October 31, 2019
MasTec Announces Record Third Quarter 2019 Financial Results and Increased Annual Earnings Guidance
- Q3 GAAP Diluted Earnings per Share of $1.69 and Adjusted Diluted Earnings per Share of $1.73, Increases of 11% and 30%, respectively over Last Year
- Q3 Adjusted EBITDA of $252 Million, an 11% Increase Over Last Year and $6 Million Above Guidance Expectation
- Record Year to Date Cash Flow from Operations of $441 Million
- Increasing 2019 Annual Guidance for Diluted Earnings per Share, Adjusted EBITDA and Adjusted Diluted Earnings per
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.
- 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.
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