.04 | $ | 2.18 | $ | 1.39 | |||||||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and their effect on pre-tax income. | |||||||||||||||
(b) For the three and six month periods ended June 30, 2019, includes the effects of changes in Canadian provincial statutory tax rates, and for the three and six month periods ended June 30, 2018, includes the effects of the 2017 Tax Act. | |||||||||||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||
(In millions, except for percentages and per share amounts) | |||||||
Guidance for the Three Months Ended September 30, 2019 Est. | For the Three Months Ended September 30, 2018 | ||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||
Net income | $ | 120 | $ | 120.5 | |||
Interest expense, net | 21 | 22.3 | |||||
Provision for income taxes | 41 | 25.1 | |||||
Depreciation and amortization | 60 | 54.9 | |||||
EBITDA | $ | 242 | $ | 222.8 | |||
Non-cash stock-based compensation expense | 4 | 3.5 | |||||
Adjusted EBITDA | $ | 246 | $ | 226.3 | |||
Guidance for the Three Months Ended September 30, 2019 Est. | For the Three Months Ended September 30, 2018 | ||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||
Net income | 5.6% | 6.1% | |||
Interest expense, net | 1.0% | 1.1% | |||
Provision for income taxes | 1.9% | 1.3% | |||
Depreciation and amortization | 2.8% | 2.8% | |||
EBITDA margin | 11.2% | 11.3% | |||
Non-cash stock-based compensation expense | 0.2% | 0.2% | |||
Adjusted EBITDA margin | 11.4% | 11.4% | |||
Guidance for the | For the Three Months | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 120 | $ | 120.5 | |||
Non-cash stock-based compensation expense | 4 | 3.5 | |||||
Income tax effect of adjustments (a) | (1) | (0.9) | |||||
Statutory tax rate effects (b) | — | (17.9) | |||||
Adjusted net income | $ | 123 | $ | 105.2 | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 1.57 | $ | 1.52 | |||
Non-cash stock-based compensation expense | 0.06 | 0.04 | |||||
Income tax effect of adjustments (a) | (0.01) | (0.01) | |||||
Statutory tax rate effects (b) | — | (0.23) | |||||
Adjusted diluted earnings per share | $ | 1.62 | $ | 1.33 | |||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and their effect on pre-tax income. |
(b) For the three month period ended September 30, 2018, includes the effects of the 2017 Tax Act. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | |||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||
Net income | $ | 375 | $ | 259.2 | $ | 348.9 | |||||
Interest expense, net | 81 | 82.6 | 61.0 | ||||||||
Provision for income taxes | 125 | 106.1 | 22.9 | ||||||||
Depreciation and amortization | 239 | 212.9 | 188.0 | ||||||||
EBITDA | $ | 820 | $ | 660.8 | $ | 620.9 | |||||
Non-cash stock-based compensation expense | 16 | 13.5 | 15.7 | ||||||||
Goodwill impairment | — | 47.7 | — | ||||||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | ||||||||
Restructuring charges | — | — | 0.6 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | ||||||||
Adjusted EBITDA | $ | 836 | $ | 721.0 | $ | 645.6 | |||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | ||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | ||||||||
Net income | 4.9 | % | 3.8 | % | 5.3 | % | ||
Interest expense, net | 1.0 | % | 1.2 | % | 0.9 | % | ||
Provision for income taxes | 1.6 | % | 1.5 | % | 0.3 | % | ||
Depreciation and amortization | 3.1 | % | 3.1 | % | 2.8 | % | ||
EBITDA margin | 10.6 | % | 9.6 | % | 9.4 | % | ||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | ||
Goodwill impairment | — | % | 0.7 | % | — | % | ||
Project results from non-controlled joint venture | — | % | (0.0) | % | 0.1 | % | ||
Restructuring charges | — | % | — | % | 0.0 | % | ||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | — | % | 0.0 | % | ||
Adjusted EBITDA margin | 10.9 | % | 10.4 | % | 9.8 | % | ||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | |||||||||
Adjusted Net Income Reconciliation | |||||||||||
Net income | $ | 375 | $ | 259.2 | $ | 348.9 | |||||
Non-cash stock-based compensation expense | 16 | 13.5 | 15.7 | ||||||||
Goodwill impairment | — | 47.7 | — | ||||||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | ||||||||
Restructuring charges | — | — | 0.6 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | ||||||||
Income tax effect of adjustments (a) | (6) | (6.0) | (11.6) | ||||||||
Statutory tax rate effects (b) | (1) | (12.8) | (120.1) | ||||||||
Adjusted net income | $ | 383 | $ | 300.6 | $ | 241.9 | |||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | |||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||
Diluted earnings per share | $ | 4.93 | $ | 3.26 | $ | 4.22 | |||||
Non-cash stock-based compensation expense | 0.22 | 0.17 | 0.19 | ||||||||
Goodwill impairment | — | 0.60 | — | ||||||||
Project results from non-controlled joint venture | — | (0.01) | 0.10 | ||||||||
Restructuring charges | — | — | 0.01 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.01 | ||||||||
Income tax effect of adjustments (a) | (0.09) | (0.08) | (0.14) | ||||||||
Statutory tax rate effects (b) | (0.02) | (0.16) | (1.46) | ||||||||
Adjusted diluted earnings per share | $ | 5.04 | $ | 3.77 | $ | 2.92 | |||||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and their effect on pre-tax income. |
(b) Includes the effects of changes in Canadian provincial statutory tax rates and the effects of the 2017 Tax Act. |
The tables may contain slight summation differences due to rounding.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including renewables; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write- downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks associated with potential environmental issues and other hazards from our operations; risks related to our strategic arrangements, including our equity investees; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
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SOURCE MasTec, Inc.
Article Date
8/1/20197/30/2019 - MasTec Senior Management to Present at the Canaccord Genuity Growth Conference in Boston
MasTec Senior Management to Present at the Canaccord Genuity Growth Conference in Boston
Source: PR Newswire
CORAL GABLES, Fla., July 30, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the 39th Annual Canaccord Genuity Growth Conference in Boston on Wednesday, August 7th at approximately 1:30 p.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conference.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-canaccord-genuity-growth-conference-in-boston-300884758.html
SOURCE MasTec, Inc.
Article Date
7/30/2019MasTec Schedules Second Quarter 2019 Earnings Release and Conference Call
Source: PR Newswire
CORAL GABLES, Fla., July 18, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended June 30, 2019 after the market closes on Thursday, August 1, 2019. Senior Management will also hold a conference call to discuss these results on Friday, August 2, 2019, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (323) 794-2423 or (888) 204-4368 and the replay number is (719) 457-0820, with a pass code of 5713663. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-second-quarter-2019-earnings-release-and-conference-call-300884741.html
SOURCE MasTec, Inc.
Article Date
7/18/20196/4/2019 - MasTec Senior Management to Present at the Stifel Cross Sector Insight Conference in Boston
MasTec Senior Management to Present at the Stifel Cross Sector Insight Conference in Boston
Source: PR Newswire
CORAL GABLES, Fla., June 4, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Stifel Cross Sector Insight Conference in Boston on Tuesday, June 11th at approximately 8:35 a.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conference.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-stifel-cross-sector-insight-conference-in-boston-300856234.html
SOURCE MasTec, Inc.
Article Date
6/4/2019MasTec Senior Management to Present at the Baird and Deutsche Bank Investor Conferences in New York and Chicago
Source: PR Newswire
CORAL GABLES, Fla., May 28, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Baird Global Consumer, Technology and Services Conference in New York City on Tuesday, June 4th at approximately 7:55 a.m. ET. Additionally, company management will present at the Deutsche Bank Industrial & Materials Summit in Chicago on Wednesday, June 5th at approximately 9:00 a.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-baird-and-deutsche-bank-investor-conferences-in-new-york-and-chicago-300856227.html
SOURCE MasTec, Inc.
Article Date
5/28/20195/7/2019 - MasTec Senior Management to Present at the Barclays Americas Select Franchise Conference in London
MasTec Senior Management to Present at the Barclays Americas Select Franchise Conference in London
Source: PR Newswire
CORAL GABLES, Fla., May 7, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Barclays Industrial Select Conference on Tuesday, May 14th at approximately 1:30 p.m. London BST Time, 8:30 a.m. U.S. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conference.
The fireside chat audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
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SOURCE MasTec, Inc.
Article Date
5/7/20195/2/2019 - MasTec Announces Record First Quarter 2019 Revenue and Backlog and Increased Annual Guidance
MasTec Announces Record First Quarter 2019 Revenue and Backlog and Increased Annual Guidance
Source: PR Newswire
CORAL GABLES, Fla., May 2, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced higher than expected first quarter financial results, record backlog, and increased 2019 guidance.
Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "We are proud to report strong first quarter financial results, above expectations, as well as a new record backlog level which achieved an $8 billion level for the first time in Company history. This demonstrates the significant strength in demand for our services across multiple markets."
Mr. Mas continued, "We are pleased that our strong confidence and visibility into continued growth prospects allow us to increase our 2019 annual guidance expectations to new record levels and we look forward to continued improvement in 2020 and beyond."
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "Our increased 2019 guidance expectations represent record levels of annual revenue, cash flow from operations, and adjusted diluted earnings per share. Our balance sheet remains in excellent shape, providing us ample liquidity to support various multi-year growth opportunities ahead of us."
Based on the information available today, the Company is providing initial second quarter guidance, and increasing 2019 annual guidance expectations. The Company currently estimates 2019 annual revenue will approximate $7.6 billion, a record level. 2019 annual GAAP net income and diluted earnings per share are expected to approximate $335 million and $4.41, respectively. 2019 annual adjusted EBITDA, a non-GAAP measure, is expected to approximate $795 million, or 10.5% of revenue, and 2019 annual adjusted diluted earnings per share, a non-GAAP measure, is expected to approximate $4.55, a 21% increase over 2018.
For the second quarter of 2019, the Company expects revenue to approximate $1.8 billion. Second quarter 2019 GAAP net income is expected to approximate $81 million with GAAP diluted earnings per share expected to approximate $1.07. Second quarter 2019 adjusted EBITDA, a non-GAAP measure, is expected to approximate $200 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $1.11.
Senior Management will hold a conference call to discuss these results on Friday, May 3, 2019, at 9:00 a.m. Eastern time. The call-in number for the conference call is (323) 794-2588 or (888) 220-8451 and the replay number is (719) 457-0820, with a pass code of 4843054. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended March 31, 2019 and 2018:
Condensed Unaudited Consolidated Statements of Operations | |||||||
(In thousands, except per share amounts) | |||||||
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | 1,518,340 | $ | 1,396,834 | |||
Costs of revenue, excluding depreciation and amortization | 1,312,048 | 1,237,299 | |||||
Depreciation and amortization | 59,031 | 49,940 | |||||
General and administrative expenses | 72,616 | 63,622 | |||||
Interest expense, net | 22,258 | 17,058 | |||||
Equity in earnings of unconsolidated affiliates | (6,260) | (5,585) | |||||
Other expense (income), net | 3,507 | (3,089) | |||||
Income before income taxes | $ | 55,140 | $ | 37,589 | |||
Provision for income taxes | (12,033) | (11,126) | |||||
Net income | $ | 43,107 | $ | 26,463 | |||
Net loss attributable to non-controlling interests | (5) | (97) | |||||
Net income attributable to MasTec, Inc. | $ | 43,112 | $ | 26,560 | |||
Earnings per share: | |||||||
Basic earnings per share | $ | 0.57 | $ | 0.33 | |||
Basic weighted average common shares outstanding | 74,991 | 81,150 | |||||
Diluted earnings per share | $ | 0.57 | $ | 0.32 | |||
Diluted weighted average common shares outstanding | 75,578 | 82,221 | |||||
Condensed Unaudited Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
March 31, | December 31, | ||||||
Assets | |||||||
Current assets | $ | 2,262,059 | $ | 2,168,989 | |||
Property and equipment, net | 799,479 | 747,808 | |||||
Operating lease assets | 223,106 | — | |||||
Goodwill and other intangibles, net | 1,333,710 | 1,269,720 | |||||
Other long-term assets | 242,039 | 253,436 | |||||
Total assets | $ | 4,860,393 | $ | 4,439,953 | |||
Liabilities and Equity | |||||||
Current liabilities | $ | 1,262,652 | $ | 1,283,611 | |||
Long-term debt, including financed leases | 1,539,294 | 1,324,223 | |||||
Long-term operating lease liabilities | 153,850 | — | |||||
Long-term deferred tax liabilities, net | 274,900 | 263,687 | |||||
Other long-term liabilities | 195,965 | 176,408 | |||||
Total equity | 1,433,732 | 1,392,024 | |||||
Total liabilities and equity | $ | 4,860,393 | $ | 4,439,953 | |||
Condensed Unaudited Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net cash (used in) provided by operating activities | $ | (46,807) | $ | 83,501 | |||
Net cash used in investing activities | (111,203) | (30,856) | |||||
Net cash provided by (used in) financing activities | 173,773 | (53,458) | |||||
Effect of currency translation on cash | 9 | 722 | |||||
Net increase (decrease) in cash and cash equivalents | 15,772 | (91) | |||||
Cash and cash equivalents - beginning of period | $ | 27,422 | $ | 40,326 | |||
Cash and cash equivalents - end of period | $ | 43,194 | $ | 40,235 | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||
(In millions, except for percentages and per share amounts) | |||||||
For the Three Months Ended March 31, | |||||||
Segment Information | 2019 | 2018 | |||||
Revenue by Reportable Segment | |||||||
Communications | $ | 612.8 | $ | 627.1 | |||
Oil and Gas | 621.3 | 536.5 | |||||
Electrical Transmission | 94.9 | 114.0 | |||||
Power Generation and Industrial | 189.4 | 117.6 | |||||
Other | 0.0 | 1.9 | |||||
Eliminations | (0.1) | (0.3) | |||||
Corporate | — | — | |||||
Consolidated revenue | $ | 1,518.3 | $ | 1,396.8 | |||
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Adjusted EBITDA by Reportable Segment | |||||||
EBITDA | $ | 136.4 | $ | 104.6 | |||
Non-cash stock-based compensation expense | 3.7 | 3.2 | |||||
Adjusted EBITDA | $ | 140.1 | $ | 107.8 | |||
Reportable Segment: | |||||||
Communications | $ | 45.3 | $ | 82.1 | |||
Oil and Gas | 107.4 | 33.0 | |||||
Electrical Transmission | 3.8 | 4.6 | |||||
Power Generation and Industrial | 3.2 | 4.8 | |||||
Other | 6.2 | 5.9 | |||||
Corporate | (25.8) | (22.6) | |||||
Adjusted EBITDA | $ | 140.1 | $ | 107.8 | |||
For the Three Months Ended March 31, | |||||
2019 | 2018 | ||||
Adjusted EBITDA Margin by Reportable Segment | |||||
EBITDA Margin | 9.0 | % | 7.5 | % | |
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | |
Adjusted EBITDA margin | 9.2 | % | 7.7 | % | |
Reportable Segment: | |||||
Communications | 7.4 | % | 13.1 | % | |
Oil and Gas | 17.3 | % | 6.2 | % | |
Electrical Transmission | 4.0 | % | 4.0 | % | |
Power Generation and Industrial | 1.7 | % | 4.1 | % | |
Other | NM | 304.3 | % | ||
Corporate | NA | NA | |||
Adjusted EBITDA margin | 9.2 | % | 7.7 | % | |
[NM - Percentage is not meaningful] | |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||||
For the Three Months Ended March 31, | |||||||||||||
2019 | 2018 | ||||||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||
Net income | $ | 43.1 | $ | 26.5 | |||||||||
Interest expense, net | 22.3 | 17.1 | |||||||||||
Provision for income taxes | 12.0 | 11.1 | |||||||||||
Depreciation and amortization | 59.0 | 49.9 | |||||||||||
EBITDA | $ | 136.4 | $ | 104.6 | |||||||||
Non-cash stock-based compensation expense | 3.7 | 3.2 | |||||||||||
Adjusted EBITDA | $ | 140.1 | $ | 107.8 | |||||||||
For the Three Months Ended March 31, | |||||||||||||
2019 | 2018 | ||||||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||||
Net income | 2.8 | % | 1.9 | % | |||||||||
Interest expense, net | 1.5 | % | 1.2 | % | |||||||||
Provision for income taxes | 0.8 | % | 0.8 | % | |||||||||
Depreciation and amortization | 3.9 | % | 3.6 | % | |||||||||
EBITDA margin | 9.0 | % | 7.5 | % | |||||||||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | |||||||||
Adjusted EBITDA margin | 9.2 | % | 7.7 | % | |||||||||
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 43.1 | $ | 26.5 | |||
Non-cash stock-based compensation expense | 3.7 | 3.2 | |||||
Income tax effect of adjustments (a) | (3.2) | (0.9) | |||||
Adjusted net income | $ | 43.6 | $ | 28.8 | |||
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 0.57 | $ | 0.32 | |||
Non-cash stock-based compensation expense | 0.05 | 0.04 | |||||
Income tax effect of adjustments (a) | (0.04) | (0.01) | |||||
Adjusted diluted earnings per share | $ | 0.58 | $ | 0.35 | |||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||
(In millions, except for percentages and per share amounts) | |||||||
Guidance for the Three Months Ended June 30, 2019 Est. | For the Three Months Ended June 30, 2018 | ||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||
Net income | $ | 81 | $ | 80.4 | |||
Interest expense, net | 22 | 20.8 | |||||
Provision for income taxes | 28 | 35.8 | |||||
Depreciation and amortization | 64 | 51.7 | |||||
EBITDA | $ | 196 | $ | 188.7 | |||
Non-cash stock-based compensation expense | 4 | 3.4 | |||||
Project results from non-controlled joint venture | — | (1.0) | |||||
Adjusted EBITDA | $ | 200 | $ | 191.1 | |||
Guidance for the Three Months Ended June 30, 2019 Est. | For the Three Months Ended June 30, 2018 | ||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||
Net income | 4.5 | % | 5.0 | % | |
Interest expense, net | 1.2 | % | 1.3 | % | |
Provision for income taxes | 1.6 | % | 2.2 | % | |
Depreciation and amortization | 3.6 | % | 3.2 | % | |
EBITDA margin | 10.9 | % | 11.7 | % | |
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | |
Project results from non-controlled joint venture | — | % | (0.1) | % | |
Adjusted EBITDA margin | 11.1 | % | 11.8 | % | |
Guidance for the Three Months Ended June 30, 2019 Est. | For the Three Months Ended June 30, 2018 | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 81 | $ | 80.4 | |||
Non-cash stock-based compensation expense | 4 | 3.4 | |||||
Project results from non-controlled joint venture | — | (1.0) | |||||
Income tax effect of adjustments (a) | (1) | (0.8) | |||||
Statutory tax rate effects | — | 1.5 | |||||
Adjusted net income | $ | 84 | $ | 83.5 | |||
Guidance for the Three Months Ended June 30, 2019 Est. | For the Three Months Ended June 30, 2018 | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 1.07 | $ | 1.01 | |||
Non-cash stock-based compensation expense | 0.06 | 0.04 | |||||
Project results from non-controlled joint venture | — | (0.01) | |||||
Income tax effect of adjustments (a) | (0.01) | (0.01) | |||||
Statutory tax rate effects | — | 0.02 | |||||
Adjusted diluted earnings per share | $ | 1.11 | $ | 1.04 | |||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | |||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||
Net income | $ | 335 | $ | 259.2 | $ | 348.9 | |||||
Interest expense, net | 87 | 82.6 | 61.0 | ||||||||
Provision for income taxes | 114 | 106.1 | 22.9 | ||||||||
Depreciation and amortization | 243 | 212.9 | 188.0 | ||||||||
EBITDA | $ | 779 | $ | 660.8 | $ | 620.9 | |||||
Non-cash stock-based compensation expense | 16 | 13.5 | 15.7 | ||||||||
Goodwill impairment | — | 47.7 | — | ||||||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | ||||||||
Restructuring charges | — | — | 0.6 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | ||||||||
Adjusted EBITDA | $ | 795 | $ | 721.0 | $ | 645.6 | |||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | ||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | ||||||||
Net income | 4.4 | % | 3.8 | % | 5.3 | % | ||
Interest expense, net | 1.1 | % | 1.2 | % | 0.9 | % | ||
Provision for income taxes | 1.5 | % | 1.5 | % | 0.3 | % | ||
Depreciation and amortization | 3.2 | % | 3.1 | % | 2.8 | % | ||
EBITDA margin | 10.2 | % | 9.6 | % | 9.4 | % | ||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | ||
Goodwill impairment | — | % | 0.7 | % | — | % | ||
Project results from non-controlled joint venture | — | % | (0.0) | % | 0.1 | % | ||
Restructuring charges | — | % | — | % | 0.0 | % | ||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | — | % | 0.0 | % | ||
Adjusted EBITDA margin | 10.5 | % | 10.4 | % | 9.8 | % | ||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||
(In millions, except for percentages and per share amounts) | |||||||||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | |||||||||
Adjusted Net Income Reconciliation | |||||||||||
Net income | $ | 335 | $ | 259.2 | $ | 348.9 | |||||
Non-cash stock-based compensation expense | 16 | 13.5 | 15.7 | ||||||||
Goodwill impairment | — | 47.7 | — | ||||||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | ||||||||
Restructuring charges | — | — | 0.6 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | ||||||||
Income tax effect of adjustments (a) | (6) | (6.0) | (11.6) | ||||||||
Statutory tax rate effects | — | (12.8) | (120.1) | ||||||||
Adjusted net income | $ | 345 | $ | 300.6 | $ | 241.9 | |||||
Guidance for the Year Ended December 31, 2019 Est. | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | |||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||
Diluted earnings per share | $ | 4.41 | $ | 3.26 | $ | 4.22 | |||||
Non-cash stock-based compensation expense | 0.22 | 0.17 | 0.19 | ||||||||
Goodwill impairment | — | 0.60 | — | ||||||||
Project results from non-controlled joint venture | — | (0.01) | 0.10 | ||||||||
Restructuring charges | — | — | 0.01 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.01 | ||||||||
Income tax effect of adjustments (a) | (0.09) | (0.08) | (0.14) | ||||||||
Statutory tax rate effects | — | (0.16) | (1.46) | ||||||||
Adjusted diluted earnings per share | $ | 4.55 | $ | 3.77 | $ | 2.92 | |||||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income. |
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including renewables; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks associated with potential environmental issues and other hazards from our operations; risks related to our strategic arrangements, including our equity investees; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/mastec-announces-record-first-quarter-2019-revenue-and-backlog-and-increased-annual-guidance-300843196.html
SOURCE MasTec, Inc.
Article Date
5/2/2019MasTec Schedules First Quarter 2019 Earnings Release and Conference Call
Source: PR Newswire
CORAL GABLES, Fla., April 18, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended March 31, 2019 after the market closes on Thursday, May 2, 2019. Senior Management will also hold a conference call to discuss these results on Friday, May 3, 2019, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (323) 794-2588 or (888) 220-8451 and the replay number is (719) 457-0820, with a pass code of 4843054. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-first-quarter-2019-earnings-release-and-conference-call-300833367.html
SOURCE MasTec, Inc.
Article Date
4/18/20192/28/2019 - MasTec Announces Fourth Quarter and Annual 2018 Financial Results and Issues Record 2019 Guidance
MasTec Announces Fourth Quarter and Annual 2018 Financial Results and Issues Record 2019 Guidance
Source: PR Newswire
CORAL GABLES, Fla., Feb. 28, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced strong 2018 fourth quarter and full year financial results and issued its initial 2019 guidance expectation.
The Company also reported:
Adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "First I would like to thank the men and women of MasTec for helping us deliver a third consecutive year of record financial performance. I am also proud that our 2019 guidance expectation shows continued growth and represents yet another record level."
Mr. Mas continued, "Our record year end backlog gives us strong confidence and visibility into continued growth in 2019 and beyond. Our confidence in the future and commitment to enhancing shareholder value is evidenced by $319 million in 2018 share repurchase activity, representing 7.2 million shares or approximately 9% of our outstanding share base as of the beginning of the year."
George Pita, MasTec's Executive Vice President and Chief Financial Officer, noted, "As previously indicated, we delivered record annual 2018 cash flow from operations. We enter 2019 with normalized levels of working capital investment, ample liquidity and strong and improved year end leverage metrics despite significant share repurchase investments made during 2018. Our balance sheet is in excellent shape and provides us ample liquidity to support various opportunities to generate additional value for our shareholders, including share repurchases and strategic acquisitions."
Based on the information available today, the Company is providing both first quarter and full year 2019 guidance. The Company currently expects full year 2019 revenue will approximate $7.6 billion, another record level. 2019 full year GAAP net income and diluted earnings per share are expected to approximate $318 million and $4.20, respectively. Full year 2019 non-GAAP measures, including adjusted EBITDA and adjusted diluted earnings per share, represent record levels, with adjusted EBITDA expected to approximate $780 million, or 10.3% of revenue, and adjusted diluted earnings per share expected to be $4.34, a 15% increase over 2018.
For the first quarter of 2019, the Company expects revenue of approximately $1.4 billion. First quarter 2019 GAAP net income is expected to approximate $30 million, with GAAP diluted earnings per share expected to be $0.39. First quarter 2019 adjusted EBITDA, a non-GAAP measure, is expected to approximate $126 million or 9.0% of revenue, with adjusted diluted earnings per share, a non-GAAP measure, expected to be $0.43.
Management will hold a conference call to discuss these results on Friday, March 1, 2019 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (323) 794-2551 or (800) 239-9838 and the replay phone number is (719) 457-0820 with a pass code of 9818218. The replay will be available for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended December 31, 2018 and 2017:
Condensed Unaudited Consolidated Statements of Operations | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
For the Three Months Ended | For the Years Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue | $ | 1,917,552 | $ | 1,602,862 | $ | 6,909,417 | $ | 6,606,978 | |||||||
Costs of revenue, excluding depreciation and amortization | 1,653,987 | 1,421,665 | 5,939,308 | 5,745,307 | |||||||||||
Depreciation and amortization | 56,452 | 49,665 | 212,930 | 188,049 | |||||||||||
Goodwill impairment | 47,662 | — | 47,662 | — | |||||||||||
General and administrative expenses | 75,743 | 73,102 | 287,278 | 275,103 | |||||||||||
Interest expense, net | 22,388 | 16,044 | 82,571 | 61,011 | |||||||||||
Equity in earnings of unconsolidated affiliates | (4,775) | (6,223) | (23,855) | (21,328) | |||||||||||
Other expense (income), net | 197 | (8,887) | (1,780) | (12,990) | |||||||||||
Income before income taxes | $ | 65,898 | $ | 57,496 | $ | 365,303 | $ | 371,826 | |||||||
(Provision for) benefit from income taxes | (34,074) | 103,228 | (106,072) | (22,942) | |||||||||||
Net income | $ | 31,824 | $ | 160,724 | $ | 259,231 | $ | 348,884 | |||||||
Net (loss) income attributable to non-controlling interests | (117) | (99) | (428) | 1,671 | |||||||||||
Net income attributable to MasTec, Inc. | $ | 31,941 | $ | 160,823 | $ | 259,659 | $ | 347,213 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 0.42 | $ | 1.98 | $ | 3.30 | $ | 4.29 | |||||||
Basic weighted average common shares outstanding | 76,604 | 81,033 | 78,695 | 80,903 | |||||||||||
Diluted earnings per share | $ | 0.41 | $ | 1.95 | $ | 3.26 | $ | 4.22 | |||||||
Diluted weighted average common shares outstanding | 77,663 | 82,456 | 79,772 | 82,325 | |||||||||||
Condensed Unaudited Consolidated Balance Sheets (In thousands) | ||||||||
December 31, | December 31, | |||||||
Assets | ||||||||
Current assets | $ | 2,168,989 | $ | 1,852,366 | ||||
Property and equipment, net | 747,808 | 706,506 | ||||||
Goodwill and other intangible assets, net | 1,269,720 | 1,328,880 | ||||||
Other long-term assets | 253,436 | 178,824 | ||||||
Total assets | $ | 4,439,953 | $ | 4,066,576 | ||||
Liabilities and Equity | ||||||||
Current liabilities | $ | 1,283,611 | $ | 963,827 | ||||
Long-term debt | 1,324,223 | 1,280,706 | ||||||
Long-term deferred tax liabilities, net | 263,687 | 204,518 | ||||||
Other long-term liabilities | 176,408 | 184,172 | ||||||
Total equity | 1,392,024 | 1,433,353 | ||||||
Total liabilities and equity | $ | 4,439,953 | $ | 4,066,576 | ||||
Condensed Unaudited Consolidated Statements of Cash Flows | ||||||||
(In thousands) | ||||||||
December 31, | ||||||||
2018 | 2017 | |||||||
Net cash provided by operating activities | $ | 529,956 | $ | 144,096 | ||||
Net cash used in investing activities | (181,799) | (272,748) | ||||||
Net cash (used in) provided by financing activities | (361,094) | 130,322 | ||||||
Effect of currency translation on cash | 33 | (111) | ||||||
Net (decrease) increase in cash and cash equivalents | (12,904) | 1,559 | ||||||
Cash and cash equivalents - beginning of period | $ | 40,326 | $ | 38,767 | ||||
Cash and cash equivalents - end of period | $ | 27,422 | $ | 40,326 | ||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | |||||||||||||||
For the Three Months | For the Years Ended | ||||||||||||||
Segment Information | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue by Reportable Segment | |||||||||||||||
Communications | $ | 649.3 | $ | 662.2 | $ | 2,556.8 | $ | 2,424.4 | |||||||
Oil and Gas | 947.1 | 740.0 | 3,288.7 | 3,497.2 | |||||||||||
Electrical Transmission | 99.7 | 101.0 | 397.3 | 378.2 | |||||||||||
Power Generation and Industrial | 221.7 | 95.7 | 665.0 | 299.9 | |||||||||||
Other | (0.2) | 6.6 | 3.5 | 20.8 | |||||||||||
Eliminations | (0.0) | (2.6) | (1.9) | (13.5) | |||||||||||
Corporate | — | — | — | — | |||||||||||
Consolidated revenue | $ | 1,917.6 | $ | 1,602.9 | $ | 6,909.4 | $ | 6,607.0 | |||||||
For the Three Months | For the Years Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Adjusted EBITDA by Reportable Segment | |||||||||||||||
EBITDA | $ | 144.7 | $ | 123.2 | $ | 660.8 | $ | 620.9 | |||||||
Non-cash stock-based compensation expense | 3.4 | 5.1 | 13.5 | 15.7 | |||||||||||
Goodwill impairment | 47.7 | — | 47.7 | — | |||||||||||
Project results from non-controlled joint venture | — | 0.5 | (1.0) | 7.9 | |||||||||||
Restructuring charges | — | — | — | 0.6 | |||||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.1 | — | 0.7 | |||||||||||
Adjusted EBITDA | $ | 195.8 | $ | 128.9 | $ | 721.0 | $ | 645.6 | |||||||
Reportable Segment: | |||||||||||||||
Communications | $ | 59.8 | $ | 74.3 | $ | 290.4 | $ | 247.9 | |||||||
Oil and Gas | 140.1 | 46.2 | 451.6 | 402.2 | |||||||||||
Electrical Transmission | 5.5 | 6.4 | 10.5 | 18.2 | |||||||||||
Power Generation and Industrial | 16.1 | 7.8 | 40.4 | 22.6 | |||||||||||
Other | 4.7 | 8.7 | 23.4 | 27.6 | |||||||||||
Corporate | (30.4) | (14.5) | (95.3) | (72.9) | |||||||||||
Adjusted EBITDA | $ | 195.8 | $ | 128.9 | $ | 721.0 | $ | 645.6 | |||||||
For the Three Months | For the Years Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Adjusted EBITDA Margin by Reportable Segment | |||||||||||||||
EBITDA Margin | 7.5 | % | 7.7 | % | 9.6 | % | 9.4 | % | |||||||
Non-cash stock-based compensation expense | 0.2 | % | 0.3 | % | 0.2 | % | 0.2 | % | |||||||
Goodwill impairment | 2.5 | % | — | % | 0.7 | % | — | % | |||||||
Project results from non-controlled joint venture | — | % | 0.0 | % | (0.0) | % | 0.1 | % | |||||||
Restructuring charges | — | % | — | % | — | % | 0.0 | % | |||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | 0.0 | % | — | % | 0.0 | % | |||||||
Adjusted EBITDA margin | 10.2 | % | 8.0 | % | 10.4 | % | 9.8 | % | |||||||
Reportable Segment: | |||||||||||||||
Communications | 9.2 | % | 11.2 | % | 11.4 | % | 10.2 | % | |||||||
Oil and Gas | 14.8 | % | 6.2 | % | 13.7 | % | 11.5 | % | |||||||
Electrical Transmission | 5.6 | % | 6.3 | % | 2.6 | % | 4.8 | % | |||||||
Power Generation and Industrial | 7.3 | % | 8.1 | % | 6.1 | % | 7.5 | % | |||||||
Other | (2,364.5) | % | 131.6 | % | 661.5 | % | 132.8 | % | |||||||
Corporate | NA | NA | NA | NA | |||||||||||
Adjusted EBITDA margin | 10.2 | % | 8.0 | % | 10.4 | % | 9.8 | % | |||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | |||||||||||||||
For the Three Months | For the Years Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||
Net income | $ | 31.8 | $ | 160.7 | $ | 259.2 | $ | 348.9 | |||||||
Interest expense, net | 22.4 | 16.0 | 82.6 | 61.0 | |||||||||||
Provision for (benefit from) income taxes | 34.1 | (103.2) | 106.1 | 22.9 | |||||||||||
Depreciation and amortization | 56.5 | 49.7 | 212.9 | 188.0 | |||||||||||
EBITDA | $ | 144.7 | $ | 123.2 | $ | 660.8 | $ | 620.9 | |||||||
Non-cash stock-based compensation expense | 3.4 | 5.1 | 13.5 | 15.7 | |||||||||||
Goodwill impairment | 47.7 | — | 47.7 | — | |||||||||||
Project results from non-controlled joint venture | — | 0.5 | (1.0) | 7.9 | |||||||||||
Restructuring charges | — | — | — | 0.6 | |||||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.1 | — | 0.7 | |||||||||||
Adjusted EBITDA | $ | 195.8 | $ | 128.9 | $ | 721.0 | $ | 645.6 | |||||||
For the Three Months | For the Years Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||||||
Net income | 1.7 | % | 10.0 | % | 3.8 | % | 5.3 | % | |||||||
Interest expense, net | 1.2 | % | 1.0 | % | 1.2 | % | 0.9 | % | |||||||
Provision for (benefit from) income taxes | 1.8 | % | (6.4) | % | 1.5 | % | 0.3 | % | |||||||
Depreciation and amortization | 2.9 | % | 3.1 | % | 3.1 | % | 2.8 | % | |||||||
EBITDA margin | 7.5 | % | 7.7 | % | 9.6 | % | 9.4 | % | |||||||
Non-cash stock-based compensation expense | 0.2 | % | 0.3 | % | 0.2 | % | 0.2 | % | |||||||
Goodwill impairment | 2.5 | % | — | % | 0.7 | % | — | % | |||||||
Project results from non-controlled joint venture | — | % | 0.0 | % | (0.0) | % | 0.1 | % | |||||||
Restructuring charges | — | % | — | % | — | % | 0.0 | % | |||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | 0.0 | % | — | % | 0.0 | % | |||||||
Adjusted EBITDA margin | 10.2 | % | 8.0 | % | 10.4 | % | 9.8 | % | |||||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | |||||||
For the Three Months | For the Year Ended | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 31.8 | $ | 259.2 | |||
Non-cash stock-based compensation expense | 3.4 | 13.5 | |||||
Goodwill impairment | 47.7 | 47.7 | |||||
Project results from non-controlled joint venture | — | (1.0) | |||||
Income tax effect of adjustments (a) | (3.5) | (6.0) | |||||
Statutory tax rate effects | 3.7 | (12.8) | |||||
Adjusted net income | $ | 83.1 | $ | 300.6 | |||
For the Three Months | For the Year Ended | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 0.41 | $ | 3.26 | |||
Non-cash stock-based compensation expense | 0.04 | 0.17 | |||||
Goodwill impairment | 0.61 | 0.60 | |||||
Project results from non-controlled joint venture | — | (0.01) | |||||
Income tax effect of adjustments (a) | (0.04) | (0.08) | |||||
Statutory tax rate effects | 0.05 | (0.16) | |||||
Adjusted diluted earnings per share | $ | 1.07 | $ | 3.77 | |||
For the Three Months | For the Year Ended | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 160.7 | $ | 348.9 | |||
Non-cash stock-based compensation expense | 5.1 | 15.7 | |||||
Project results from non-controlled joint venture | 0.5 | 7.9 | |||||
Restructuring charges | — | 0.6 | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | 0.1 | 0.7 | |||||
Income tax effect of adjustments (a) | (7.4) | (11.6) | |||||
Statutory tax rate effects | (120.1) | (120.1) | |||||
Adjusted net income | $ | 38.8 | $ | 241.9 | |||
For the Three Months | For the Year Ended | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 1.95 | $ | 4.22 | |||
Non-cash stock-based compensation expense | 0.06 | 0.19 | |||||
Project results from non-controlled joint venture | 0.01 | 0.10 | |||||
Restructuring charges | — | 0.01 | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | 0.00 | 0.01 | |||||
Income tax effect of adjustments (a) | (0.09) | (0.14) | |||||
Statutory tax rate effects | (1.46) | (1.46) | |||||
Adjusted diluted earnings per share | $ | 0.47 | $ | 2.92 | |||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions) | ||||
For the Year Ended | ||||
Free Cash Flow Compared to Adjusted Net Income | ||||
Adjusted net income | $ 300.6 | |||
Net cash provided by operating activities | $ 530.0 | |||
Less cash capital expenditures | (180.4) | |||
Add proceeds on sale of fixed assets | 39.4 | |||
Free cash flow | $ 389.0 | |||
Free cash flow excess compared to adjusted net income | $ 88.4 | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | |||||||
Guidance for the Three | For the Three Months | ||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||
Net income | $ | 30 | $ | 26.5 | |||
Interest expense, net | 22 | 17.1 | |||||
Provision for income taxes | 11 | 11.1 | |||||
Depreciation and amortization | 60 | 49.9 | |||||
EBITDA | $ | 122 | $ | 104.6 | |||
Non-cash stock-based compensation expense | 4 | 3.2 | |||||
Project results from non-controlled joint venture | — | — | |||||
Adjusted EBITDA | $ | 126 | $ | 107.8 | |||
Guidance for the Three | For the Three Months | ||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||
Net income | 2.1 | % | 1.9 | % | |||
Interest expense, net | 1.6 | % | 1.2 | % | |||
Provision for income taxes | 0.8 | % | 0.8 | % | |||
Depreciation and amortization | 4.3 | % | 3.6 | % | |||
EBITDA margin | 8.7 | % | 7.5 | % | |||
Non-cash stock-based compensation expense | 0.3 | % | 0.2 | % | |||
Project results from non-controlled joint venture | — | % | — | % | |||
Adjusted EBITDA margin | 9.0 | % | 7.7 | % | |||
Guidance for the Three | For the Three Months | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 30 | $ | 26.5 | |||
Non-cash stock-based compensation expense | 4 | 3.2 | |||||
Project results from non-controlled joint venture | — | — | |||||
Income tax effect of adjustments (a) | (1) | (0.9) | |||||
Statutory tax rate effects | — | — | |||||
Adjusted net income | $ | 32 | $ | 28.8 | |||
Guidance for the Three | For the Three Months | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 0.39 | $ | 0.32 | |||
Non-cash stock-based compensation expense | 0.05 | 0.04 | |||||
Project results from non-controlled joint venture | — | — | |||||
Income tax effect of adjustments (a) | (0.01) | (0.01) | |||||
Statutory tax rate effects | — | — | |||||
Adjusted diluted earnings per share | $ | 0.43 | $ | 0.35 | |||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||
Net income | $ | 318 | $ | 259.2 | $ | 348.9 | |||||
Interest expense, net | 84 | 82.6 | 61.0 | ||||||||
Provision for income taxes | 118 | 106.1 | 22.9 | ||||||||
Depreciation and amortization | 245 | 212.9 | 188.0 | ||||||||
EBITDA | $ | 765 | $ | 660.8 | $ | 620.9 | |||||
Non-cash stock-based compensation expense | 15 | 13.5 | 15.7 | ||||||||
Goodwill impairment | — | 47.7 | — | ||||||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | ||||||||
Restructuring charges | — | — | 0.6 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | ||||||||
Adjusted EBITDA | $ | 780 | $ | 721.0 | $ | 645.6 | |||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||
Net income | 4.2 | % | 3.8 | % | 5.3 | % | |||||
Interest expense, net | 1.1 | % | 1.2 | % | 0.9 | % | |||||
Provision for income taxes | 1.5 | % | 1.5 | % | 0.3 | % | |||||
Depreciation and amortization | 3.2 | % | 3.1 | % | 2.8 | % | |||||
EBITDA margin | 10.1 | % | 9.6 | % | 9.4 | % | |||||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | |||||
Goodwill impairment | — | % | 0.7 | % | — | % | |||||
Project results from non-controlled joint venture | — | % | (0.0) | % | 0.1 | % | |||||
Restructuring charges | — | % | — | % | 0.0 | % | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | — | % | 0.0 | % | |||||
Adjusted EBITDA margin | 10.3 | % | 10.4 | % | 9.8 | % | |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
Adjusted Net Income Reconciliation | |||||||||||
Net income | $ | 318 | $ | 259.2 | $ | 348.9 | |||||
Non-cash stock-based compensation expense | 15 | 13.5 | 15.7 | ||||||||
Goodwill impairment | — | 47.7 | — | ||||||||
Project results from non-controlled joint venture | — | (1.0) | 7.9 | ||||||||
Restructuring charges | — | — | 0.6 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.7 | ||||||||
Income tax effect of adjustments (a) | (4) | (6.0) | (11.6) | ||||||||
Statutory tax rate effects | — | (12.8) | (120.1) | ||||||||
Adjusted net income | $ | 329 | $ | 300.6 | $ | 241.9 | |||||
Guidance for the | For the Year | For the Year | |||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||
Diluted earnings per share | $ | 4.20 | $ | 3.26 | $ | 4.22 | |||||
Non-cash stock-based compensation expense | 0.20 | 0.17 | 0.19 | ||||||||
Goodwill impairment | — | 0.60 | — | ||||||||
Project results from non-controlled joint venture | — | (0.01) | 0.10 | ||||||||
Restructuring charges | — | — | 0.01 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | — | 0.01 | ||||||||
Income tax effect of adjustments (a) | (0.05) | (0.08) | (0.14) | ||||||||
Statutory tax rate effects | — | (0.16) | (1.46) | ||||||||
Adjusted diluted earnings per share | $ | 4.34 | $ | 3.77 | $ | 2.92 | |||||
(a) | Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income. |
The tables may contain slight summation differences due to rounding.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks associated with potential environmental issues and other hazards from our operations; risks related to our strategic arrangements, including our equity investees; any exposure resulting from system or information technology interruptions or data security breeches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
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SOURCE MasTec, Inc.
Article Date
2/28/2019MasTec Schedules Fourth Quarter 2018 Earnings Release and Conference Call
Source: PR Newswire
CORAL GABLES, Fla., Feb. 13, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the year and quarter ended December 31, 2018 after the market closes on Thursday, February 28, 2019. Senior Management will also hold a conference call to discuss these results on Friday, March 1, 2019, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (323) 794-2551 or (800) 239-9838 and the replay number is (719) 457-0820, with a pass code of 9818218. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
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SOURCE MasTec, Inc.
Article Date
2/13/2019MasTec Senior Management to Present at the Citibank and Barclays Investor Conferences in Miami Beach, Florida
Source: PR Newswire
CORAL GABLES, Fla., Feb. 13, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Citi 2019 Global Industrials Conference Wednesday, February 20th at approximately 9:30 a.m. ET. Additionally, company management will present at the Barclays Industrial Select Conference on Thursday, February 21st at approximately 1:15 p.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
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SOURCE MasTec, Inc.
Article Date
2/13/2019MasTec Authorizes Additional $100 Million Share Repurchase Plan
Source: PR Newswire
CORAL GABLES, Fla., Dec. 21, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its Board of Directors has authorized the repurchase of up to $100 million of MasTec common stock. This authorization is in addition to the current $150 million common stock repurchase plan authorized in September 2018, under which MasTec has completed share repurchases approximating $101 million, all in the fourth quarter.
José Mas, MasTec's CEO, commented, "Expansion of MasTec's share repurchase authorization reflects our continued confidence in growing demand for our services, as well as our commitment to generate long-term shareholder value through opportunistic share repurchases in periods when the Company believes its share price represents a significant value. On a year to date basis, we have repurchased approximately 6.7 million shares, or approximately 8% of our outstanding shares at the beginning of the year."
The new additional authorization does not obligate MasTec to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. Stock repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including market conditions, regulatory and legal requirements, cash flow and liquidity needs and other factors. The stock repurchases may be made in both open market and privately negotiated transactions, and may include the use of derivative contracts, structured share repurchase agreements and Rule 10b5-1 trading plans. Repurchases would be funded from cash on hand and availability under the Company's revolving credit facility.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investees; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; risks associated with potential environmental issues and other hazards from our operations; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; any exposure resulting from system or information technology interruptions or data security breaches; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
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SOURCE MasTec, Inc.
Article Date
12/21/201811/13/2018 - MasTec Senior Management to Present at the Credit Suisse Industrials Conference in Palm Beach, Florida
MasTec Senior Management to Present at the Credit Suisse Industrials Conference in Palm Beach, Florida
Source: PR Newswire
CORAL GABLES, Fla., Nov. 13, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting in Palm Beach, Florida at the Credit Suisse Industrials Investment Conference on Wednesday, November 28th, at approximately 10:30 a.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conference.
The presentation fireside chat audio, and any related materials, may be accessed through a link on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentations will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
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SOURCE MasTec, Inc.
Article Date
11/13/2018MasTec Announces Record Third Quarter 2018 Revenue and Backlog, Net Income, Adjusted Net Income and EBITDA With Increased Annual Guidance
Source: PR Newswire
CORAL GABLES, Fla., Nov. 1, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced better than expected third quarter financial results and increased 2018 annual guidance.
Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "We had a great quarter despite regulatory and hurricane flooding disruptions on selected projects. We are proud to report record results and increase our annual guidance expectation. Importantly, our record backlog level across multiple segments continues to give us strong visibility for continued growth in 2019 and beyond. Our continued confidence in the future is evidenced by our 2018 share repurchase activity, with 1.6 million shares repurchased during the third quarter, and 4.3 million shares repurchased on a year-to-date basis. Additionally, our board approved an additional $150 million share repurchase authorization in September 2018."
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We successfully completed contractual resolution on a recently completed large Oil & Gas pipeline project, as expected and previously communicated. This resolution yielded a significant October cash inflow to MasTec. Since quarter end, we have received over $700 million in cash inflows from this and other large Oil & Gas projects, significantly reducing our leverage and increasing our liquidity since the end of the third quarter. This strong October cash inflow allows us to further increase our record annual 2018 cash flow from operations projection, now expected to exceed $550 million. Excluding any fourth quarter share repurchase or acquisition activity, we expect to reduce our year-end net debt level to $1.1-$1.2 billion, compared to approximately $1.7 billion as of the end of the third quarter. In any event, our balance sheet remains in excellent shape, providing us ample liquidity to finance any opportunities to generate additional value for our shareholders, including share repurchases or strategic acquisitions."
Based on the information available today, the Company is providing initial fourth quarter guidance, and increasing full year 2018 guidance expectations. The Company currently estimates full year 2018 revenue of approximately $6.9 billion. Full year 2018 GAAP net income and diluted earnings per share are expected to approximate $308 million and $3.85, respectively. Regarding full year 2018 expectations for non-GAAP measures, adjusted EBITDA is expected to approximate $719 million or 10.4% of revenue and adjusted diluted earnings per share is expected to be $3.76, a 29% increase over 2017.
For the fourth quarter of 2018, based on updated project schedules for large Oil & Gas project activity, the Company expects revenue of approximately $1.9 billion. Fourth quarter 2018 GAAP net income is expected to approximate $80 million with GAAP diluted earnings per share expected to approximate $1.02. Fourth quarter 2018 adjusted EBITDA, a non-GAAP measure, is expected to approximate $194 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $1.05.
Management will hold a conference call to discuss these results on Friday, November 2, 2018 at 9:00 a.m. Eastern time. The call-in number for the conference call is (323) 994-2082 or (888) 204-4368 and the replay number is (719) 457-0820, with a pass code of 5168578. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended September 30, 2018 and 2017:
Condensed Unaudited Consolidated Statements of Operations | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue | $ | 1,977,227 | $ | 1,955,752 | $ | 4,991,865 | $ | 5,004,116 | |||||||
Costs of revenue, excluding depreciation and amortization | 1,681,438 | 1,726,173 | 4,285,320 | 4,323,642 | |||||||||||
Depreciation and amortization | 54,863 | 50,101 | 156,478 | 138,384 | |||||||||||
General and administrative expenses | 80,311 | 66,397 | 211,535 | 202,001 | |||||||||||
Interest expense, net | 22,330 | 17,578 | 60,183 | 44,966 | |||||||||||
Equity in earnings of unconsolidated affiliates | (7,671) | (7,399) | (19,080) | (15,105) | |||||||||||
Other expense (income), net | 323 | (4,677) | (1,976) | (4,102) | |||||||||||
Income before income taxes | $ | 145,633 | $ | 107,579 | $ | 299,405 | $ | 314,330 | |||||||
Provision for income taxes | (25,091) | (43,378) | (71,999) | (126,170) | |||||||||||
Net income | $ | 120,542 | $ | 64,201 | $ | 227,406 | $ | 188,160 | |||||||
Net (loss) income attributable to non-controlling interests | (124) | 449 | (312) | 1,770 | |||||||||||
Net income attributable to MasTec, Inc. | $ | 120,666 | $ | 63,752 | $ | 227,718 | $ | 186,390 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 1.55 | $ | 0.79 | $ | 2.87 | $ | 2.31 | |||||||
Basic weighted average common shares outstanding | 78,096 | 80,953 | 79,399 | 80,859 | |||||||||||
Diluted earnings per share | $ | 1.52 | $ | 0.77 | $ | 2.83 | $ | 2.27 | |||||||
Diluted weighted average common shares outstanding | 79,201 | 82,386 | 80,484 | 82,281 | |||||||||||
Condensed Unaudited Consolidated Balance Sheets | |||||||
September 30, | December 31, | ||||||
Assets | |||||||
Current assets | $ | 2,668,962 | $ | 1,852,366 | |||
Property and equipment, net | 736,447 | 706,506 | |||||
Goodwill and other intangibles, net | 1,327,006 | 1,328,880 | |||||
Other long-term assets | 242,391 | 178,824 | |||||
Total assets | $ | 4,974,806 | $ | 4,066,576 | |||
Liabilities and Equity | |||||||
Current liabilities | $ | 1,372,497 | $ | 963,827 | |||
Long-term debt | 1,688,820 | 1,280,706 | |||||
Long-term deferred tax liabilities, net | 258,905 | 204,518 | |||||
Other long-term liabilities | 164,764 | 184,172 | |||||
Total equity | 1,489,820 | 1,433,353 | |||||
Total liabilities and equity | $ | 4,974,806 | $ | 4,066,576 | |||
Condensed Unaudited Consolidated Statements of Cash Flows | |||||||
For the Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Net cash provided by operating activities | $ | 26,770 | $ | 166,458 | |||
Net cash used in investing activities | (142,137) | (249,429) | |||||
Net cash provided by financing activities | 142,924 | 87,789 | |||||
Effect of currency translation on cash | 601 | 237 | |||||
Net increase in cash and cash equivalents | 28,158 | 5,055 | |||||
Cash and cash equivalents - beginning of period | $ | 40,326 | $ | 38,767 | |||
Cash and cash equivalents - end of period | $ | 68,484 | $ | 43,822 | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
Segment Information | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue by Reportable Segment | |||||||||||||||
Communications | $ | 661.7 | $ | 610.5 | $ | 1,907.5 | $ | 1,762.2 | |||||||
Oil and Gas | 1,035.9 | 1,161.0 | 2,341.6 | 2,757.2 | |||||||||||
Electrical Transmission | 99.1 | 81.8 | 297.6 | 277.3 | |||||||||||
Power Generation and Industrial | 179.6 | 96.9 | 443.2 | 204.1 | |||||||||||
Other | 1.6 | 10.6 | 3.7 | 14.2 | |||||||||||
Eliminations | (0.7) | (5.0) | (1.7) | (10.9) | |||||||||||
Corporate | — | — | — | — | |||||||||||
Consolidated revenue | $ | 1,977.2 | $ | 1,955.8 | $ | 4,991.9 | $ | 5,004.1 | |||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Adjusted EBITDA by Reportable Segment | |||||||||||||||
EBITDA | $ | 222.8 | $ | 175.3 | $ | 516.1 | $ | 497.7 | |||||||
Non-cash stock-based compensation expense | 3.5 | 3.4 | 10.1 | 10.5 | |||||||||||
Project results from non-controlled joint venture | — | 0.4 | (1.0) | 7.4 | |||||||||||
Restructuring charges | — | — | — | 0.6 | |||||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.6 | — | 0.6 | |||||||||||
Adjusted EBITDA | $ | 226.3 | $ | 179.6 | $ | 525.2 | $ | 516.7 | |||||||
Reportable Segment: | |||||||||||||||
Communications | $ | 74.8 | $ | 65.5 | $ | 230.6 | $ | 173.6 | |||||||
Oil and Gas | 155.8 | 108.1 | 311.5 | 356.1 | |||||||||||
Electrical Transmission | 3.1 | 4.5 | 5.0 | 11.8 | |||||||||||
Power Generation and Industrial | 9.7 | 9.3 | 24.3 | 14.8 | |||||||||||
Other | 7.0 | 10.5 | 18.7 | 19.0 | |||||||||||
Corporate | (24.1) | (18.3) | (64.9) | (58.6) | |||||||||||
Adjusted EBITDA | $ | 226.3 | $ | 179.6 | $ | 525.2 | $ | 516.7 | |||||||
For the Three Months | For the Nine Months | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Adjusted EBITDA Margin by Reportable Segment | |||||||||||
EBITDA Margin | 11.3 | % | 9.0 | % | 10.3 | % | 9.9 | % | |||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | |||
Project results from non-controlled joint venture | — | % | 0.0 | % | (0.0) | % | 0.1 | % | |||
Restructuring charges | — | % | — | % | — | % | 0.0 | % | |||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | 0.0 | % | — | % | 0.0 | % | |||
Adjusted EBITDA margin | 11.4 | % | 9.2 | % | 10.5 | % | 10.3 | % | |||
Reportable Segment: | |||||||||||
Communications | 11.3 | % | 10.7 | % | 12.1 | % | 9.9 | % | |||
Oil and Gas | 15.0 | % | 9.3 | % | 13.3 | % | 12.9 | % | |||
Electrical Transmission | 3.1 | % | 5.5 | % | 1.7 | % | 4.3 | % | |||
Power Generation and Industrial | 5.4 | % | 9.6 | % | 5.5 | % | 7.3 | % | |||
Other | 448.3 | % | 98.9 | % | 500.9 | % | 133.3 | % | |||
Corporate | NA | NA | NA | NA | |||||||
Adjusted EBITDA margin | 11.4 | % | 9.2 | % | 10.5 | % | 10.3 | % | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||
Net income | $ | 120.5 | $ | 64.2 | $ | 227.4 | $ | 188.2 | |||||||
Interest expense, net | 22.3 | 17.6 | 60.2 | 45.0 | |||||||||||
Provision for income taxes | 25.1 | 43.4 | 72.0 | 126.2 | |||||||||||
Depreciation and amortization | 54.9 | 50.1 | 156.5 | 138.4 | |||||||||||
EBITDA | $ | 222.8 | $ | 175.3 | $ | 516.1 | $ | 497.7 | |||||||
Non-cash stock-based compensation expense | 3.5 | 3.4 | 10.1 | 10.5 | |||||||||||
Project results from non-controlled joint venture | — | 0.4 | (1.0) | 7.4 | |||||||||||
Restructuring charges | — | — | — | 0.6 | |||||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.6 | — | 0.6 | |||||||||||
Adjusted EBITDA | $ | 226.3 | $ | 179.6 | $ | 525.2 | $ | 516.7 | |||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||||||||
Net income | 6.1 | % | 3.3 | % | 4.6 | % | 3.8 | % | |||
Interest expense, net | 1.1 | % | 0.9 | % | 1.2 | % | 0.9 | % | |||
Provision for income taxes | 1.3 | % | 2.2 | % | 1.4 | % | 2.5 | % | |||
Depreciation and amortization | 2.8 | % | 2.6 | % | 3.1 | % | 2.8 | % | |||
EBITDA margin | 11.3 | % | 9.0 | % | 10.3 | % | 9.9 | % | |||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | |||
Project results from non-controlled joint venture | — | % | 0.0 | % | (0.0) | % | 0.1 | % | |||
Restructuring charges | — | % | — | % | — | % | 0.0 | % | |||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | 0.0 | % | — | % | 0.0 | % | |||
Adjusted EBITDA margin | 11.4 | % | 9.2 | % | 10.5 | % | 10.3 | % | |||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Adjusted Net Income Reconciliation | |||||||||||||||
Net income | $ | 120.5 | $ | 64.2 | $ | 227.4 | $ | 188.2 | |||||||
Non-cash stock-based compensation expense | 3.5 | 3.4 | 10.1 | 10.5 | |||||||||||
Project results from non-controlled joint venture | — | 0.4 | (1.0) | 7.4 | |||||||||||
Restructuring charges | — | — | — | 0.6 | |||||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.6 | — | 0.6 | |||||||||||
Income tax effect of adjustments (a) | (0.9) | (0.6) | (2.5) | (4.1) | |||||||||||
Statutory tax rate effects | (17.9) | — | (16.4) | — | |||||||||||
Adjusted net income | $ | 105.2 | $ | 68.0 | $ | 217.5 | $ | 203.1 | |||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||||||
Diluted earnings per share | $ | 1.52 | $ | 0.77 | $ | 2.83 | $ | 2.27 | |||||||
Non-cash stock-based compensation expense | 0.04 | 0.04 | 0.13 | 0.13 | |||||||||||
Project results from non-controlled joint venture | — | 0.00 | (0.01) | 0.09 | |||||||||||
Restructuring charges | — | — | — | 0.01 | |||||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.01 | — | 0.01 | |||||||||||
Income tax effect of adjustments (a) | (0.01) | (0.01) | (0.03) | (0.05) | |||||||||||
Statutory tax rate effects | (0.23) | — | (0.20) | — | |||||||||||
Adjusted diluted earnings per share | $ | 1.33 | $ | 0.82 | $ | 2.71 | $ | 2.45 | |||||||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||
Guidance for the Three Months | For the Three Months Ended | ||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||
Net income | $ | 80 | $ | 160.7 | |||
Interest expense, net | 20 | 16.0 | |||||
Provision for (benefit from) income taxes | 34 | (103.2) | |||||
Depreciation and amortization | 57 | 49.7 | |||||
EBITDA | $ | 190 | $ | 123.2 | |||
Non-cash stock-based compensation expense | 3 | 5.1 | |||||
Project results from non-controlled joint venture | — | 0.5 | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.1 | |||||
Adjusted EBITDA | $ | 194 | $ | 128.9 | |||
Guidance for the Three Months | For the Three Months Ended | ||||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||
Net income | 4.2 | % | 10.0 | % | |
Interest expense, net | 1.0 | % | 1.0 | % | |
Provision for (benefit from) income taxes | 1.8 | % | (6.4) | % | |
Depreciation and amortization | 3.0 | % | 3.1 | % | |
EBITDA margin | 10.0 | % | 7.7 | % | |
Non-cash stock-based compensation expense | 0.2 | % | 0.3 | % | |
Project results from non-controlled joint venture | — | % | 0.0 | % | |
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | 0.0 | % | |
Adjusted EBITDA margin | 10.2 | % | 8.0 | % | |
Guidance for the Three Months | For the Three Months Ended | ||||||
Adjusted Net Income Reconciliation | |||||||
Net income | $ | 80 | $ | 160.7 | |||
Non-cash stock-based compensation expense | 3 | 5.1 | |||||
Project results from non-controlled joint venture | — | 0.5 | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.1 | |||||
Income tax effect of adjustments (a) | (1) | (7.4) | |||||
Statutory tax rate effects | — | (120.1) | |||||
Adjusted net income | $ | 83 | $ | 38.8 | |||
Guidance for the Three Months | For the Three Months Ended | ||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||
Diluted earnings per share | $ | 1.02 | $ | 1.95 | |||
Non-cash stock-based compensation expense | 0.04 | 0.06 | |||||
Project results from non-controlled joint venture | — | 0.01 | |||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.00 | |||||
Income tax effect of adjustments (a) | (0.01) | (0.09) | |||||
Statutory tax rate effects | — | (1.46) | |||||
Adjusted diluted earnings per share | $ | 1.05 | $ | 0.47 | |||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||
Guidance for the | For the Year | For the Year | |||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||
Net income | $ | 308 | $ | 348.9 | $ | 134.0 | |||||
Interest expense, net | 80 | 61.0 | 50.7 | ||||||||
Provision for income taxes | 106 | 22.9 | 91.8 | ||||||||
Depreciation and amortization | 213 | 188.0 | 164.9 | ||||||||
EBITDA | $ | 706 | $ | 620.9 | $ | 441.5 | |||||
Non-cash stock-based compensation expense | 14 | 15.7 | 15.1 | ||||||||
Project results from non-controlled joint venture | (1) | 7.9 | 5.1 | ||||||||
Restructuring charges | — | 0.6 | 15.2 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.7 | — | ||||||||
Adjusted EBITDA | $ | 719 | $ | 645.6 | $ | 476.9 | |||||
Guidance for the | For the Year | For the Year | ||||||
EBITDA and Adjusted EBITDA Margin Reconciliation | ||||||||
Net income | 4.5 | % | 5.3 | % | 2.6 | % | ||
Interest expense, net | 1.2 | % | 0.9 | % | 1.0 | % | ||
Provision for income taxes | 1.5 | % | 0.3 | % | 1.8 | % | ||
Depreciation and amortization | 3.1 | % | 2.8 | % | 3.2 | % | ||
EBITDA margin | 10.2 | % | 9.4 | % | 8.6 | % | ||
Non-cash stock-based compensation expense | 0.2 | % | 0.2 | % | 0.3 | % | ||
Project results from non-controlled joint venture | 0.0 | % | 0.1 | % | 0.1 | % | ||
Restructuring charges | — | % | 0.0 | % | 0.3 | % | ||
Charges (recoveries) from multi-employer pension plan withdrawals | — | % | 0.0 | % | — | % | ||
Adjusted EBITDA margin | 10.4 | % | 9.8 | % | 9.3 | % | ||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited | |||||||||||
Guidance for the Year Ended December 31, 2018 Est. | For the Year Ended December 31, 2017 | For the Year Ended December 31, 2016 | |||||||||
Adjusted Net Income Reconciliation | |||||||||||
Net income | $ | 308 | $ | 348.9 | $ | 134.0 | |||||
Non-cash stock-based compensation expense | 14 | 15.7 | 15.1 | ||||||||
Project results from non-controlled joint venture | (1) | 7.9 | 5.1 | ||||||||
Restructuring charges | — | 0.6 | 15.2 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.7 | — | ||||||||
Income tax effect of adjustments (a) | (3) | (11.6) | (11.7) | ||||||||
Statutory tax rate effects | (16) | (120.1) | — | ||||||||
Adjusted net income | $ | 300 | $ | 241.9 | $ | 157.7 | |||||
Guidance for the | For the Year | For the Year | |||||||||
Adjusted Diluted Earnings per Share Reconciliation | |||||||||||
Diluted earnings per share | $ | 3.85 | $ | 4.22 | $ | 1.61 | |||||
Non-cash stock-based compensation expense | 0.17 | 0.19 | 0.19 | ||||||||
Project results from non-controlled joint venture | (0.01) | 0.10 | 0.06 | ||||||||
Restructuring charges | — | 0.01 | 0.19 | ||||||||
Charges (recoveries) from multi-employer pension plan withdrawals | — | 0.01 | — | ||||||||
Income tax effect of adjustments (a) | (0.04) | (0.14) | (0.14) | ||||||||
Statutory tax rate effects | (0.21) | (1.46) | — | ||||||||
Adjusted diluted earnings per share | $ | 3.76 | $ | 2.92 | $ | 1.90 | |||||
(a) Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related items, the incremental statutory tax rate of the jurisdictions pertaining to each adjustment, and taking into consideration their effect on pre-tax income.
The tables may contain slight summation differences due to rounding.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Events & Presentations page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investees; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; risks associated with potential environmental issues and other hazards from our operations; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; any exposure resulting from system or information technology interruptions or data security breaches; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/mastec-announces-record-third-quarter-2018-revenue-and-backlog-net-income-adjusted-net-income-and-ebitda-with-increased-annual-guidance-300742715.html
SOURCE MasTec, Inc.
Article Date
11/1/2018MasTec Schedules Third Quarter 2018 Earnings Release and Conference Call
Source: PR Newswire
CORAL GABLES, Fla., Oct. 18, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended September 30, 2018 after the market closes on Thursday, November 1, 2018. Senior Management will also hold a conference call to discuss these results on Friday, November 2, 2018, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (323) 994-2082 or (888) 204-4368 and the replay number is (719) 457-0820, with a pass code of 5168578. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-third-quarter-2018-earnings-release-and-conference-call-300732161.html
SOURCE MasTec, Inc.
Article Date
10/18/2018MasTec Expects No Material Financial Impact from Recent FERC Ruling on the Mountain Valley Pipeline Project
Source: PR Newswire
CORAL GABLES, Fla., Aug. 6, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that the Federal Energy Regulatory Commission (FERC) issued a temporary stop work order for the Mountain Valley Pipeline (MVP) project late on Friday afternoon, August 3, 2018, related to the adequacy of permits previously issued by the Bureau of Land Management (BLM) and the U.S. Forest Service (USFS).
In the ruling, the FERC has ordered that construction activities on the MVP temporarily stop while the permit issues are resolved. During this time, however, a significant amount of the construction work force will need to remain in place to protect the environment, right-of-ways, related work areas, and equipment.
Importantly, as part of the ruling the FERC stated, "There is no reason to believe that the Forest Service or the Army Corps of Engineers, as the land managing agencies, or the BLM, as the federal rights-of-way grantor, will not be able to comply with the Court's instructions and to ultimately issue new right-of-way grants that satisfy the Court's requirements."
In addition, MasTec's customer, Mountain Valley Pipeline, LLC, issued a news release today, stating in part, "We agree with the FERC that the USFS and BLM will be able to satisfy the Fourth Circuit Court's requirements regarding their respective decisions; and we believe the two agencies will work quickly to supplement their initial records. In addition, we are confident that the BLM has reached the correct conclusion during their initial analysis of alternatives in the JNF [Jefferon National Forest] and agree that MVP's current route has the least overall impact to the environment. We will continue to closely coordinate with all agencies to resolve these challenges as they work to have the right-of-way grants reissued and we look forward to continuing the safe construction of this important infrastructure project."
In the past, such matters have been resolved quickly and we anticipate that resolution of this matter will be similar. The full MasTec workforce is on onsite and compensable at the customer's request, and is ready to resume full construction operations once this regulatory development is resolved. As a result, MasTec expects no material impact at this time.
If conditions materially change, or if we expect a material adverse impact on the Company, we will update our investors with additional press release information.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investees; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; risks associated with potential environmental issues and other hazards from our operations; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; any exposure resulting from system or information technology interruptions or data security breaches; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/mastec-expects-no-material-financial-impact-from-recent-ferc-ruling-on-the-mountain-valley-pipeline-project-300692157.html
SOURCE MasTec, Inc.
Article Date
8/6/2018MasTec Awarded $500 Million Power Restoration and Reconstruction Contract with the Puerto Rico Electric Power Authority
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CORAL GABLES, Fla., June 4, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it has signed a master services agreement with the Puerto Rico Electric Power Authority ("PREPA") to complete the restoration of the critical electrical transmission and distribution system components damaged as a result of Hurricane Maria as well as to support the initial phase of reconstruction and modernization of the electrical power system in Puerto Rico. The master services agreement award has an estimated value of $500 million. Services under this contract are expected to be completed over the upcoming 12 months, once MasTec completes the process of remobilizing crew and equipment resources to Puerto Rico.
This award was the result of a competitive RFP bid process to complete the restoration of critical electrical system components and to support the initial reconstruction phase of its electrical utility system following the impact of Hurricane Maria. This process involved the submission of bids from qualified infrastructure construction companies and an analysis by PREPA of each bidder's experience, asset base, financial capacity, understanding of the project and overall cost to perform the work needed.
Under the terms of the contract, MasTec is to perform hurricane restoration and reconstruction services at various locations in PREPA's service area. As the restoration process comes to an end, MasTec will continue to work with the Commonwealth of Puerto Rico, PREPA and various other federal and Commonwealth agencies in the transition to upgrading and modernizing the Puerto Rico power grid.
José Mas, MasTec's Chief Executive Officer, commented, "We have been proudly performing services in Puerto Rico for over 50 years, including storm restoration efforts completed early this year by our power line and telecom teams. We look forward to expanding our relationship with PREPA and contributing to vital multi-year reconstruction and modernization efforts to significantly improve electric utility infrastructure, reliability and quality of service for the Commonwealth."
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investees; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; risks associated with potential environmental issues and other hazards from our operations; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures, including the effect of corporate income tax reform; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; any exposure resulting from system or information technology interruptions or data security breaches; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor, general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/mastec-awarded-500-million-power-restoration-and-reconstruction-contract-with-the-puerto-rico-electric-power-authority-300658787.html
SOURCE MasTec, Inc.
Article Date
6/4/2018MasTec Schedules First Quarter 2018 Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CORAL GABLES, Fla., April 23, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended March 31, 2018 after the market closes on Monday, April 30, 2018. Senior Management will also hold a conference call to discuss these results on Tuesday, May 1, 2018, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (719) 325-4876 or (877) 718-5108 and the replay number is (719) 457-0820, with a pass code of 6702869. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-first-quarter-2018-earnings-release-and-conference-call-300633156.html
SOURCE MasTec, Inc.
Article Date
4/23/2018MasTec Senior Management to Present at the Citibank and Barclays Investor Conferences in Miami Beach, Florida
Source: PR Newswire
CORAL GABLES, Fla., Feb. 14, 2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting at the Citi 2018 Global Industrials Conference Wednesday, February 21st at approximately 2:45 p.m. ET. Additionally, company management will present at the Barclays Industrial Select Conference on Thursday, February 22nd at approximately 11:30 a.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-the-citibank-and-barclays-investor-conferences-in-miami-beach-florida-300596804.html
SOURCE MasTec, Inc.
Article Date
2/14/201810/30/2017 - MasTec Senior Management to Present at Stephens and Baird Investor Conferences in New York and Chicago
MasTec Senior Management to Present at Stephens and Baird Investor Conferences in New York and Chicago
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CORAL GABLES, Fla., Oct. 30, 2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be presenting in New York at the Stephens, Inc. Fall Investor Conference on Tuesday, November 7th, at approximately 1:00 p.m. ET, and presenting at the Robert W. Baird & Co. Global Industrials Conference in Chicago on Wednesday, November 8th, at approximately 2:30 p.m. ET. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conferences.
The fireside chat audios, and any presentation materials, may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
View original content:http://www.prnewswire.com/news-releases/mastec-senior-management-to-present-at-stephens-and-baird-investor-conferences-in-new-york-and-chicago-300544548.html
SOURCE MasTec, Inc.
Article Date
10/30/2017MasTec Schedules Third Quarter 2017 Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CORAL GABLES, Fla., Oct. 20, 2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended September 30, 2017 after the market closes on Thursday, November 2, 2017. Senior Management will also hold a conference call to discuss these results on Friday, November 3, 2017, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (719) 457-2617 and the replay phone number is (719) 457-0820 with a pass code of 6754317. The replay will run for approximately 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-third-quarter-2017-earnings-release-and-conference-call-300540323.html
SOURCE MasTec, Inc.
Article Date
10/20/2017MasTec Announces Large Project 2018 Pipeline Construction Award
Source: PR Newswire
CORAL GABLES, Fla., Oct. 16, 2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it has been awarded a large project pipeline construction award with an expected contract value of over $1.5 billion. Construction activity for this U.S. based award is expected to commence in 2018.
Jose Mas, MasTec's Chief Executive Officer, commented, "We are pleased to announce this large project award and continue to see significant multi-year opportunities for large pipeline construction project activity in the U.S. We remain highly confident in our previously indicated expectation that our year-end 2017 Oil & Gas segment backlog will approach or exceed our year end 2016 levels. We will provide further information regarding activity in the U.S. large project pipeline market, which includes recent Oil & Gas awards aggregating nearly $2 billion, during our third quarter 2017 earnings conference call in early November."
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including trends in oil, natural gas, electricity and other energy source prices; volatility in capital expenditures by our customers, financing availability and cost, customer consolidation and technological and regulatory changes in the industries we serve; our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects, and performance on such projects; our ability to manage projects effectively and in accordance with our estimates; the effect of economic conditions on demand for our services; market conditions, technological developments and regulatory changes that affect us or our customers' industries; the highly competitive nature of our industry; risks related to our strategic arrangements, including our cost and equity investees; fluctuations in foreign currencies; risks associated with operating in or expanding into additional international markets, which could restrict our ability to expand globally and harm our business and prospects or any failure to comply with laws applicable to our foreign activities; customer disputes related to our performance of services; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; our ability to replace non-recurring projects with new projects; the timing and extent of fluctuations in geographic, weather, equipment and operational factors affecting the industries in which we operate; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements, integrate acquired businesses within expected timeframes and achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges, including write-downs of goodwill; any exposure related to divested businesses; any exposure resulting from system or information technology interruptions or data security breaches; risks related to the restatement of certain of our fiscal year 2014 interim financial statements; the impact of U.S. federal, local or state tax legislation and other regulations affecting corporate income taxes, as well as, those affecting renewable energy, electricity prices, electrical transmission, oil and gas production, broadband and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future environmental requirements; increases in fuel, maintenance, materials, labor and other costs; our dependence on a limited number of customers; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services on short or no notice under our contracts; the impact of any unionized workforce on our operations, including labor availability and relations; liabilities associated with multi-employer pension plans, including underfunding and withdrawal liabilities, for our operations that employ unionized workers; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/mastec-announces-large-project-2018-pipeline-construction-award-300537044.html
SOURCE MasTec, Inc.
Article Date
10/16/2017MasTec Schedules Second Quarter 2017 Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., July 21, 2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended June 30, 2017 after the market closes on Thursday, August 3, 2017. Senior Management will also hold a conference call to discuss these results on Friday, August 4, 2017, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (913) 981-5571 and the replay phone number is (719) 457-0820 with a pass code of 5477409. The replay will run for approximately 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com.
View original content:http://www.prnewswire.com/news-releases/mastec-schedules-second-quarter-2017-earnings-release-and-conference-call-300490926.html
SOURCE MasTec, Inc.
Article Date
7/21/2017MasTec Schedules Fourth Quarter 2016 Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., Feb. 15, 2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the year and quarter ended December 31, 2016 after the market closes on Thursday, February 23, 2017. Senior Management will also hold a conference call to discuss these results on Friday, February 24, 2017, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (719) 457-2601 and the replay number is (719) 457-0820, with a pass code of 6638861. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
SOURCE MasTec, Inc.
Article Date
2/15/201711/3/2016 - MasTec Announces Third Quarter 2016 Results Above Expectations and Increases 2016 Full Year Guidance
MasTec Announces Third Quarter 2016 Results Above Expectations and Increases 2016 Full Year Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., Nov. 3, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced third quarter 2016 financial results, as well as increased 2016 full year guidance. The Company reported:
Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose R. Mas, MasTec's Chief Executive Officer, commented, "Our third quarter results significantly exceeded our expectations, primarily due to strength in our Oil & Gas segment. We continue to have clear visibility for significant new project opportunities in the Oil & Gas segment for 2017 and beyond, and we expect to end 2016 with record Oil & Gas segment backlog."
George Pita, MasTec Executive Vice President and CFO, added, "We are pleased that the combination of significantly improved year to date 2016 financial performance and improved working capital management has led to significant improvement in our leverage ratios. We enter the fourth quarter with a strong balance sheet and capital structure, excellent working capital metrics and ample liquidity and are well positioned to take advantage of the significant growth opportunities in the various markets we serve".
Based on information available today, the Company is raising full year 2016 guidance and providing initial fourth quarter 2016 guidance. The Company currently estimates 2016 annual revenue to approximate $5.1 billion. 2016 annual GAAP net income is expected to approximate $118 million, with adjusted EBITDA, a non-GAAP measure, estimated to approximate $455 million. 2016 annual GAAP diluted earnings per share is estimated to approximate $1.44, with adjusted diluted earnings per share, a non-GAAP measure, estimated to approximate $1.73.
Additionally, for the fourth quarter of 2016, the Company expects revenue to approximate $1.3 billion. Fourth quarter 2016 GAAP net income is expected to approximate $40 million, with adjusted EBITDA, a non-GAAP measure, estimated to approximate $132 million. Fourth quarter 2016 GAAP diluted earnings per share is expected to approximate $0.48, with adjusted diluted earnings per share, a non-GAAP measure, estimated at approximately $0.54.
Management will hold a conference call to discuss these results on Friday, November 4, 2016, at 9:00 a.m. Eastern time. The call-in number for the conference call is (913) 312-0860 and the replay number is (719) 457-0820, with a pass code of 3318329. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
Summary financial statements for the periods are as follows:
|
Condensed Unaudited Consolidated Statements of Operations (In thousands, except per share amounts)
| ||||||||
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
Revenue |
$ |
1,586,181 |
$ |
1,111,010 |
$ |
3,792,811 |
$ |
3,180,906 |
|
Costs of revenue, excluding depreciation and amortization |
1,368,988 |
972,711 |
3,321,571 |
2,805,072 | ||||
|
Depreciation and amortization |
42,584 |
42,196 |
122,249 |
128,048 | ||||
|
General and administrative expenses |
67,131 |
63,798 |
195,031 |
207,077 | ||||
|
Interest expense, net |
13,097 |
11,964 |
37,895 |
35,845 | ||||
|
Equity in losses (earnings) of unconsolidated affiliates |
6 |
371 |
(3,549) |
3,594 | ||||
|
Other (income) expense, net |
(971) |
6,331 |
(12,803) |
748 | ||||
|
Income before income taxes |
$ |
95,346 |
13,639 |
132,417 |
522 | |||
|
Provision for income taxes |
(38,816) |
(6,197) |
(54,331) |
(3,288) | ||||
|
Net income (loss) |
$ |
56,530 |
$ |
7,442 |
$ |
78,086 |
$ |
(2,766) |
|
Net income (loss) attributable to non-controlling interests |
253 |
(176) |
414 |
(420) | ||||
|
Net income (loss) attributable to MasTec, Inc. |
$ |
56,277 |
$ |
7,618 |
$ |
77,672 |
$ |
(2,346) |
|
Earnings per share: |
||||||||
|
Basic earnings (loss) per share |
$ |
0.70 |
$ |
0.10 |
$ |
0.97 |
$ |
(0.03) |
|
Basic weighted average common shares outstanding |
80,462 |
79,845 |
80,323 |
80,681 | ||||
|
Diluted earnings (loss) per share |
$ |
0.69 |
$ |
0.09 |
$ |
0.96 |
$ |
(0.03) |
|
Diluted weighted average common shares outstanding |
81,545 |
80,448 |
81,241 |
80,681 | ||||
|
Condensed Unaudited Consolidated Balance Sheets
| ||||
|
September 30, |
December 31, | |||
|
2016 |
2015 | |||
|
Assets |
||||
|
Current assets |
$ |
1,422,427 |
$ |
1,129,758 |
|
Property and equipment, net |
554,513 |
558,667 | ||
|
Goodwill and other intangibles, net |
1,183,714 |
1,187,890 | ||
|
Other long-term assets |
53,392 |
51,032 | ||
|
Total assets |
$ |
3,214,046 |
$ |
2,927,347 |
|
Liabilities and Equity |
||||
|
Current liabilities |
$ |
942,365 |
$ |
752,535 |
|
Acquisition-related contingent consideration, net of current portion |
25,815 |
41,675 | ||
|
Long-term debt |
950,641 |
932,868 | ||
|
Long-term deferred tax liabilities, net |
167,230 |
188,759 | ||
|
Other long-term liabilities |
98,415 |
68,119 | ||
|
Equity |
1,029,580 |
943,391 | ||
|
Total liabilities and equity |
$ |
3,214,046 |
$ |
2,927,347 |
|
Condensed Unaudited Consolidated Statements of Cash Flows
| ||||
|
For the Nine Months Ended | ||||
|
2016 |
2015 | |||
|
Net cash provided by operating activities |
$ |
127,141 |
$ |
260,602 |
|
Net cash used in investing activities |
(94,061) |
(170,450) | ||
|
Net cash used in financing activities |
(27,629) |
(107,160) | ||
|
Effect of currency translation on cash |
(1,008) |
103 | ||
|
Net increase (decrease) in cash and cash equivalents |
4,443 |
(16,905) | ||
|
Cash and cash equivalents - beginning of period |
$ |
4,984 |
$ |
24,059 |
|
Cash and cash equivalents - end of period |
$ |
9,427 |
$ |
7,154 |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited
| ||||||||
|
For the Three Months Ended |
For the Nine Months Ended | |||||||
|
Segment Information |
2016 |
2015 |
2016 |
2015 | ||||
|
Revenue by Reportable Segment |
||||||||
|
Communications |
$ |
624.3 |
$ |
513.3 |
$ |
1,728.0 |
$ |
1,452.1 |
|
Oil and Gas |
736.0 |
406.9 |
1,454.3 |
1,144.2 | ||||
|
Electrical Transmission |
101.7 |
75.9 |
283.6 |
270.2 | ||||
|
Power Generation and Industrial |
123.6 |
115.0 |
324.7 |
302.3 | ||||
|
Other |
7.6 |
3.8 |
14.9 |
17.2 | ||||
|
Eliminations |
(7.0) |
(3.9) |
(12.7) |
(5.1) | ||||
|
Consolidated revenue |
$ |
1,586.2 |
$ |
1,111.0 |
$ |
3,792.8 |
$ |
3,180.9 |
|
For the Three Months Ended |
For the Nine Months Ended | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
Adjusted EBITDA by Reportable Segment |
||||||||
|
Communications |
$ |
63.0 |
$ |
51.0 |
$ |
191.4 |
$ |
160.0 |
|
Oil and Gas |
118.0 |
51.0 |
194.1 |
113.9 | ||||
|
Electrical Transmission |
(3.8) |
(11.6) |
(34.7) |
(35.4) | ||||
|
Power Generation and Industrial |
6.1 |
4.8 |
13.9 |
3.9 | ||||
|
Other |
2.1 |
0.8 |
2.6 |
1.2 | ||||
|
Corporate |
(20.6) |
(4.9) |
(44.4) |
(17.7) | ||||
|
Adjusted EBITDA |
$ |
164.8 |
$ |
91.1 |
$ |
322.8 |
$ |
225.9 |
|
Non-cash stock-based compensation expense |
3.9 |
3.2 |
11.3 |
9.5 | ||||
|
Restructuring charges |
4.7 |
- |
13.8 |
- | ||||
|
Acquisition integration costs |
- |
1.2 |
- |
17.8 | ||||
|
Audit Committee investigation related costs |
- |
4.1 |
- |
13.7 | ||||
|
Losses on non-controlled joint venture |
5.1 |
2.8 |
5.1 |
8.3 | ||||
|
Court mandated mediation settlement |
- |
12.2 |
- |
12.2 | ||||
|
EBITDA |
$ |
151.0 |
$ |
67.8 |
$ |
292.6 |
$ |
164.4 |
|
For the Three Months Ended |
For the Nine Months Ended | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
Adjusted EBITDA Margin by Reportable Segment |
||||||||
|
Communications |
10.1% |
9.9% |
11.1% |
11.0% | ||||
|
Oil and Gas |
16.0% |
12.5% |
13.3% |
10.0% | ||||
|
Electrical Transmission |
(3.7)% |
(15.2)% |
(12.2)% |
(13.1)% | ||||
|
Power Generation and Industrial |
4.9% |
4.2% |
4.3% |
1.3% | ||||
|
Other |
27.2% |
21.4% |
17.2% |
6.8% | ||||
|
Eliminations |
NA |
NA |
NA |
NA | ||||
|
Corporate |
NA |
NA |
NA |
NA | ||||
|
Adjusted EBITDA margin |
10.4% |
8.2% |
8.5% |
7.1% | ||||
|
Non-cash stock-based compensation expense |
0.2% |
0.3% |
0.3% |
0.3% | ||||
|
Restructuring charges |
0.3% |
- |
0.4% |
- | ||||
|
Acquisition integration costs |
- |
0.1% |
- |
0.6% | ||||
|
Audit Committee investigation related costs |
- |
0.4% |
- |
0.4% | ||||
|
Losses on non-controlled joint venture |
0.3% |
0.3% |
0.1% |
0.3% | ||||
|
Court mandated mediation settlement |
- |
1.1% |
- |
0.4% | ||||
|
EBITDA margin |
9.5% |
6.1% |
7.7% |
5.2% | ||||
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited
| ||||||||
|
For the Three Months Ended September 30, 2016 |
For the Nine Months Ended September 30, 2016 | |||||||
|
Total |
Percent of Revenue |
Total |
Percent of | |||||
|
EBITDA and Adjusted EBITDA Reconciliation |
||||||||
|
Net income |
$ |
56.5 |
3.6% |
$ |
78.1 |
2.1% | ||
|
Interest expense, net |
13.1 |
0.8% |
37.9 |
1.0% | ||||
|
Provision for income taxes |
38.8 |
2.4% |
54.3 |
1.4% | ||||
|
Depreciation and amortization |
42.6 |
2.7% |
122.2 |
3.2% | ||||
|
EBITDA - continuing operations |
$ |
151.0 |
9.5% |
$ |
292.6 |
7.7% | ||
|
Non-cash stock-based compensation expense |
3.9 |
0.2% |
11.3 |
0.3% | ||||
|
Restructuring charges |
4.7 |
0.3% |
13.8 |
0.4% | ||||
|
Losses on non-controlled joint venture |
5.1 |
0.3% |
5.1 |
0.1% | ||||
|
Adjusted EBITDA |
$ |
164.8 |
10.4% |
$ |
322.8 |
8.5% | ||
|
For the Three Months Ended September 30, 2015 |
For the Nine Months Ended September 30, 2015 | |||||||
|
Total |
Percent of Revenue |
Total |
Percent of Revenue | |||||
|
EBITDA and Adjusted EBITDA Reconciliation |
||||||||
|
Net income (loss) |
$ |
7.4 |
0.7% |
$ |
(2.8) |
(0.1)% | ||
|
Interest expense, net |
12.0 |
1.1% |
35.8 |
1.1% | ||||
|
Provision for income taxes |
6.2 |
0.6% |
3.3 |
0.1% | ||||
|
Depreciation and amortization |
42.2 |
3.8% |
128.0 |
4.0% | ||||
|
EBITDA |
$ |
67.8 |
6.1% |
$ |
164.4 |
5.2% | ||
|
Non-cash stock-based compensation expense |
3.2 |
0.3% |
9.5 |
0.3% | ||||
|
Acquisition integration costs |
1.2 |
0.1% |
17.8 |
0.6% | ||||
|
Audit Committee investigation related costs |
4.1 |
0.4% |
13.7 |
0.4% | ||||
|
Losses on non-controlled joint venture |
2.8 |
0.3% |
8.3 |
0.3% | ||||
|
Court mandated mediation settlement |
12.2 |
1.1% |
12.2 |
0.4% | ||||
|
Adjusted EBITDA |
$ |
91.1 |
8.2% |
$ |
225.9 |
7.1% | ||
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited
| ||||||||||||
|
For the Three Months Ended |
For the Nine Months Ended September 30, 2016 | |||||||||||
|
Income Before Income Taxes |
Provision For Income Taxes |
Net Income |
Income Before Income Taxes |
Provision For Income Taxes |
Net Income | |||||||
|
Adjusted Net Income Reconciliation |
||||||||||||
|
Reported U.S. GAAP measure |
$ |
95.3 |
$ |
(38.8) |
$ |
56.5 |
$ |
132.4 |
$ |
(54.3) |
$ |
78.1 |
|
Non-cash stock-based compensation expense |
3.9 |
(1.2) |
2.7 |
11.3 |
(4.2) |
7.1 | ||||||
|
Restructuring charges |
4.7 |
(1.5) |
3.2 |
13.8 |
(5.1) |
8.7 | ||||||
|
Losses on non-controlled joint venture |
5.1 |
(1.3) |
3.9 |
5.1 |
(1.3) |
3.9 | ||||||
|
Adjusted non-U.S. GAAP measure |
$ |
109.1 |
$ |
(42.8) |
$ |
66.3 |
$ |
162.7 |
$ |
(64.9) |
$ |
97.7 |
|
For the Three Months Ended |
For the Nine Months Ended September 30, 2016 | |||||||||||
|
Diluted EPS Before Income Taxes |
Provision For Income Taxes |
Net Diluted EPS |
Diluted EPS Before Income Taxes |
Provision For Income Taxes |
Net Diluted EPS | |||||||
|
Adjusted Diluted EPS Reconciliation |
||||||||||||
|
Diluted earnings per share |
$ |
1.17 |
$ |
(0.48) |
$ |
0.69 |
$ |
1.63 |
$ |
(0.67) |
$ |
0.96 |
|
Non-cash stock-based compensation expense |
0.05 |
(0.02) |
0.03 |
0.14 |
(0.05) |
0.09 | ||||||
|
Restructuring charges |
0.06 |
(0.02) |
0.04 |
0.17 |
(0.06) |
0.11 | ||||||
|
Losses on non-controlled joint venture |
0.06 |
(0.02) |
0.05 |
0.06 |
(0.02) |
0.05 | ||||||
|
Adjusted diluted earnings per share |
$ |
1.34 |
$ |
(0.53) |
$ |
0.81 |
$ |
2.00 |
$ |
(0.80) |
$ |
1.20 |
|
For the Three Months Ended |
For the Nine Months Ended September 30, 2015 | ||||||||||||
|
Income Before Income Taxes |
Provision For Income Taxes |
Net Income |
Income Before Income Taxes |
Provision For Income Taxes |
Net Income |
||||||||
|
Adjusted Net Income Reconciliation |
|||||||||||||
|
Reported U.S. GAAP measure |
$ |
13.6 |
$ |
(6.2) |
$ |
7.4 |
$ |
0.5 |
$ |
(3.3) |
$ |
(2.8) |
|
|
Non-cash stock-based compensation expense |
3.2 |
(1.4) |
1.8 |
9.5 |
(4.2) |
5.3 |
|||||||
|
Acquisition integration costs |
1.2 |
(0.5) |
0.7 |
17.8 |
(7.9) |
9.9 |
|||||||
|
Audit Committee investigation related costs |
4.1 |
(1.8) |
2.3 |
14.6 |
(6.5) |
8.1 |
|||||||
|
Losses on non-controlled joint venture |
2.8 |
(1.2) |
1.6 |
8.3 |
(3.7) |
4.6 |
|||||||
|
Impact of Alberta tax law change |
- |
(0.2) |
(0.2) |
- |
2.6 |
2.6 |
|||||||
|
Court mandated mediation settlement |
12.2 |
(5.4) |
6.8 |
12.2 |
(5.4) |
6.8 |
|||||||
|
Adjusted non-U.S. GAAP measure |
$ |
37.0 |
$ |
(16.6) |
$ |
20.4 |
$ |
62.8 |
$ |
(28.3) |
$ |
34.6 |
|
|
For the Three Months Ended |
For the Nine Months Ended September 30, 2015 | |||||||||||
|
Diluted EPS Before Income Taxes |
Provision For Income Taxes |
Net Diluted EPS |
Diluted EPS Before Income Taxes |
Provision For Income Taxes |
Net Diluted EPS | |||||||
|
Adjusted Diluted EPS Reconciliation |
||||||||||||
|
Diluted earnings (loss) per share |
$ |
0.17 |
$ |
(0.07) |
$ |
0.09 |
$ |
0.01 |
$ |
(0.04) |
$ |
(0.03) |
|
Non-cash stock-based compensation expense |
0.04 |
(0.02) |
0.02 |
0.12 |
(0.05) |
0.06 | ||||||
|
Acquisition integration costs |
0.01 |
(0.01) |
0.01 |
0.22 |
(0.10) |
0.12 | ||||||
|
Audit Committee investigation related costs |
0.05 |
(0.02) |
0.03 |
0.18 |
(0.08) |
0.10 | ||||||
|
Losses on non-controlled joint venture |
0.03 |
(0.02) |
0.02 |
0.10 |
(0.05) |
0.06 | ||||||
|
Impact of Alberta tax law change |
- |
(0.00) |
(0.00) |
- |
0.03 |
0.03 | ||||||
|
Court mandated mediation settlement |
0.15 |
(0.07) |
0.08 |
0.15 |
(0.06) |
0.08 | ||||||
|
Adjusted diluted earnings per share |
$ |
0.46 |
$ |
(0.21) |
$ |
0.26 |
$ |
0.77 |
$ |
(0.35) |
$ |
0.43 |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited
| |||||||
|
Guidance for the Three Months Ended December 31, 2016 Est. |
For the Three Months Ended December 31, 2015 | ||||||
|
EBITDA and Adjusted EBITDA Reconciliation |
|||||||
|
Net income (loss) |
$ |
40 |
$ |
(76.9) | |||
|
Interest expense, net |
14 |
12.2 | |||||
|
Provision for income taxes |
28 |
8.7 | |||||
|
Depreciation and amortization |
45 |
41.6 | |||||
|
EBITDA |
$ |
126 |
$ |
(14.4) | |||
|
Goodwill and intangible asset impairment |
- |
78.6 | |||||
|
Non-cash stock-based compensation expense |
4 |
2.9 | |||||
|
Restructuring charges |
2 |
- | |||||
|
Audit Committee investigation related costs |
- |
2.7 | |||||
|
Losses on non-controlled joint venture |
- |
8.0 | |||||
|
Court mandated mediation settlement |
- |
(0.0) | |||||
|
Loss on equity investee interest rate swaps |
- |
4.4 | |||||
|
Adjusted EBITDA |
$ |
132 |
$ |
82.3 | |||
|
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||||
|
Net income (loss) |
3.1% |
(7.5)% | |||||
|
Interest expense, net |
1.0% |
1.2% | |||||
|
Provision for income taxes |
2.1% |
0.8% | |||||
|
Depreciation and amortization |
3.4% |
4.1% | |||||
|
EBITDA margin |
9.6% |
(1.4)% | |||||
|
Goodwill and intangible asset impairment |
- |
7.7% | |||||
|
Non-cash stock-based compensation expense |
0.3% |
0.3% | |||||
|
Restructuring charges |
0.2% |
- | |||||
|
Acquisition integration costs |
- |
0.0% | |||||
|
Audit Committee investigation related costs |
- |
0.3% | |||||
|
Losses on non-controlled joint venture |
- |
0.8% | |||||
|
Court mandated mediation settlement |
- |
0.0% | |||||
|
Loss on equity investee interest rate swaps |
- |
0.4% | |||||
|
Adjusted EBITDA margin |
10.1% |
8.0% | |||||
|
Guidance for the Three Months Ended December 31, 2016 Est. |
For the Three Months Ended December 31, 2015 | ||||||
|
Adjusted Net Income Reconciliation |
|||||||
|
Net income (loss) |
$ |
40 |
$ |
(76.9) | |||
|
Goodwill and intangible asset impairment |
- |
78.6 | |||||
|
Non-cash stock-based compensation expense |
4 |
2.9 | |||||
|
Restructuring charges |
2 |
- | |||||
|
Audit Committee investigation related costs |
- |
2.8 | |||||
|
Losses on non-controlled joint venture |
- |
8.0 | |||||
|
Loss on equity investee interest rate swaps |
- |
4.4 | |||||
|
Impact of Alberta tax law change |
- |
0.2 | |||||
|
Income tax effect of adjustments (a) |
(2) |
(3.1) | |||||
|
Adjusted net income |
$ |
44 |
$ |
16.8 | |||
|
Guidance for the Three Months Ended December 31, 2016 Est. |
For the Three Months Ended December 31, 2015 | ||||||
|
Adjusted Diluted EPS Reconciliation |
|||||||
|
Diluted earnings (loss) per share |
$ |
0.48 |
$ |
(0.96) | |||
|
Goodwill and intangible asset impairment |
- |
0.98 | |||||
|
Non-cash stock-based compensation expense |
0.05 |
0.04 | |||||
|
Restructuring charges |
0.03 |
- | |||||
|
Audit Committee investigation related costs |
- |
0.03 | |||||
|
Losses on non-controlled joint venture |
- |
0.10 | |||||
|
Loss on equity investee interest rate swaps |
- |
0.05 | |||||
|
Impact of Alberta tax law change |
- |
0.00 | |||||
|
Income tax effect of adjustments (a) |
(0.02) |
(0.04) | |||||
|
Adjusted diluted earnings per share |
$ |
0.54 |
$ |
0.21 | |||
|
(a) Represents the tax effect of the adjusted items in the table above. The tax effects of the adjusted items were determined based on the tax treatment of the related items and after taking into consideration their effect on pre-tax income. | |||||||
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited
| ||||||
|
Guidance for December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
EBITDA and Adjusted EBITDA Reconciliation - Continuing Operations |
||||||
|
Net income (loss) from continuing operations |
$ |
118 |
$ |
(79.7) |
$ |
122.0 |
|
Interest expense, net |
52 |
48.1 |
50.8 | |||
|
Provision for income taxes |
82 |
12.0 |
76.4 | |||
|
Depreciation and amortization |
167 |
169.7 |
154.5 | |||
|
EBITDA - continuing operations |
$ |
419 |
$ |
150.0 |
$ |
403.7 |
|
Non-cash stock-based compensation expense |
15 |
12.4 |
15.9 | |||
|
Restructuring charges |
16 |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
78.6 |
- | |||
|
Acquisition integration costs |
- |
17.8 |
5.3 | |||
|
Audit Committee investigation related costs |
- |
16.5 |
- | |||
|
Losses on non-controlled joint venture |
5 |
16.3 |
- | |||
|
Court mandated mediation settlement |
- |
12.2 |
- | |||
|
Loss on equity investee interest rate swaps |
- |
4.4 |
- | |||
|
Adjusted EBITDA - continuing operations |
$ |
455 |
$ |
308.1 |
$ |
424.9 |
|
EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations |
||||||
|
Net income (loss) from continuing operations |
2.3% |
(1.9)% |
2.6% | |||
|
Interest expense, net |
1.0% |
1.1% |
1.1% | |||
|
Provision for income taxes |
1.6% |
0.3% |
1.7% | |||
|
Depreciation and amortization |
3.3% |
4.0% |
3.3% | |||
|
EBITDA margin- continuing operations |
8.2% |
3.6% |
8.8% | |||
|
Non-cash stock-based compensation expense |
0.3% |
0.3% |
0.3% | |||
|
Restructuring charges |
0.3% |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
1.9% |
- | |||
|
Acquisition integration costs |
- |
0.4% |
0.1% | |||
|
Audit Committee investigation related costs |
- |
0.4% |
- | |||
|
Losses on non-controlled joint venture |
0.1% |
0.4% |
- | |||
|
Court mandated mediation settlement |
- |
0.3% |
- | |||
|
Loss on equity investee interest rate swaps |
- |
0.1% |
- | |||
|
Adjusted EBITDA margin - continuing operations |
8.9% |
7.3% |
9.2% | |||
|
Guidance for the Year Ended December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
Adjusted Net Income from Continuing Operations Reconciliation |
||||||
|
Net income (loss) from continuing operations |
$ |
118 |
$ |
(79.7) |
$ |
122.0 |
|
Non-cash stock-based compensation expense |
15 |
12.4 |
15.9 | |||
|
Restructuring charges |
16 |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
78.6 |
- | |||
|
Acquisition integration costs |
- |
17.8 |
5.3 | |||
|
Audit Committee investigation related costs |
- |
17.4 |
- | |||
|
Losses on non-controlled joint venture |
5 |
16.3 |
- | |||
|
Court mandated mediation settlement |
- |
12.2 |
- | |||
|
Loss on equity investee interest rate swaps |
- |
4.4 |
- | |||
|
Impact of Alberta tax law change |
- |
2.8 |
- | |||
|
Income tax effect of adjustments (a) |
(12) |
(30.8) |
(8.2) | |||
|
Adjusted net income from continuing operations |
$ |
142 |
$ |
51.4 |
$ |
135.0 |
|
Guidance for the December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
Adjusted Diluted EPS Reconciliation - Continuing Operations |
||||||
|
Diluted earnings (loss) per share - continuing operations |
$ |
1.44 |
$ |
(0.98) |
$ |
1.42 |
|
Non-cash stock-based compensation expense |
0.19 |
0.15 |
0.19 | |||
|
Restructuring charges |
0.19 |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
0.97 |
- | |||
|
Acquisition integration costs |
- |
0.22 |
0.06 | |||
|
Audit Committee investigation related costs |
- |
0.21 |
- | |||
|
Losses on non-controlled joint venture |
0.06 |
0.20 |
- | |||
|
Court mandated mediation settlement |
- |
0.15 |
- | |||
|
Loss on equity investee interest rate swaps |
- |
0.05 |
- | |||
|
Impact of Alberta tax law change |
- |
0.03 |
- | |||
|
Income tax effect of adjustments (a) |
(0.15) |
(0.38) |
(0.09) | |||
|
Adjusted diluted earnings per share - continuing operations |
$ |
1.73 |
$ |
0.64 |
$ |
1.57 |
|
(a) Represents the tax effect of the adjusted items in the table above. The tax effects of the adjusted items were determined based on the tax treatment of the related items and after taking into consideration their effect on pre-tax income. | ||||||
Tables may contain differences due to rounding.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including trends in oil, natural gas, electricity and other energy source prices; reduced capital expenditures by our customers, reduced financing availability, customer consolidation and technological and regulatory changes in the industries we serve; our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects, and performance on such projects; our ability to manage projects effectively and in accordance with our estimates; the effect of economic conditions on demand for our services; market conditions, technological developments and regulatory changes that affect us or our customers' industries; the highly competitive nature of our industry; risks related to our strategic arrangements, including our cost and equity investees; fluctuations in foreign currencies; risks associated with operating in or expanding into additional international markets, which could restrict our ability to expand globally and harm our business and prospects or any failure to comply with laws applicable to our foreign activities; customer disputes related to our performance of services; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; our ability to replace non-recurring projects with new projects; the timing and extent of fluctuations in geographic, weather, equipment and operational factors affecting the industries in which we operate; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements, integrate acquired businesses within expected timeframes and achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges, including write-downs of goodwill; any exposure related to divested businesses; any exposure resulting from system or information technology interruptions or data security breaches; risks related to the restatement of certain of our fiscal year 2014 interim financial statements, including from ongoing or possible regulatory action, private party litigation, including, without limitation, the civil investigation commenced by the Securities and Exchange Commission related to this matter; the impact of U.S. federal, local or state tax legislation and other regulations affecting renewable energy, electricity prices, electrical transmission, oil and gas production, broadband and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future environmental requirements; increases in fuel, maintenance, materials, labor and other costs; our dependence on a limited number of customers; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services on short or no notice under our contracts; the impact of any unionized workforce on our operations, including labor availability and relations; liabilities associated with multi-employer pension plans, including underfunding and withdrawal liabilities, for our operations that employ unionized workers; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
SOURCE MasTec, Inc.
Article Date
11/3/2016MasTec Announces the Appointment of C. Robert Campbell to its Board of Directors
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., Sept. 29, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that Mr. C. Robert Campbell has joined MasTec's board of directors as a Class III Director.
From October 2004 to December 2013, Mr. Campbell was MasTec's Executive Vice President and Chief Financial Officer and, from January 2014 to December 2015, Mr. Campbell was a non-officer employee of MasTec. Mr. Campbell currently serves as the Lead Director for Forward Air Corporation and he previously served as its Audit Committee Chairman and Compensation Committee Chairman. Mr. Campbell is a Director of the Pernix Group, Inc. where he serves as its Audit Committee Chairman and is a member of its Compensation Committee and has previously served as its Vice-Chairman of the Board of Directors. Mr. Campbell has over 30 years of senior financial management experience. From 2002 to 2004, he was Executive Vice President and CFO for TIMCO Aviation Services, Inc. From 1998 to 2000, Mr. Campbell was the President and CEO of BAX Global, Inc. and from 1995 to 1998 Executive Vice President-Finance and CFO for Advantica Restaurant Group, Inc. From 1974 until 1995, Mr. Campbell held various senior management positions with Ryder System, Inc., including 10 years as Executive Vice President and CFO of its Vehicle Leasing and Services Division.
Mr. Campbell, who is a Certified Public Accountant (inactive), has a Bachelor of Science degree in Industrial Relations from the University of North Carolina, an MBA from Columbia University and a Master of Science in Accounting from Florida International University.
Jorge Mas, MasTec's Chairman of the Board noted, "I am very pleased to welcome Bob back to the MasTec family. His broad knowledge of our company, markets, customers, financial partners and investors will further strengthen our Board, and he will also be a key resource for our entire organization."
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com.
SOURCE MasTec, Inc.
Article Date
9/29/20168/17/2016 - MasTec Senior Management to Present at InvestMNt 2016 Investor Conference in Minneapolis
MasTec Senior Management to Present at InvestMNt 2016 Investor Conference in Minneapolis
Source: PR Newswire
CORAL GABLES, Fla., Aug. 17, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be in Minneapolis presenting at the 5th Annual 2016 InvestMNt investor conference sponsored by the CFA Society of Minnesota.
Management will present on Wednesday, August 24th at approximately 9:30 a.m. ET (8:30 p.m. CT). One-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part the conference.
The presentation audio will be webcast live by MeetMax and can be accessed by registering at www.investMNt.org, or through a link on the "Investors" page of MasTec's website at www.mastec.com.
Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com.
SOURCE MasTec, Inc.
Article Date
8/17/2016MasTec Announces Second Quarter 2016 Results Above Expectations and Increases 2016 Full Year Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., Aug. 4, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced second quarter 2016 financial results, as well as increased 2016 full year guidance. The Company reported:
Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose R. Mas, MasTec's Chief Executive Officer, commented, "Our second quarter results significantly exceeded our expectations, primarily due to improved productivity in our Oil & Gas segment. We expect record levels of Oil & Gas segment revenue during the second half of 2016 as we further ramp execution on large projects initiated at varying times during the 2016 second quarter. Most importantly, we have clear visibility to opportunities in the Oil & Gas segment which we expect will drive continued growth in 2017 and beyond."
Mr. Mas continued, "It is also important to note that in addition to the strong 2016 second quarter performance in our Oil & Gas segment, we also experienced significant growth in our Communications segment, and began to see improvement, as expected, in our Electrical Transmission segment. We expect these positive trends to continue, driving improved revenue and operating margin performance during the second half of 2016."
George Pita, MasTec Executive Vice President and CFO, added, "We enter the second half of 2016 with a strong balance sheet and capital structure, excellent working capital metrics and ample liquidity. These factors leave us well positioned to take advantage of the significant growth opportunities in the various markets we serve".
Based on information available today, the Company is raising full year 2016 guidance and providing initial third quarter 2016 guidance. The Company currently estimates 2016 annual revenue to approximate $5.0 billion. 2016 annual GAAP net income is expected to approximate $112 million with adjusted EBITDA, a non-GAAP measure, estimated to approximate $440 million. 2016 annual GAAP diluted earnings per share is estimated to approximate $1.36, with adjusted diluted earnings per share, a non-GAAP measure, estimated to approximate $1.57.
Additionally, for the third quarter of 2016, the Company expects revenue to approximate $1.5 billion. Third quarter 2016 GAAP net income is expected to approximate $52 million with adjusted EBITDA, a non-GAAP measure, estimated to approximate $155 million. Third quarter 2016 GAAP diluted earnings per share is expected to approximate $0.64, with adjusted diluted earnings per share, a non-GAAP measure, estimated at approximate $0.69.
Management will hold a conference call to discuss these results on Friday, August 5, 2016, at 9:00 a.m. Eastern time. The call-in number for the conference call is (913) 312-0664 and the replay number is (719) 457-0820, with a pass code of 9184746. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
Summary financial statements for the quarters are as follows:
|
Condensed Unaudited Consolidated Statements of Operations (In thousands, except per share amounts) | ||||||||
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
Revenue |
$ |
1,232,404 |
$ |
1,066,629 |
$ |
2,206,630 |
$ |
2,069,896 |
|
Costs of revenue, excluding depreciation and amortization |
1,068,182 |
945,947 |
1,952,583 |
1,832,361 | ||||
|
Depreciation and amortization |
40,657 |
43,254 |
79,664 |
85,852 | ||||
|
General and administrative expenses |
67,852 |
69,250 |
127,900 |
143,279 | ||||
|
Interest expense, net |
12,639 |
12,907 |
24,797 |
23,880 | ||||
|
Equity in (earnings) losses of unconsolidated affiliates |
(489) |
2,638 |
(3,555) |
3,223 | ||||
|
Other expense (income), net |
1,524 |
(4,991) |
(11,830) |
(5,583) | ||||
|
Income (loss) before income taxes |
$ |
42,039 |
(2,376) |
37,071 |
(13,116) | |||
|
(Provision for) benefit from income taxes |
(17,601) |
(1,444) |
(15,514) |
2,908 | ||||
|
Net income (loss) |
$ |
24,438 |
$ |
(3,820) |
$ |
21,557 |
$ |
(10,208) |
|
Net income (loss) attributable to non-controlling interests |
350 |
(120) |
162 |
(245) | ||||
|
Net income (loss) attributable to MasTec, Inc. |
$ |
24,088 |
$ |
(3,700) |
$ |
21,395 |
$ |
(9,963) |
|
Earnings per share: |
||||||||
|
Basic earnings (loss) per share |
$ |
0.30 |
$ |
(0.05) |
$ |
0.27 |
$ |
(0.12) |
|
Basic weighted average common shares outstanding |
80,351 |
79,830 |
80,253 |
81,106 | ||||
|
Diluted earnings (loss) per share |
$ |
0.30 |
$ |
(0.05) |
$ |
0.26 |
$ |
(0.12) |
|
Diluted weighted average common shares outstanding |
81,266 |
79,830 |
81,043 |
81,106 | ||||
|
Condensed Unaudited Consolidated Balance Sheets (In thousands) | ||||
|
June 30, |
December 31, | |||
|
2016 |
2015 | |||
|
Assets |
||||
|
Current assets |
$ |
1,321,842 |
$ |
1,129,758 |
|
Property and equipment, net |
559,057 |
558,667 | ||
|
Goodwill and other intangibles, net |
1,190,672 |
1,187,890 | ||
|
Other long-term assets |
52,372 |
51,032 | ||
|
Total assets |
$ |
3,123,943 |
$ |
2,927,347 |
|
Liabilities and Equity |
||||
|
Current liabilities |
$ |
866,434 |
$ |
752,535 |
|
Acquisition-related contingent consideration, net of current portion |
25,151 |
41,675 | ||
|
Long-term debt |
998,440 |
932,868 | ||
|
Long-term deferred tax liabilities, net |
173,220 |
188,759 | ||
|
Other long-term liabilities |
90,482 |
68,119 | ||
|
Equity |
970,216 |
943,391 | ||
|
Total liabilities and equity |
$ |
3,123,943 |
$ |
2,927,347 |
|
Condensed Unaudited Consolidated Statements of Cash Flows (In thousands) | ||||
|
For the Six Months Ended June 30, | ||||
|
2016 |
2015 | |||
|
Net cash provided by operating activities |
$ |
28,488 |
$ |
161,289 |
|
Net cash used in investing activities |
(59,872) |
(109,583) | ||
|
Net cash provided by (used in) financing activities |
36,046 |
(70,368) | ||
|
Effect of currency translation on cash |
(888) |
(642) | ||
|
Net increase (decrease) in cash and cash equivalents |
3,774 |
(19,304) | ||
|
Cash and cash equivalents - beginning of period |
$ |
4,984 |
$ |
24,059 |
|
Cash and cash equivalents - end of period |
$ |
8,758 |
$ |
4,755 |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | ||||||||
|
For the Three Months Ended |
For the Six Months Ended | |||||||
|
Segment Information |
2016 |
2015 |
2016 |
2015 | ||||
|
Revenue by Reportable Segment |
||||||||
|
Communications |
$ |
592.2 |
$ |
468.9 |
$ |
1,103.8 |
$ |
938.8 |
|
Oil and Gas |
425.6 |
410.5 |
718.4 |
737.3 | ||||
|
Electrical Transmission |
95.6 |
78.2 |
181.9 |
194.3 | ||||
|
Power Generation and Industrial |
119.7 |
103.1 |
201.1 |
187.4 | ||||
|
Other |
3.9 |
6.9 |
7.3 |
13.5 | ||||
|
Eliminations |
(4.6) |
(1.0) |
(5.9) |
(1.4) | ||||
|
Corporate |
- |
- |
- |
- | ||||
|
Consolidated revenue |
$ |
1,232.4 |
$ |
1,066.6 |
$ |
2,206.6 |
$ |
2,069.9 |
|
For the Three Months Ended June 30, |
For the Six Months Ended | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
Adjusted EBITDA by Reportable Segment |
||||||||
|
Communications |
$ |
66.6 |
$ |
48.6 |
$ |
128.4 |
$ |
109.1 |
|
Oil and Gas |
56.5 |
41.3 |
76.1 |
62.9 | ||||
|
Electrical Transmission |
(7.8) |
(21.4) |
(30.9) |
(23.9) | ||||
|
Power Generation and Industrial |
4.8 |
8.0 |
7.7 |
(0.9) | ||||
|
Other |
0.3 |
(0.0) |
0.5 |
0.4 | ||||
|
Eliminations |
- |
- |
- |
- | ||||
|
Corporate |
(16.1) |
(5.5) |
(23.7) |
(12.9) | ||||
|
Adjusted EBITDA |
$ |
104.3 |
$ |
71.0 |
$ |
158.1 |
$ |
134.7 |
|
Non-cash stock-based compensation expense |
3.9 |
2.7 |
7.4 |
6.3 | ||||
|
Restructuring charges |
5.1 |
- |
9.1 |
- | ||||
|
Acquisition integration costs |
- |
7.8 |
- |
16.6 | ||||
|
Audit Committee investigation related costs |
- |
6.7 |
- |
9.7 | ||||
|
Losses on non-controlled joint venture |
- |
- |
- |
5.5 | ||||
|
EBITDA |
$ |
95.3 |
$ |
53.8 |
$ |
141.5 |
$ |
96.6 |
|
For the Three Months Ended June 30, |
For the Six Months Ended | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
Adjusted EBITDA Margin by Reportable Segment |
||||||||
|
Communications |
11.2% |
10.4% |
11.6% |
11.6% | ||||
|
Oil and Gas |
13.3% |
10.1% |
10.6% |
8.5% | ||||
|
Electrical Transmission |
(8.1)% |
(27.4)% |
(17.0)% |
(12.3)% | ||||
|
Power Generation and Industrial |
4.0% |
7.8% |
3.8% |
(0.5)% | ||||
|
Other |
7.2% |
(0.3)% |
6.8% |
2.7% | ||||
|
Eliminations |
NA |
NA |
NA |
NA | ||||
|
Corporate |
NA |
NA |
NA |
NA | ||||
|
Adjusted EBITDA margin |
8.5% |
6.7% |
7.2% |
6.5% | ||||
|
Non-cash stock-based compensation expense |
0.3% |
0.3% |
0.3% |
0.3% | ||||
|
Restructuring charges |
0.4% |
- |
0.4% |
- | ||||
|
Acquisition integration costs |
- |
0.7% |
- |
0.8% | ||||
|
Audit Committee investigation related costs |
- |
0.6% |
- |
0.5% | ||||
|
Losses on non-controlled joint venture |
- |
- |
- |
0.3% | ||||
|
EBITDA margin |
7.7% |
5.0% |
6.4% |
4.7% | ||||
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | ||||||||
|
For the Three Months Ended June 30, 2016 |
For the Six Months Ended June 30, 2016 | |||||||
|
Total |
Percent of Revenue |
Total |
Percent of Revenue | |||||
|
EBITDA and Adjusted EBITDA Reconciliation |
||||||||
|
Net income |
$ |
24.4 |
2.0% |
$ |
21.6 |
1.0% | ||
|
Interest expense, net |
12.6 |
1.0% |
24.8 |
1.1% | ||||
|
Provision for income taxes |
17.6 |
1.4% |
15.5 |
0.7% | ||||
|
Depreciation and amortization |
40.7 |
3.3% |
79.7 |
3.6% | ||||
|
EBITDA |
$ |
95.3 |
7.7% |
$ |
141.5 |
6.4% | ||
|
Non-cash stock-based compensation expense |
3.9 |
0.3% |
7.4 |
0.3% | ||||
|
Restructuring charges |
5.1 |
0.4% |
9.1 |
0.4% | ||||
|
Adjusted EBITDA |
$ |
104.3 |
8.5% |
$ |
158.1 |
7.2% | ||
|
For the Three Months Ended June 30, 2015 |
For the Six Months Ended June 30, 2015 | |||||||
|
Total |
Percent of Revenue |
Total |
Percent of | |||||
|
EBITDA and Adjusted EBITDA Reconciliation |
||||||||
|
Net loss |
$ |
(3.8) |
(0.4)% |
$ |
(10.2) |
(0.5)% | ||
|
Interest expense, net |
12.9 |
1.2% |
23.9 |
1.2% | ||||
|
Provision for (benefit from) income taxes |
1.4 |
0.1% |
(2.9) |
(0.1)% | ||||
|
Depreciation and amortization |
43.3 |
4.1% |
85.9 |
4.1% | ||||
|
EBITDA |
$ |
53.8 |
5.0% |
$ |
96.6 |
4.7% | ||
|
Non-cash stock-based compensation expense |
2.7 |
0.3% |
6.3 |
0.3% | ||||
|
Acquisition integration costs |
7.8 |
0.7% |
16.6 |
0.8% | ||||
|
Audit Committee investigation related costs |
6.7 |
0.6% |
9.7 |
0.5% | ||||
|
Losses on non-controlled joint venture |
- |
- |
5.5 |
0.3% | ||||
|
Adjusted EBITDA |
$ |
71.0 |
6.7% |
$ |
134.7 |
6.5% | ||
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | ||||||||||||
|
For the Three Months Ended June 30, 2016 |
For the Six Months Ended June 30, 2016 | |||||||||||
|
Income Before |
Provision |
Net Income |
Income Before |
Provision |
Net Income | |||||||
|
Adjusted Net Income Reconciliation |
||||||||||||
|
Reported U.S. GAAP measure |
$ |
42.0 |
$ |
(17.6) |
$ |
24.4 |
$ |
37.1 |
$ |
(15.5) |
$ |
21.6 |
|
Non-cash stock-based compensation expense |
3.9 |
(1.5) |
2.4 |
7.4 |
(3.0) |
4.4 | ||||||
|
Restructuring charges |
5.1 |
(1.9) |
3.1 |
9.1 |
(3.7) |
5.5 | ||||||
|
Adjusted non-U.S. GAAP measure |
$ |
51.0 |
$ |
(21.0) |
$ |
29.9 |
$ |
53.6 |
$ |
(22.1) |
$ |
31.5 |
|
For the Three Months Ended |
For the Six Months Ended June 30, 2016 | |||
|
Adjusted Diluted EPS Reconciliation |
||||
|
Diluted earnings per share |
$ |
0.30 |
$ |
0.26 |
|
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.05 | ||
|
Restructuring charges, net of tax |
0.04 |
0.07 | ||
|
Adjusted diluted earnings per share |
$ |
0.36 |
$ |
0.39 |
|
For the Three Months Ended June 30, 2015 |
For the Six Months Ended June 30, 2015 | |||||||||||
|
(Loss) Income Before |
Provision |
Net (Loss) Income |
(Loss) Income Before |
Provision |
Net (Loss) Income | |||||||
|
Adjusted Net Income Reconciliation |
||||||||||||
|
Reported U.S. GAAP measure |
$ |
(2.4) |
$ |
(1.4) |
$ |
(3.8) |
$ |
(13.1) |
$ |
2.9 |
$ |
(10.2) |
|
Non-cash stock-based compensation expense |
2.7 |
(1.3) |
1.4 |
6.3 |
(2.8) |
3.5 | ||||||
|
Acquisition integration costs |
7.8 |
(3.8) |
4.0 |
16.6 |
(7.4) |
9.2 | ||||||
|
Audit Committee investigation related costs |
7.5 |
(3.5) |
4.0 |
10.5 |
(4.7) |
5.8 | ||||||
|
Losses on non-controlled joint venture |
- |
(0.2) |
(0.2) |
5.5 |
(2.4) |
3.1 | ||||||
|
Impact of Alberta tax law change |
- |
2.8 |
2.8 |
- |
2.8 |
2.8 | ||||||
|
Adjusted non-U.S. GAAP measure |
$ |
15.6 |
$ |
(7.5) |
$ |
8.1 |
$ |
25.8 |
$ |
(11.6) |
$ |
14.2 |
|
For the Three Months Ended June 30, 2015 |
For the Six Months Ended | |||
|
Adjusted Diluted EPS Reconciliation |
||||
|
Diluted loss per share |
$ |
(0.05) |
$ |
(0.12) |
|
Non-cash stock-based compensation expense, net of tax |
0.02 |
0.04 | ||
|
Acquisition integration costs, net of tax |
0.05 |
0.11 | ||
|
Audit Committee investigation related costs, net of tax |
0.05 |
0.07 | ||
|
Losses on non-controlled joint venture, net of tax |
(0.00) |
0.04 | ||
|
Impact of Alberta tax law change |
0.04 |
0.03 | ||
|
Adjusted diluted earnings per share |
$ |
0.10 |
$ |
0.18 |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | |||||||
|
Guidance for the Three Months Ended September 30, 2016 Est. |
For the Three Months Ended September 30, 2015 | ||||||
|
EBITDA and Adjusted EBITDA Reconciliation |
|||||||
|
Net income |
$ |
52 |
$ |
7.4 | |||
|
Interest expense, net |
13 |
12.0 | |||||
|
Provision for income taxes |
38 |
6.2 | |||||
|
Depreciation and amortization |
44 |
42.2 | |||||
|
EBITDA |
$ |
148 |
$ |
67.8 | |||
|
Non-cash stock-based compensation expense |
4 |
3.2 | |||||
|
Restructuring charges |
3 |
- | |||||
|
Acquisition integration costs |
- |
1.2 | |||||
|
Audit Committee investigation related costs |
- |
4.1 | |||||
|
Losses on non-controlled joint venture |
- |
2.8 | |||||
|
Court mandated mediation settlement |
- |
12.2 | |||||
|
Adjusted EBITDA |
$ |
155 |
$ |
91.1 | |||
|
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||||
|
Net income |
3.5% |
0.7% | |||||
|
Interest expense, net |
0.9% |
1.1% | |||||
|
Provision for income taxes |
2.5% |
0.6% | |||||
|
Depreciation and amortization |
3.0% |
3.8% | |||||
|
EBITDA margin |
9.8% |
6.1% | |||||
|
Non-cash stock-based compensation expense |
0.3% |
0.3% | |||||
|
Restructuring charges |
0.2% |
- | |||||
|
Acquisition integration costs |
- |
0.1% | |||||
|
Audit Committee investigation related costs |
- |
0.4% | |||||
|
Losses on non-controlled joint venture |
- |
0.3% | |||||
|
Court mandated mediation settlement |
- |
1.1% | |||||
|
Adjusted EBITDA margin |
10.3% |
8.2% | |||||
|
Guidance for the Three Months Ended September 30, 2016 Est. |
For the Three Months Ended September 30, 2015 | ||||||
|
Adjusted Net Income Reconciliation |
|||||||
|
Net income |
$ |
52 |
$ |
7.4 | |||
|
Non-cash stock-based compensation expense, net of tax |
3 |
1.8 | |||||
|
Restructuring charges, net of tax |
2 |
- | |||||
|
Acquisition integration costs, net of tax |
- |
0.7 | |||||
|
Audit Committee investigation related costs, net of tax |
- |
2.3 | |||||
|
Impact of Alberta tax law change |
- |
(0.2) | |||||
|
Losses on non-controlled joint venture, net of tax |
- |
1.6 | |||||
|
Court mandated mediation settlement, net of tax |
- |
6.8 | |||||
|
Adjusted net income |
$ |
57 |
$ |
20.4 | |||
|
Guidance for the Three Months Ended September 30, 2016 Est. |
For the Three Months Ended September 30, 2015 | ||||||
|
Adjusted Diluted EPS Reconciliation |
|||||||
|
Diluted earnings per share |
$ |
0.64 |
$ |
0.09 | |||
|
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.02 | |||||
|
Restructuring charges, net of tax |
0.03 |
- | |||||
|
Acquisition integration costs, net of tax |
- |
0.01 | |||||
|
Audit Committee investigation related costs, net of tax |
- |
0.03 | |||||
|
Impact of Alberta tax law change |
- |
(0.00) | |||||
|
Losses on non-controlled joint venture, net of tax |
- |
0.02 | |||||
|
Court mandated mediation settlement, net of tax |
- |
0.08 | |||||
|
Adjusted diluted earnings per share |
$ |
0.69 |
$ |
0.26 | |||
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (In millions, except for percentages and per share amounts) | ||||||
|
Guidance for the December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
EBITDA and Adjusted EBITDA Reconciliation - Continuing Operations |
||||||
|
Net income (loss) from continuing operations |
$ |
112 |
$ |
(79.7) |
$ |
122.0 |
|
Interest expense, net |
52 |
48.1 |
50.8 | |||
|
Provision for income taxes |
80 |
12.0 |
76.4 | |||
|
Depreciation and amortization |
169 |
169.7 |
154.5 | |||
|
EBITDA - continuing operations |
$ |
412 |
$ |
150.0 |
$ |
403.7 |
|
Non-cash stock-based compensation expense |
16 |
12.4 |
15.9 | |||
|
Restructuring charges |
12 |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
78.6 |
- | |||
|
Acquisition integration costs |
- |
17.8 |
5.3 | |||
|
Audit Committee investigation related costs |
- |
16.5 |
- | |||
|
Losses on non-controlled joint venture |
- |
16.3 |
- | |||
|
Court mandated mediation settlement |
- |
12.2 |
- | |||
|
Loss on equity investee interest rate swaps |
- |
4.4 |
- | |||
|
Adjusted EBITDA - continuing operations |
$ |
440 |
$ |
308.1 |
$ |
424.9 |
|
EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations |
||||||
|
Net income (loss) from continuing operations |
2.2% |
(1.9)% |
2.6% | |||
|
Interest expense, net |
1.0% |
1.1% |
1.1% | |||
|
Provision for income taxes |
1.6% |
0.3% |
1.7% | |||
|
Depreciation and amortization |
3.4% |
4.0% |
3.3% | |||
|
EBITDA margin- continuing operations |
8.2% |
3.6% |
8.8% | |||
|
Non-cash stock-based compensation expense |
0.3% |
0.3% |
0.3% | |||
|
Restructuring charges |
0.2% |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
1.9% |
- | |||
|
Acquisition integration costs |
- |
0.4% |
0.1% | |||
|
Audit Committee investigation related costs |
- |
0.4% |
- | |||
|
Losses on non-controlled joint venture |
- |
0.4% |
- | |||
|
Court mandated mediation settlement |
- |
0.3% |
- | |||
|
Loss on equity investee interest rate swaps |
- |
0.1% |
- | |||
|
Adjusted EBITDA margin - continuing operations |
8.8% |
7.3% |
9.2% | |||
|
Guidance for the Year Ended December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
Adjusted Net Income from Continuing Operations Reconciliation |
||||||
|
Net income (loss) from continuing operations |
$ |
112 |
$ |
(79.7) |
$ |
122.0 |
|
Non-cash stock-based compensation expense, net of tax |
10 |
8.1 |
9.8 | |||
|
Restructuring charges, net of tax |
8 |
- |
- | |||
|
Goodwill and intangible asset impairment, net of tax |
- |
76.4 |
- | |||
|
Acquisition integration costs, net of tax |
- |
9.9 |
3.2 | |||
|
Audit Committee investigation related costs, net of tax |
- |
11.3 |
- | |||
|
Losses on non-controlled joint venture, net of tax |
- |
13.0 |
- | |||
|
Court mandated mediation settlement, net of tax |
- |
6.8 |
- | |||
|
Loss on equity investee interest rate swaps, net of tax |
- |
2.9 |
- | |||
|
Impact of Alberta tax law change |
- |
2.8 |
- | |||
|
Adjusted net income from continuing operations |
$ |
129 |
$ |
51.4 |
$ |
135.0 |
|
Guidance for the December 31, |
For the Year Ended December 31, |
For the | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
Adjusted Diluted EPS Reconciliation - Continuing Operations |
||||||
|
Diluted earnings (loss) per share - continuing operations |
$ |
1.36 |
$ |
(0.98) |
$ |
1.42 |
|
Non-cash stock-based compensation expense, net of tax |
0.12 |
0.10 |
0.11 | |||
|
Restructuring charges, net of tax |
0.09 |
- |
- | |||
|
Goodwill and intangible asset impairment, net of tax |
- |
0.94 |
- | |||
|
Acquisition integration costs, net of tax |
- |
0.12 |
0.04 | |||
|
Audit Committee investigation related costs, net of tax |
- |
0.14 |
- | |||
|
Losses on non-controlled joint venture, net of tax |
- |
0.16 |
- | |||
|
Court mandated mediation settlement, net of tax |
- |
0.08 |
- | |||
|
Loss on equity investee interest rate swaps, net of tax |
- |
0.04 |
- | |||
|
Impact of Alberta tax law change |
- |
0.03 |
- | |||
|
Adjusted diluted earnings per share - continuing operations |
$ |
1.57 |
$ |
0.64 |
$ |
1.57 |
Tables may contain differences due to rounding.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including trends in oil, natural gas, electricity and other energy source prices; reduced capital expenditures by our customers, reduced financing availability, customer consolidation and technological and regulatory changes in the industries we serve; our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects, and performance on such projects; our ability to manage projects effectively and in accordance with our estimates; the effect of economic conditions on demand for our services; market conditions, technological developments and regulatory changes that affect us or our customers' industries; the highly competitive nature of our industry; risks related to our strategic arrangements, including our equity method investments and proportionately consolidated non-controlled Canadian joint venture; fluctuations in foreign currencies; risks associated with operating in or expanding into additional international markets, which could restrict our ability to expand globally and harm our business and prospects or any failure to comply with laws applicable to our foreign activities; customer disputes related to our performance of services; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; our ability to replace non-recurring projects with new projects; the timing and extent of fluctuations in geographic, weather, equipment and operational factors affecting the industries in which we operate; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements, integrate acquired businesses within expected timeframes and achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges, including write-downs of goodwill; any exposure related to divested businesses; any exposure resulting from system or information technology interruptions or data security breaches; risks related to the restatement of certain of our fiscal year 2014 interim financial statements, including from ongoing or possible regulatory action, private party litigation, including, without limitation, the civil investigation commenced by the Securities and Exchange Commission related to this matter; the impact of U.S. federal, local or state tax legislation and other regulations affecting renewable energy, electricity prices, electrical transmission, oil and gas production, broadband and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future environmental requirements; increases in fuel, maintenance, materials, labor and other costs; our dependence on a limited number of customers; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services on short or no notice under our contracts; the impact of any unionized workforce on our operations, including labor availability and relations; liabilities associated with multi-employer pension plans, including underfunding and withdrawal liabilities, for our operations that employ unionized workers; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
SOURCE MasTec, Inc.
Article Date
8/4/2016MasTec Senior Management to Present at Investor Conferences in Boston and New York
Source: PR Newswire
CORAL GABLES, Fla., Aug. 3, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be in Boston presenting at the Canaccord Genuity Growth Investor Conference on Wednesday, August 10th, at approximately 9:00 a.m. Eastern time. Additionally, senior management will also be in New York presenting at the Jefferies Industrials Conference on Thursday, August 11th, at approximately 1:40 p.m. Eastern time.
One-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of both conferences.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com.
SOURCE MasTec, Inc.
Article Date
8/3/2016MasTec Schedules Second Quarter 2016 Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., July 26, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended June 30, 2016 after the market closes on Thursday, August 4, 2016. Senior Management will also hold a conference call to discuss these results on Friday, August 5, 2016, at 9:00 a.m. Eastern time.
The call-in number for the conference call is (913) 312-0664 and the replay number is (719) 457-0820, with a pass code of 9184746. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com.
SOURCE MasTec, Inc.
Article Date
7/26/20166/6/2016 - MasTec Senior Management to Present at Industrials Investor Conferences in New York and Boston
MasTec Senior Management to Present at Industrials Investor Conferences in New York and Boston
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., June 6, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be in New York presenting at the Stifel Industrials Investor Conference on Monday, June 13th, at approximately 11:30 a.m. Eastern time. Additionally, senior management will also be in Boston presenting at the Citibank Industrials conference on Tuesday, June 14th, at approximately 9:30 a.m. Eastern time. Both presentations will be structured as fireside chats, moderated by the respective covering analysts.
One-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of both conferences.
The audio and any presentation materials may be accessed through a link on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com.
SOURCE MasTec, Inc.
Article Date
6/6/2016MasTec Announces 2015 Fourth Quarter and Annual Financial Results, Announces $100 Million Stock Buyback Authorization and Issues 2016 Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CORAL GABLES, Fla., Feb. 25, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced 2015 fourth quarter and full year financial results, as well its 2016 guidance range. In addition, the Company announced that its board of directors has authorized up to $100 million in repurchases of the Company's shares. The Company reported:
The Company also reported:
Adjusted net income from continuing operations, continuing operations adjusted diluted earnings per share and continuing operations adjusted EBITDA, non-GAAP measures, exclude, as applicable, Audit Committee investigation related costs, WesTower acquisition integration costs, a project loss related to a non-controlled Canadian joint venture, a settlement charge from a court mandated mediation related to a 2013 project dispute, the non-recurring impact on deferred tax liabilities resulting from an income tax law change in Alberta, Canada, unrealized fair market value losses on interest rate swaps of an equity investee, non-cash goodwill and intangible asset impairment and non-cash stock-based compensation expense. Reconciliations of these and other non-GAAP measures to GAAP-reported measures are attached.
Additionally, MasTec's Board of Directors has authorized the repurchase of up to $100 million of shares of MasTec common stock. The authorization does not obligate MasTec to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. Stock repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including market conditions, regulatory and legal requirements, cash flow and liquidity needs and other factors. The stock repurchases may be made in both open market and privately negotiated transactions, and may include the use of derivative contracts, structured share repurchase agreements and Rule 10b5-1 trading plans. Repurchases would be funded from cash on hand and availability under the Company's revolving credit facility.
Jose Mas, MasTec's Chief Executive Officer, commented, "2015 was a difficult year. However, we enter 2016 with a growing number of opportunities across our segments and record backlog. Today we have announced a stock repurchase authorization. While we will be mindful of our overall debt levels and business conditions before we initiate any purchases, this authorization provides us the ability to be opportunistic if business and market conditions warrant share repurchases in the long-term interest of our shareholders."
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We generated record cash flow from operating activities during a difficult 2015 period, with significant improvements in our working capital metrics. We enter 2016 with approximately $500 million in liquidity, and the expectation of significantly improved 2016 financial performance, which we believe will provide us with ample financial resources to take advantage of potential opportunities."
The Company is providing both first quarter and full year 2016 guidance. These views are based on information available today, and are subject to the timing uncertainties associated with the start-up of expected projects in the Company's backlog. The Company currently estimates 2016 revenue of approximately $4.6 to $4.8 billion. 2016 continuing operations adjusted EBITDA, a non-GAAP measure, is estimated at $415 to $430 million, with continuing operations adjusted diluted earnings per share, a non-GAAP measure at $1.35 to $1.45.
For the first quarter of 2016, the Company expects revenue of approximately $950 million. First quarter 2016 continuing operations adjusted EBITDA, a non-GAAP measure, is estimated at approximately 5% to 6% of revenue, with continuing operations adjusted diluted earnings per share, a non-GAAP measure, estimated between a loss of $0.03 to a breakeven level. First quarter 2016 guidance reflects expected seasonality and timing of project startups, in which first quarter results are typically the lowest quarter of the year.
Management will hold a conference call to discuss these results on Friday, February 26, 2015 at 9:00 a.m. Eastern time. The call-in number for the conference call is (719) 325-2425 and the replay number is (719) 457-0820, with a pass code of 2478235. The replay will be available for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended December 31, 2015 and 2014:
|
Condensed Unaudited Consolidated Statements of Operations | |||||||||||||
|
(In thousands, except per share amounts) | |||||||||||||
|
For the Years Ended December 31, |
For the Three Months Ended December 31, |
||||||||||||
|
2015 |
2014 |
2015 |
2014 |
||||||||||
|
Revenue |
$ |
4,208,330 |
$ |
4,611,803 |
$ |
1,027,424 |
$ |
1,231,264 |
|||||
|
Costs of revenue, excluding depreciation and amortization |
3,721,303 |
3,977,963 |
916,231 |
1,063,062 |
|||||||||
|
Depreciation and amortization |
169,662 |
154,452 |
41,614 |
42,456 |
|||||||||
|
Goodwill and intangible asset impairment |
78,625 |
- |
78,625 |
- |
|||||||||
|
General and administrative expenses |
265,910 |
238,305 |
58,833 |
70,851 |
|||||||||
|
Interest expense, net |
48,055 |
50,769 |
12,210 |
13,174 |
|||||||||
|
Other income, net |
(7,479) |
(8,116) |
(11,820) |
(2,693) |
|||||||||
|
(Loss) income from continuing operations before income taxes |
$ |
(67,746) |
$ |
198,430 |
$ |
(68,269) |
$ |
44,414 |
|||||
|
Provision for income taxes |
(11,957) |
(76,429) |
(8,668) |
(17,859) |
|||||||||
|
Net (loss) income from continuing operations |
$ |
(79,703) |
$ |
122,001 |
$ |
(76,937) |
$ |
26,555 |
|||||
|
Discontinued operations: |
|||||||||||||
|
Net loss from discontinued operations |
$ |
- |
$ |
(6,452) |
$ |
- |
$ |
(5,861) |
|||||
|
Net (loss) income |
$ |
(79,703) |
$ |
115,549 |
$ |
(76,937) |
$ |
20,694 |
|||||
|
Net income attributable to non-controlling interests |
(593) |
(374) |
(172) |
(422) |
|||||||||
|
Net (loss) income attributable to MasTec, Inc. |
$ |
(79,110) |
$ |
115,923 |
$ |
(76,765) |
$ |
21,116 |
|||||
|
Earnings per share: |
|||||||||||||
|
Basic earnings (loss) per share: |
|||||||||||||
|
Continuing operations |
$ |
(0.98) |
$ |
1.53 |
$ |
(0.96) |
$ |
0.33 |
|||||
|
Discontinued operations |
- |
(0.08) |
- |
(0.07) |
|||||||||
|
Total basic earnings per share |
$ |
(0.98) |
$ |
1.45 |
$ |
(0.96) |
$ |
0.26 |
|||||
|
Basic weighted average common shares outstanding |
80,489 |
79,953 |
82,311 |
82,311 |
|||||||||
|
Diluted (loss) earnings per share: |
|||||||||||||
|
Continuing operations |
$ |
(0.98) |
$ |
1.42 |
$ |
(0.96) |
$ |
0.32 |
|||||
|
Discontinued operations |
- |
(0.07) |
- |
(0.07) |
|||||||||
|
Total diluted earnings per share |
$ |
(0.98) |
$ |
1.35 |
$ |
(0.96) |
$ |
0.25 |
|||||
|
Diluted weighted average common shares outstanding |
80,489 |
86,196 |
85,385 |
85,385 |
|||||||||
|
Condensed Unaudited Consolidated Balance Sheets | ||||
|
(In thousands) | ||||
|
December 31, | ||||
|
2015 |
2014 | |||
|
Assets |
||||
|
Current assets, including discontinued operations |
$ |
1,132,902 |
$ |
1,531,751 |
|
Property and equipment, net |
558,667 |
623,118 | ||
|
Goodwill and other intangibles, net |
1,187,890 |
1,332,839 | ||
|
Long-term assets, including discontinued operations |
60,738 |
76,272 | ||
|
Total assets |
$ |
2,940,197 |
$ |
3,563,980 |
|
Liabilities and Equity |
||||
|
Current liabilities, including discontinued operations |
$ |
752,789 |
$ |
980,848 |
|
Acquisition-related contingent consideration, net of current portion |
41,675 |
103,515 | ||
|
Long-term debt |
945,464 |
1,061,159 | ||
|
Long-term deferred tax liabilities, net |
188,759 |
203,476 | ||
|
Other long-term liabilities |
68,119 |
66,907 | ||
|
Equity |
943,391 |
1,148,075 | ||
|
Total liabilities and equity |
$ |
2,940,197 |
$ |
3,563,980 |
|
Condensed Unaudited Consolidated Statements of Cash Flows | ||||
|
(In thousands) | ||||
|
December 31, | ||||
|
2015 |
2014 | |||
|
Net cash provided by operating activities |
$ |
367,413 |
$ |
323,011 |
|
Net cash used in investing activities |
(128,700) |
(439,262) | ||
|
Net cash (used in) provided by financing activities |
(258,920) |
118,675 | ||
|
Effect of currency translation on cash |
1,132 |
(1,292) | ||
|
Net (decrease) increase in cash and cash equivalents |
(19,075) |
1,132 | ||
|
Cash and cash equivalents - beginning of period |
24,059 |
22,927 | ||
|
Cash and cash equivalents - end of period |
$ |
4,984 |
$ |
24,059 |
|
Cash and cash equivalents of continued operations |
$ |
4,984 |
$ |
24,059 |
|
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited | ||||||||
|
(In millions, except for percentages and per share amounts) | ||||||||
|
For the Three Months Ended December 31, |
For the Years Ended December 31, | |||||||
|
Segment Information |
2015 |
2014 |
2015 |
2014 | ||||
|
Revenue by Reportable Segment |
||||||||
|
Communications |
$ |
521.1 |
$ |
560.5 |
$ |
1,973.2 |
$ |
2,041.0 |
|
Oil and Gas |
350.9 |
432.1 |
1,495.1 |
1,731.4 | ||||
|
Electrical Transmission |
71.3 |
142.8 |
341.5 |
471.9 | ||||
|
Power Generation and Industrial |
79.3 |
93.9 |
381.6 |
357.0 | ||||
|
Other |
6.8 |
4.1 |
24.1 |
14.7 | ||||
|
Eliminations |
(2.0) |
(2.1) |
(7.2) |
(4.2) | ||||
|
Consolidated revenue |
$ |
1,027.4 |
$ |
1,231.3 |
$ |
4,208.3 |
$ |
4,611.8 |
|
For the Three Months Ended December 31, |
For the Years Ended December 31, | |||||||
|
2015 |
2014 |
2015 |
2014 | |||||
|
Adjusted EBITDA by Reportable Segment - Continuing Operations |
||||||||
|
Communications |
$ |
53.1 |
$ |
55.6 |
$ |
213.1 |
$ |
209.6 |
|
Oil and Gas |
43.1 |
50.9 |
157.0 |
195.1 | ||||
|
Electrical Transmission |
(23.7) |
9.9 |
(59.2) |
45.0 | ||||
|
Power Generation and Industrial |
4.9 |
4.9 |
8.8 |
14.2 | ||||
|
Other |
0.8 |
(1.1) |
1.9 |
(1.2) | ||||
|
Eliminations |
- |
(0.0) |
(0.0) |
(0.0) | ||||
|
Corporate |
4.2 |
(10.5) |
(13.5) |
(37.9) | ||||
|
Adjusted EBITDA - continuing operations |
$ |
82.3 |
$ |
109.7 |
$ |
308.1 |
$ |
424.9 |
|
Goodwill and intangible asset impairment |
78.6 |
- |
78.6 |
- | ||||
|
Non-cash stock-based compensation expense |
2.9 |
4.4 |
12.4 |
15.9 | ||||
|
Acquisition integration costs |
- |
5.3 |
17.8 |
5.3 | ||||
|
Audit Committee investigation related expenses |
2.8 |
- |
16.5 |
- | ||||
|
Losses on non-controlled joint venture |
8.0 |
- |
16.3 |
- | ||||
|
Court mandated mediation settlement |
- |
- |
12.2 |
- | ||||
|
Loss on equity investee interest rate swaps |
4.4 |
- |
4.4 |
- | ||||
|
EBITDA - continuing operations |
$ |
(14.4) |
$ |
100.0 |
$ |
150.0 |
$ |
403.7 |
|
For the Three Months Ended December 31, |
For the Years Ended December 31, | |||||||
|
2015 |
2014 |
2015 |
2014 | |||||
|
Adjusted EBITDA Margin by Reportable Segment - Continuing Operations |
||||||||
|
Communications |
10.2% |
9.9% |
10.8% |
10.3% | ||||
|
Oil and Gas |
12.3% |
11.8% |
10.5% |
11.3% | ||||
|
Electrical Transmission |
(33.3)% |
6.9% |
(17.3)% |
9.5% | ||||
|
Power Generation and Industrial |
1.0% |
1.2% |
2.3% |
4.0% | ||||
|
Other |
72.0% |
(27.0)% |
8.0% |
(8.2)% | ||||
|
Eliminations |
0.0% |
- |
- |
- | ||||
|
Corporate |
- |
- |
- |
- | ||||
|
Adjusted EBITDA margin - continuing operations |
8.0% |
8.9% |
7.3% |
9.2% | ||||
|
Goodwill and intangible asset impairment |
7.7% |
0.0% |
1.9% |
0.0% | ||||
|
Non-cash stock-based compensation expense |
0.3% |
0.4% |
0.3% |
0.3% | ||||
|
Acquisition integration costs |
0.0% |
0.4% |
0.4% |
0.1% | ||||
|
Audit Committee investigation related expenses |
0.2% |
0.0% |
0.3% |
0.0% | ||||
|
Losses on non-controlled joint venture |
0.8% |
0.0% |
0.4% |
0.0% | ||||
|
Court mandated mediation settlement |
0.0% |
0.0% |
0.3% |
0.0% | ||||
|
Loss on equity investee interest rate swaps |
0.4% |
0.0% |
0.1% |
0.0% | ||||
|
EBITDA margin - continuing operations |
(1.4)% |
8.1% |
3.6% |
8.8% | ||||
|
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited | ||||
|
(In millions, except for percentages and per share amounts) | ||||
|
For the Three Months Ended |
For the Twelve Months Ended | |||
|
December 31, |
December 31, | |||
|
EBITDA and Adjusted EBITDA Reconciliation - Continuing Operations |
||||
|
Net loss from continuing operations |
$ |
(76.9) |
$ |
(79.7) |
|
Interest expense, net |
12.2 |
48.1 | ||
|
Provision for income taxes |
8.7 |
12.0 | ||
|
Depreciation and amortization |
41.6 |
169.7 | ||
|
EBITDA - continuing operations |
$ |
(14.4) |
$ |
150.0 |
|
Goodwill and intangible asset impairment |
78.6 |
78.6 | ||
|
Non-cash stock-based compensation expense |
2.9 |
12.4 | ||
|
Acquisition integration costs |
- |
17.8 | ||
|
Audit Committee investigation related costs |
2.7 |
16.5 | ||
|
Losses on non-controlled joint venture |
8.0 |
16.3 | ||
|
Court mandated mediation settlement |
(0.0) |
12.2 | ||
|
Loss on equity investee interest rate swaps |
4.4 |
4.4 | ||
|
Adjusted EBITDA - continuing operations |
$ |
82.3 |
$ |
308.1 |
|
EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations |
||||
|
Net income from continuing operations |
(7.5)% |
(1.9)% | ||
|
Interest expense, net |
1.2% |
1.1% | ||
|
Provision for income taxes |
0.8% |
0.3% | ||
|
Depreciation and amortization |
4.1% |
4.0% | ||
|
EBITDA margin- continuing operations |
(1.4)% |
3.5% | ||
|
Goodwill and intangible asset impairment |
7.7% |
1.9% | ||
|
Non-cash stock-based compensation expense |
0.3% |
0.3% | ||
|
Acquisition integration costs |
0.0% |
0.4% | ||
|
Audit Committee investigation related costs |
0.3% |
0.4% | ||
|
Losses on non-controlled joint venture |
0.8% |
0.4% | ||
|
Court mandated mediation settlement |
0.0% |
0.3% | ||
|
Loss on equity investee interest rate swaps |
0.4% |
0.1% | ||
|
Adjusted EBITDA margin - continuing operations |
8.0% |
7.3% | ||
|
For the Three Months Ended |
For the Twelve Months Ended December 31, | ||||
|
EBITDA and Adjusted EBITDA Reconciliation - Continuing Operations |
|||||
|
Net income from continuing operations |
$ |
26.6 |
$ |
122.0 | |
|
Interest expense, net |
13.2 |
50.8 | |||
|
Provision for income taxes |
17.9 |
76.4 | |||
|
Depreciation and amortization |
42.5 |
154.5 | |||
|
EBITDA - continuing operations |
$ |
100.0 |
$ |
403.7 | |
|
Non-cash stock-based compensation expense |
4.4 |
15.9 | |||
|
Acquisition integration costs |
5.3 |
5.3 | |||
|
Adjusted EBITDA - continuing operations |
$ |
109.7 |
$ |
424.9 | |
|
EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations |
|||||
|
Net income from continuing operations |
2.2% |
2.6% | |||
|
Interest expense, net |
1.1% |
1.1% | |||
|
Provision for income taxes |
1.5% |
1.7% | |||
|
Depreciation and amortization |
3.4% |
3.3% | |||
|
EBITDA margin- continuing operations |
8.1% |
8.8% | |||
|
Non-cash stock-based compensation expense |
0.4% |
0.3% | |||
|
Acquisition integration costs |
0.4% |
0.1% | |||
|
Adjusted EBITDA margin - continuing operations |
8.9% |
9.2% | |||
|
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited | |||||
|
(In millions, except for percentages and per share amounts) | |||||
|
For the Three |
For the Twelve | ||||
|
Adjusted Net Income Reconciliation |
|||||
|
Net income from continuing operations |
$ |
(76.9) |
$ |
(79.7) | |
|
Goodwill and intangible asset impairment, net of tax |
76.4 |
76.4 | |||
|
Non-cash stock-based compensation expense, net of tax |
2.8 |
8.1 | |||
|
Acquisition integration costs, net of tax |
- |
9.9 | |||
|
Audit Committee investigation related costs, net of tax |
3.2 |
11.3 | |||
|
Losses on non-controlled joint venture, net of tax |
8.3 |
13.0 | |||
|
Court mandated mediation settlement, net of tax |
- |
6.8 | |||
|
Loss on equity investee interest rate swaps, net of tax |
2.9 |
2.9 | |||
|
Impact of Alberta tax law change, net of tax |
0.2 |
2.8 | |||
|
Adjusted net income from continuing operations |
$ |
16.8 |
$ |
51.4 | |
|
Loss from discontinued operations, net of tax |
- |
- | |||
|
Adjusted net income |
$ |
16.8 |
$ |
51.4 | |
|
For the Three Months Ended December 31, 2015 |
For the Twelve Months Ended December 31, 2015 | ||||
|
Adjusted Diluted EPS Reconciliation |
|||||
|
Diluted earnings per share – continuing operations |
$ |
(0.96) |
$ |
(0.98) | |
|
Goodwill and intangible asset impairment, net of tax |
0.95 |
0.94 | |||
|
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.10 | |||
|
Acquisition integration costs, net of tax |
- |
0.12 | |||
|
Audit Committee investigation costs, net of tax |
0.04 |
0.14 | |||
|
Losses on non-controlled joint venture, net of tax |
0.10 |
0.16 | |||
|
Court mandated mediation settlement, net of tax |
- |
0.08 | |||
|
Loss on equity investee interest rate swaps, net of tax |
0.04 |
0.04 | |||
|
Impact of Alberta tax law change, net of tax |
0.00 |
0.03 | |||
|
Adjusted diluted earnings per share - continuing operations |
$ |
0.21 |
$ |
0.64 | |
|
Diluted loss per share - discontinued operations |
- |
- | |||
|
Adjusted diluted earnings per share |
$ |
0.21 |
$ |
0.64 | |
|
For the Three |
For the Twelve | ||||
|
Adjusted Net Income Reconciliation |
|||||
|
Net income from continuing operations |
$ |
26.6 |
$ |
122.0 | |
|
Non-cash stock-based compensation expense, net of tax |
2.6 |
9.8 | |||
|
Acquisition integration costs, net of tax |
3.2 |
3.2 | |||
|
Adjusted net income from continuing operations |
$ |
32.4 |
$ |
135.0 | |
|
Income (loss) from discontinued operations, net of tax |
(5.9) |
(6.5) | |||
|
Adjusted net income |
$ |
26.5 |
$ |
128.5 | |
|
For the Three |
For the Twelve | ||||
|
Adjusted Diluted EPS Reconciliation |
|||||
|
Diluted earnings per share – continuing operations |
$ |
0.32 |
$ |
1.42 | |
|
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.11 | |||
|
Acquisition integration costs, net of tax |
0.04 |
0.04 | |||
|
Adjusted diluted earnings per share – continuing operations |
$ |
0.39 |
$ |
1.57 | |
|
Diluted loss per share – discontinued operations |
(0.07) |
(0.07) | |||
|
Adjusted diluted earnings per share |
$ |
0.32 |
$ |
1.50 |
|
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited | ||||
|
(In millions, except for percentages and per share amounts) | ||||
|
Guidance for Three Months Ended March 31, |
For the Three Months Ended March 31, | |||
|
2016 Est. |
2015 | |||
|
EBITDA and Adjusted EBITDA Reconciliation - Continuing Operations |
||||
|
Net income from continuing operations |
$ |
(7) - (5) |
$ |
(6.4) |
|
Interest expense, net |
13 |
11.0 | ||
|
Provision for income taxes |
(5) - (4) |
(4.4) | ||
|
Depreciation and amortization |
42 |
42.6 | ||
|
EBITDA - continuing operations |
$ |
43 - 46 |
$ |
42.8 |
|
Non-cash stock-based compensation expense |
4 |
3.6 | ||
|
Restructuring charges |
3 - 5 |
- | ||
|
Acquisition integration costs |
- |
8.8 | ||
|
Audit Committee investigation related costs |
- |
3.0 | ||
|
Losses on non-controlled joint venture |
- |
5.5 | ||
|
Adjusted EBITDA - continuing operations |
$ |
50 - 55 |
$ |
63.7 |
|
EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations |
||||
|
Net income from continuing operations |
(0.7)% - (0.5)% |
(0.6)% | ||
|
Interest expense, net |
1.3% |
1.1% | ||
|
Provision for income taxes |
(0.5)% - (0.4)% |
(0.4)% | ||
|
Depreciation and amortization |
4.4% |
4.2% | ||
|
EBITDA margin- continuing operations |
4.5% - 4.8% |
4.3% | ||
|
Non-cash stock-based compensation expense |
0.4% |
0.4% | ||
|
Restructuring charges |
0.3% - 0.5% |
- | ||
|
Acquisition integration costs |
- |
0.9% | ||
|
Audit Committee investigation related costs |
- |
0.3% | ||
|
Losses on non-controlled joint venture |
- |
0.5% | ||
|
Adjusted EBITDA margin - continuing operations |
5.3% - 5.8% |
6.4% | ||
|
Guidance for Three Months Ended March 31, |
For The Three Months Ended March 31, | |||
|
2016 Est. |
2015 | |||
|
Adjusted Net Income from Continuing Operations and Adjusted Diluted EPS - Continuing Operations Reconciliations |
||||
|
Adjusted Net Income from Continuing Operations Reconciliation |
||||
|
Net income from continuing operations |
$ |
(7) - (5) |
$ |
(6.4) |
|
Non-cash stock-based compensation expense, net of tax |
2 |
2.1 | ||
|
Restructuring charges, net of tax |
2 - 3 |
- | ||
|
Acquisition integration costs, net of tax |
- |
5.3 | ||
|
Audit Committee investigation related costs, net of tax |
- |
1.8 | ||
|
Losses on non-controlled joint venture, net of tax |
- |
3.3 | ||
|
Adjusted net income from continuing operations |
$ |
(3) - 0 |
$ |
6.1 |
|
Guidance for Three Months Ended March 31, |
For the Three Months Ended March 31, | |||
|
2016 Est. |
2015 | |||
|
Adjusted Diluted EPS Reconciliation - Continuing Operations |
||||
|
Diluted earnings per share - continuing operations |
$ |
(0.08) - (0.06) |
$ |
(0.08) |
|
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.03 | ||
|
Restructuring charges, net of tax |
0.02 - 0.04 |
- | ||
|
Acquisition integration costs, net of tax |
- |
0.06 | ||
|
Audit Committee investigation related costs, net of tax |
- |
0.02 | ||
|
Losses on non-controlled joint venture |
- |
0.04 | ||
|
Impact of Alberta tax law change |
- |
- | ||
|
Adjusted diluted earnings per share - continuing operations |
$ |
(0.03) - 0.00 |
$ |
0.07 |
|
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited | ||||||
|
(In millions, except for percentages and per share amounts) | ||||||
|
Guidance for December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
EBITDA and Adjusted EBITDA Reconciliation – Continuing Operations |
||||||
|
Net income from continuing operations |
$ |
98 - 106 |
$ |
(79.7) |
$ |
122.0 |
|
Interest expense, net |
51 |
48.1 |
50.8 | |||
|
Provision for income taxes |
71 - 77 |
12.0 |
76.4 | |||
|
Depreciation and amortization |
175 |
169.7 |
154.5 | |||
|
EBITDA - continuing operations |
$ |
396 - 409 |
$ |
150.0 |
$ |
403.7 |
|
Non-cash stock-based compensation expense |
16 |
12.4 |
15.9 | |||
|
Restructuring charges |
3 - 5 |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
78.6 |
5.3 | |||
|
Acquisition integration costs |
- |
17.8 |
- | |||
|
Audit Committee investigation related expenses |
- |
16.5 |
- | |||
|
Losses on non-controlled joint venture |
- |
16.3 |
- | |||
|
Court mandated mediation settlement |
- |
12.2 |
- | |||
|
Loss on equity investee interest rate swaps |
- |
4.4 |
- | |||
|
Adjusted EBITDA - continuing operations |
$ |
415 - 430 |
$ |
308.1 |
$ |
424.9 |
|
EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations |
||||||
|
Net income from continuing operations |
2.1% - 2.2% |
(1.9)% |
2.6% | |||
|
Interest expense, net |
1.1% |
1.1% |
1.1% | |||
|
Provision for income taxes |
1.5% - 1.6% |
(0.3)% |
1.7% | |||
|
Depreciation and amortization |
3.6% - 3.8% |
4.0% |
3.3% | |||
|
EBITDA margin- continuing operations |
8.5% - 8.6% |
3.6% |
8.8% | |||
|
Non-cash stock-based compensation expense |
0.3% |
0.3% |
0.3% | |||
|
Restructuring charges |
0.1% |
- |
- | |||
|
Goodwill and intangible asset impairment |
- |
1.9% |
0.0% | |||
|
Acquisition integration costs |
- |
0.4% |
0.1% | |||
|
Audit Committee investigation related expenses |
- |
0.4% |
0.0% | |||
|
Losses on non-controlled joint venture |
- |
0.4% |
- | |||
|
Court mandated mediation settlement |
- |
0.3% |
0.0% | |||
|
Adjusted EBITDA margin - continuing operations |
9.0% |
7.3% |
9.2% | |||
|
Guidance for the Year Ended December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
Adjusted Net Income from Continuing Operations and Adjusted Diluted EPS - |
||||||
|
Adjusted Net Income from Continuing Operations Reconciliation |
||||||
|
Net income from continuing operations |
$ |
98 - 106 |
$ |
(79.7) |
$ |
122.0 |
|
Non-cash stock-based compensation expense, net of tax |
9 |
8.1 |
9.8 | |||
|
Restructuring charges, net of tax |
2 - 3 |
- |
- | |||
|
Goodwill and intangible asset impairment, net of tax |
- |
76.4 |
- | |||
|
Acquisition integration costs, net of tax |
- |
9.9 |
3.2 | |||
|
Audit Committee investigation costs, net of tax |
- |
11.3 |
- | |||
|
Losses on non-controlled joint venture, net of tax |
- |
13.0 |
- | |||
|
Court mandated mediation settlement, net of tax |
- |
6.8 |
- | |||
|
Loss on equity investee interest rate swaps, net of tax |
- |
2.9 |
- | |||
|
Impact of Alberta tax law change, net of tax |
- |
2.8 |
- | |||
|
Adjusted net income from continuing operations |
$ |
110 - 118 |
$ |
51.4 |
$ |
135.0 |
|
Guidance for December 31, |
For the Year Ended December 31, |
For the | ||||
|
2016 Est. |
2015 |
2014 | ||||
|
Adjusted Diluted EPS Reconciliation - Continuing Operations |
||||||
|
Diluted earnings per share - continuing operations |
$ |
1.21 – 1.30 |
$ |
(0.98) |
$ |
1.42 |
|
Non-cash stock-based compensation expense, net of tax |
0.12 |
0.10 |
0.11 | |||
|
Restructuring charges, net of tax |
0.02 – 0.04 |
- |
- | |||
|
Goodwill and intangible asset impairment, net of tax |
- |
0.94 |
- | |||
|
Acquisition integration costs, net of tax |
- |
0.12 |
0.04 | |||
|
Audit Committee investigation costs, net of tax |
- |
0.14 |
- | |||
|
Losses on non-controlled joint venture, net of tax |
- |
0.16 |
- | |||
|
Court mandated mediation settlement, net of tax |
- |
0.08 |
- | |||
|
Loss on equity investee interest rate swaps, net of tax |
- |
0.04 |
- | |||
|
Impact of Alberta tax law change, net of tax |
- |
0.03 |
- | |||
|
Adjusted diluted earnings per share - continuing operations |
$ |
1.35 – 1.45 |
$ |
0.64 |
$ |
1.57 |
Tables may contain differences due to rounding.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein. Jose Mas, CEO of MasTec, has led the Company since April of 2007.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including trends in oil, natural gas, electricity and other energy source prices; reduced capital expenditures by our customers, reduced financing availability, customer consolidation and technological and regulatory changes in the industries we serve; our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects, and performance on such projects; our ability to manage projects effectively and in accordance with our estimates; the effect of economic conditions on demand for our services; market conditions, technological developments and regulatory changes that affect us or our customers' industries; the highly competitive nature of our industry; risks related to our strategic arrangements, including our equity method investments and proportionately consolidated non-controlled Canadian joint venture; fluctuations in foreign currencies; risks associated with operating in or expanding into additional international markets, which could restrict our ability to expand globally and harm our business and prospects or any failure to comply with laws applicable to our foreign activities; customer disputes related to our performance of services; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; our ability to replace non-recurring projects with new projects; the timing and extent of fluctuations in geographic, weather, equipment and operational factors affecting the industries in which we operate; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements, integrate acquired businesses within expected timeframes and achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges, including write-downs of goodwill; any exposure related to divested businesses; any exposure resulting from system or information technology interruptions or data security breaches; risks related to the restatement of certain of our fiscal year 2014 interim financial statements, including from ongoing or possible regulatory action, private party litigation, including, without limitation, the civil investigation commenced by the Securities and Exchange Commission related to this matter; the impact of U.S. federal, local or state tax legislation and other regulations affecting renewable energy, electricity prices, electrical transmission, oil and gas production, broadband and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future environmental requirements; increases in fuel, maintenance, materials, labor and other costs; our dependence on a limited number of customers; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services on short or no notice under our contracts; the impact of any unionized workforce on our operations, including labor availability and relations; liabilities associated with multi-employer pension plans, including underfunding and withdrawal liabilities, for our operations that employ unionized workers; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.
SOURCE MasTec, Inc.
Article Date
2/25/2016FERC Highlights
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