MasTec Inc · Q2 2020 earnings

Briefing

MasTec's Q2 2020 results exceeded expectations with record backlog.

MasTec reported better than expected second quarter 2020 financial results, including GAAP net income of $56.8 million, adjusted EBITDA of $165.7 million, and record second quarter backlog of $8.2 billion. The company's diversified business model has proven highly resilient, with strong cash flow from operations and a strong balance sheet.

• Second Quarter 2020 Results include GAAP Net Income of $56.8 Million, Adjusted EBITDA of $165.7 Million, Diluted Earnings Per Share of $0.78, and Adjusted Diluted Earnings of $0.95 per Share, Exceeding Guidance Expectations
• Strong Second Quarter Cash Flow from Operations of $293 Million
• Continued Strong Balance Sheet as of June 30, 2020, with Comfortable Leverage Metrics and Ample Liquidity
• Record Second Quarter Backlog as of June 30, 2020 of $8.2 Billion

Headline financials

Revenue & EPS history

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. 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.