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MasTec
🇺🇸 NYSE:MTZ
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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.

Total Revenue
$3.01B
Previous year: $1.81B
+66.3%
EPS
$1.03
Previous year: $1.35
-23.7%
Backlog
$13B
Previous year: $9.9B
+31.3%
Adjusted EBITDA margin
8.6%
Previous year: 12.1%
-28.9%
Gross Profit
$371M
Previous year: $250M
+48.5%
Cash and Equivalents
$371M
Previous year: $361M
+2.7%
Total Assets
$9.29B
Previous year: $7.12B
+30.5%

MasTec

MasTec

MasTec Revenue by Segment

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

Company Overview

Full financial data and analysis

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