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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.
MasTec
MasTec
MasTec Revenue by Segment
Revenue by Segment
Communications Revenue
CapyFin.comClean Energy & Infra Revenue
CapyFin.comPower Delivery Revenue
CapyFin.comPipeline Infrastructure Revenue
CapyFin.comEliminations Revenue
CapyFin.com 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