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Dec 31, 2022
MasTec Q4 2022 Earnings Report
MasTec's Q4 2022 results were announced, featuring a revenue increase and the successful completion of the IEA acquisition.
Key Takeaways
MasTec reported a 66.3% increase in revenue to $3.0 billion for Q4 2022, compared to $1.8 billion in Q4 2021. GAAP net income was $3.4 million, or $0.04 per diluted share, while adjusted EBITDA was $257.9 million. The company also completed the acquisition of IEA and reduced net debt by approximately $350 million during the quarter.
Reported GAAP net income of $3.4 million, and adjusted EBITDA of $258 million.
Diluted earnings per share reached $0.04, with adjusted diluted earnings per share at $1.03.
Successfully completed the IEA acquisition, achieving significant post-acquisition net debt reduction during the quarter.
Achieved a record 18-month backlog of $13.0 billion as of December 31, 2022, a 31% increase over 2021.
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 currently expects full year 2023 revenue will approximate $13.0 billion, a record level. 2023 full year GAAP net income and diluted earnings per share are expected to range between $194 and $212 million and $2.48 and $2.70, respectively. Full year 2023 adjusted EBITDA is expected to range between $1.10 and $1.15 billion, representing between 8.5% and 8.8% of revenue, and adjusted diluted earnings per share is expected to range between $4.64 and $4.91.
Positive Outlook
- Full year 2023 revenue is expected to approximate $13.0 billion, a record level.
- Full year 2023 GAAP net income is expected to range between $194 and $212 million.
- Full year 2023 diluted earnings per share are expected to range between $2.48 and $2.70.
- Full year 2023 adjusted EBITDA is expected to range between $1.10 and $1.15 billion.
- Full year 2023 adjusted diluted earnings per share is expected to range between $4.64 and $4.91.
Challenges Ahead
- First quarter 2023 GAAP net loss is expected to approximate $86 million.
- First quarter 2023 GAAP diluted loss per share is expected to approximate $1.12.
- First quarter 2023 adjusted EBITDA is expected to approximate $100 million or 4.2% of revenue.
- First quarter 2023 adjusted diluted loss per share is expected to approximate $0.57.
- 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 recent acquisition activity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income