MasTec Inc · Q1 2020 earnings

Briefing

MasTec exceeded expectations in Q1 2020, reporting revenue of $1.4 billion, GAAP net income of $36.1 million, and adjusted EBITDA of $118 million, while also updating annual guidance to incorporate potential COVID-19 pandemic impacts.

MasTec 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. First quarter GAAP net income was $36.1 million, or $0.48 per diluted share. First quarter 2020 adjusted EBITDA was $118 million.

• First Quarter 2020 Results include GAAP Net Income of $36.1 Million, Adjusted EBITDA of $118 Million, Diluted Earnings Per Share of $0.48, and Adjusted Diluted Earnings of $0.60 per Share, with all Key Metrics Exceeding Guidance Expectations
• Record First Quarter 2020 Cash Flow from Operations of $203 Million Funded $119 Million in Share Repurchases During the Quarter, with a Sequential Decrease in Net Debt Levels
• Strong Balance Sheet as of March 31, 2020, Comfortable Leverage Metrics and Ample Liquidity of Approximately $950 Million
• Record Backlog as of March 31, 2020 of $8.3 Billion

Headline financials

Revenue & EPS history

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 is expected to be between $775 and $825 million, and 2020 annual adjusted diluted earnings per share is expected to range from $4.50 to $5.00.