MasTec Q4 2021 Earnings Report
Key Takeaways
MasTec announced its Q4 2021 financial results, with revenue up 10.5% to $1.8 billion compared to Q4 2020. GAAP net income was $76.4 million, or $1.04 per diluted share. Adjusted EBITDA was $219.3 million with a margin rate of 12.1%. The company's 18-month backlog reached $9.9 billion, a 26% increase year-over-year.
GAAP Net Income of $76.4 Million.
Adjusted EBITDA of $219 Million.
Diluted Earnings Per Share of $1.04.
Adjusted Diluted Earnings Per Share of $1.35, exceeding guidance expectations.
MasTec
MasTec
MasTec Revenue by Segment
Forward Guidance
The Company currently expects full year 2022 revenue will approximate $9.95 billion. 2022 full year GAAP net income and diluted earnings per share are expected to approximate $273 million and $3.58, respectively. Full year 2022 adjusted EBITDA is expected to approximate $950 million, and adjusted diluted earnings per share is expected to be $5.32.
Positive Outlook
- Full year 2022 revenue will approximate $9.95 billion, a record level.
- Full year 2022 GAAP net income is expected to approximate $273 million.
- Full year 2022 diluted earnings per share are expected to approximate $3.58.
- Full year 2022 adjusted EBITDA is expected to approximate $950 million, also representing a record level.
- Full year 2022 adjusted diluted earnings per share is expected to be $5.32.
Challenges Ahead
- First quarter 2022 GAAP net loss is expected to approximate $44 million.
- First quarter 2022 GAAP diluted loss per share expected to be $0.58.
- First quarter 2022 adjusted EBITDA is expected to approximate $90 million or 5.0% of revenue
- First quarter 2022 adjusted diluted loss per share expected to be $0.12.
- The projected loss in the first quarter is the result of a variety of factors including a normal seasonally slow quarter, project delays, project start-up costs and integration costs related to fourth quarter acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income