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MasTec
🇺🇸 NYSE:MTZ
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•
Mar 31, 2022

MasTec Q1 2022 Earnings Report

MasTec reported first quarter 2022 financial results with a GAAP net loss of $35.0 million and a record backlog of $10.6 billion.

Key Takeaways

MasTec announced first quarter 2022 financial results, which included a 10.1% increase in revenue to $1.95 billion compared to the first quarter of 2021. However, the company reported a GAAP net loss of $35.0 million, or $0.47 per diluted share, contrasting with a net income of $66.1 million, or $0.89 per diluted share, in the same quarter of the previous year. The company's 18-month backlog as of March 31, 2022, reached a record $10.6 billion, a 35% increase year-over-year.

GAAP net loss was $35.0 million, with a diluted loss per share of $0.47.

Adjusted EBITDA was $99 million, exceeding guidance expectations by $0.09 per share.

Record 18-month backlog reached $10.6 billion as of March 31, 2022, a 35% increase over the same quarter last year.

Company updated its full year 2022 guidance range expectation to reflect anticipated 2022 project timing delays in its Clean Energy & Infrastructure and Oil & Gas segment operations.

Total Revenue
$1.95B
Previous year: $1.78B
+10.1%
EPS
-$0.03
Previous year: $1.1
-102.7%
Backlog
$10.6B
Previous year: $7.9B
+34.2%
Adjusted EBITDA margin
5%
Previous year: 11.5%
-56.5%
Gross Profit
$221M
Previous year: $262M
-15.5%
Cash and Equivalents
$233M
Previous year: $512M
-54.5%
Total Assets
$7.09B
Previous year: $5.54B
+28.0%

MasTec

MasTec

MasTec Revenue by Segment

Forward Guidance

The Company expects full year 2022 revenue to approximate $9.2 billion. 2022 full year GAAP net income and diluted earnings per share are expected to range between $186 million to $205 million and $2.45 to $2.70, respectively. Full year 2022 adjusted EBITDA is expected to range between $850 million and $875 million, and adjusted diluted earnings per share is expected to range between $4.22 and $4.47.

Positive Outlook

  • Full year 2022 revenue to approximate $9.2 billion
  • Full year GAAP net income between $186 million to $205 million
  • Full year diluted earnings per share between $2.45 to $2.70
  • Full year adjusted EBITDA between $850 million and $875 million
  • Full year adjusted diluted earnings per share between $4.22 and $4.47

Challenges Ahead

  • Project timing risks related to solar panel availability
  • Large Oil & Gas project restart will move previously planned second half 2022 project activity into 2023
  • First quarter 2022 GAAP net loss of $35.0 million
  • First quarter 2022 diluted loss per share of $0.47
  • Decline in Oil & Gas segment revenue and operating results due to project timing and regulatory delays

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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