MasTec (MTZ) Tops Q1 EPS by 8c; Raises Outlook

MasTec (NYSE: MTZ) reported Q1 EPS of $0.59, $0.08 better than the analyst estimate of $0.51. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.06 billion.

• First quarter 2017 revenue was $1.2 billion, a 19% increase compared with $974 million for the same period last year. Record 18-month backlog as of March 31, 2017 increased approximately 5% compared to December 31, 2016 to $5.7 billion.
• Record GAAP net income was $40.6 million, or $0.50 per diluted share, compared to a net loss of $2.9 million, or $0.03 loss per diluted share, in the first quarter of 2016.
• Record first quarter 2017 adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, all non-GAAP measures were as follows:
  • Adjusted net income was $48.4 million compared to $1.5 million in the same period of the prior year. Adjusted diluted earnings per share was $0.59, compared to $0.02 in the first quarter of 2016, exceeding the Company\'s previously announced first quarter 2017 expectation by $0.08.
  • Adjusted EBITDA was $135 million; a 150% increase compared to $54 million in the first quarter of 2016, exceeding the Company\'s previously announced 2017 first quarter guidance expectation by approximately $10 million.

For earnings history and earnings-related data on MasTec (MTZ) click here.

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