MasTec Q1 2023 Earnings Report
Key Takeaways
MasTec announced its Q1 2023 financial results, reporting a 32.2% increase in revenue to $2.58 billion compared to Q1 2022. The company experienced a GAAP net loss of $80.5 million, or $1.05 per diluted share. However, adjusted diluted loss per share of $0.54 exceeded guidance expectations. The company's backlog reached a record $13.9 billion, a 31% increase year-over-year.
Q1 2023 revenue increased 32% over the same quarter last year.
GAAP net loss was $80.5 million, with a diluted loss per share of $1.05.
Adjusted EBITDA was $102.5 million, and the adjusted diluted loss per share was $0.54, exceeding guidance.
Backlog reached a record $13.9 billion, a 31% increase over the same quarter last year.
MasTec
MasTec
MasTec Revenue by Segment
Forward Guidance
The Company is providing second quarter and updating full year 2023 guidance. The Company currently expects full year 2023 revenue to range from $13.0 to $13.2 billion. For the second quarter of 2023, the Company expects revenue of approximately $3.0 billion.
Positive Outlook
- Full year 2023 revenue expected to range from $13.0 to $13.2 billion.
- Full year 2023 GAAP net income expected to range between $165 million and $200 million.
- Full year 2023 diluted earnings per share are expected to range between $2.11 and $2.55.
- Full year 2023 adjusted EBITDA is expected to range between $1.10 billion and $1.15 billion.
- Full year 2023 adjusted diluted earnings per share is expected to range between $4.35 and $4.85.
Revenue & Expenses
Visualization of income flow from segment revenue to net income