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MasTec
🇺🇸 NYSE:MTZ
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•
Sep 30, 2021

MasTec Q3 2021 Earnings Report

MasTec reported strong results for the third quarter of 2021, exceeding guidance expectations.

Key Takeaways

MasTec announced record third quarter 2021 revenue of approximately $2.4 billion, a 42% increase over the third quarter last year. GAAP net income was $112.5 million, or $1.50 per diluted share. Adjusted EBITDA was $278 million, or 11.6% of revenue.

Record Third Quarter 2021 Revenue of Approximately $2.4 Billion, a 42% Increase Over Third Quarter Last Year

Third Quarter 2021 Results Include GAAP Net Income of $112.5 Million, Adjusted EBITDA of $278 Million, Diluted Earnings Per Share of $1.50, and Adjusted Diluted Earnings of $1.81 Per Share, Exceeding Guidance Expectations

Continued Strong Balance Sheet as of September 30, 2021, Ample Liquidity and Comfortable Leverage Metrics

Announces Fourth Quarter New Unsecured Revolving Credit Facility with Increased Facility Size and Improved Pricing

Total Revenue
$2.4B
Previous year: $1.7B
+41.6%
EPS
$1.81
Previous year: $1.83
-1.1%
Backlog
$8.5B
Previous year: $7.7B
+10.4%
Adjusted EBITDA margin
11.6%
Previous year: 15.6%
-25.6%
Gross Profit
$347M
Previous year: $318M
+9.2%
Cash and Equivalents
$240M
Previous year: $238M
+0.7%
Total Assets
$6.01B
Previous year: $5.2B
+15.6%

MasTec

MasTec

MasTec Revenue by Segment

Forward Guidance

The Company is updating its guidance and now estimates 2021 annual revenue to approximate $8.0 billion, with 2021 annual GAAP net income and diluted earnings per share expected to approximate $332 million and $4.46, respectively. For the fourth quarter of 2021, the Company expects revenue of approximately $1.9 billion. Fourth quarter 2021 GAAP net income is expected to approximate $75 million, with GAAP diluted earnings per share expected to approximate $1.01.

Positive Outlook

  • 2021 annual revenue to approximate $8.0 billion
  • 2021 annual GAAP net income expected to approximate $332 million
  • 2021 annual diluted earnings per share expected to approximate $4.46
  • 2021 annual adjusted EBITDA is expected to approximate $930 million
  • 2021 annual adjusted diluted earnings per share is expected to approximate $5.55

Challenges Ahead

  • For the fourth quarter of 2021, the Company expects revenue of approximately $1.9 billion
  • Fourth quarter 2021 GAAP net income is expected to approximate $75 million
  • GAAP diluted earnings per share expected to approximate $1.01
  • Fourth quarter 2021 adjusted EBITDA is expected to approximate $218 million
  • Adjusted diluted earnings per share expected to approximate $1.33

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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