MasTec Q2 2022 Earnings Report
Key Takeaways
MasTec announced its second quarter financial results for 2022, with revenue increasing by approximately 17% to $2.3 billion compared to the same quarter last year. The company's performance reflects acquisition integration efforts, inflation pressures on costs, and a shift in operations to non-Oil & Gas segments.
Second quarter revenue increased approximately 17% to $2.3 billion over the same quarter last year.
GAAP net income was $16.3 million, with diluted earnings per share of $0.20 and adjusted diluted earnings per share of $0.73.
Adjusted EBITDA was $179 million.
Record 18-month backlog as of June 30, 2022, reached $11.0 billion, a sequential increase of $360 million.
MasTec
MasTec
MasTec Revenue by Segment
Forward Guidance
The Company is providing third quarter and full year 2022 guidance, which excludes any potential effect from the IEA acquisition.
Positive Outlook
- Full year 2022 revenue to approximate $9.2 billion.
- Full year 2022 GAAP net income to approximate $95 million.
- Full year 2022 GAAP diluted earnings per share are expected to approximate $1.24.
- Full year 2022 adjusted EBITDA is expected to be approximately $750 million.
- Full year 2022 adjusted diluted earnings per share is expected to be $3.09.
Revenue & Expenses
Visualization of income flow from segment revenue to net income