PR Newswire
CORAL GABLES, Fla., Feb. 23, 2017
CORAL GABLES, Fla., Feb. 23, 2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced better than expected 2016 fourth quarter and full year financial results, and issued its initial 2017 guidance range.
The Company also reported:
Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA and book leverage ratio, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "We exceeded our fourth quarter expectations, driven primarily by improved productivity in our Oil & Gas segment. We also signed pipeline contracts approximating $1.7 billion during the quarter, ending the year, as expected, with record Oil & Gas segment backlog. We expect record results for our Oil & Gas segment in 2017 and continue to have clear visibility to continued opportunities in this segment for several years."
Mr. Mas continued, "I want to thank the men and women of MasTec for their dedicated efforts during 2016 and look forward to a great 2017 and beyond."
The company also announced that it has entered into an amended and restated credit facility with a syndicate of lenders led by Bank of America, N.A. and SunTrust Bank, which increased the capacity under the senior secured credit facility by over $250 million to $1.5 billion and extended the maturity date of the facility to February 2022. The amended credit facility also contains more favorable terms and provides additional flexibility for borrowings in foreign currencies.
George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We had strong financial performance and working capital management during 2016, enabling us to significantly improve our leverage ratios, despite the working capital usage associated with over $900 million in organic revenue growth during the year. We appreciate the continued support and confidence of the financial institutions involved in our credit facility. The amended facility further strengthens our capital structure and liquidity, allowing us full financial flexibility to take advantage of the significant growth opportunities in the markets we serve."
Based on the information available today, the Company is providing both first quarter and full year 2017 guidance. The Company currently estimates 2017 revenue will increase 7% to approximately $5.5 billion. 2017 full year GAAP net income is expected to approximate $188 million, with adjusted EBITDA, a non-GAAP measure, expected to increase 15% to $550 million. 2017 full year GAAP diluted earnings per share are expected to be $2.24, a 39% increase over 2016, with adjusted diluted earnings per share, a non-GAAP measure, expected to be $2.35, a 24% increase over 2016.
For the first quarter of 2017, the Company expects revenue of approximately $1.05 billion. First quarter 2017 GAAP net income is expected to approximate $40 million, with adjusted EBITDA, a non-GAAP measure, expected to increase 132% and approximate $125 million. First quarter 2017 GAAP diluted earnings per share are expected to approximate $0.48 with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $0.51. First quarter 2017 guidance reflects expected improved Oil & Gas segment performance due to higher revenues and efficiencies, as well as improvement in the Electrical Transmission segment results.
Management will hold a conference call to discuss these results on Friday, February 24, 2017 at 9:00 a.m. Eastern time. The call-in number for the conference call is (719) 457-2601 and the replay number is (719) 457-0820, with a pass code of 6638861. The replay will be available for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended December 31, 2016 and 2015:
Condensed Unaudited Consolidated Statements of Operations (In thousands, except per share amounts) | ||||||||
| ||||||||
| | For the Three Months Ended December 31, | | For the Years Ended December 31, | ||||
| | 2016 | | 2015 | | 2016 | | 2015 |
| | | | | | | | |
Revenue | $ | 1,341,892 | $ | 1,027,424 | $ | 5,134,703 | $ | 4,208,330 |
Costs of revenue, excluding depreciation and amortization | | 1,120,554 | | 916,231 | | 4,442,125 | | 3,721,303 |
Depreciation and amortization | | 42,666 | | 41,614 | | 164,915 | | 169,662 |
Goodwill and intangible asset impairment | | - | | 78,625 | | - | | 78,625 |
General and administrative expenses | | 66,402 | | 58,833 | | 261,433 | | 265,910 |
Interest expense, net | | 12,839 | | 12,210 | | 50,734 | | 48,055 |
Equity (earnings) in losses of unconsolidated affiliates | | 21 | | 4,383 | | (3,528) | | 7,978 |
Other (income) expense, net | | 6,008 | | (16,203) | | (6,795) | | (15,457) |
Income (loss) before income taxes | $ | 93,402 | $ | (68,269) | $ | 225,819 | $ | (67,746) |
Provision for income taxes | | (37,453) | | (8,668) | | (91,784) | | (11,957) |
Net income (loss) | $ | 55,948 | $ | (76,937) | $ | 134,035 | $ | (79,703) |
Net income (loss) attributable to non-controlling interests | | 2,357 | | (172) | | 2,772 | | (593) |
Net income (loss) attributable to MasTec, Inc. | $ | 53,591 | $ Werbung Mehr Nachrichten zur MasTec Aktie kostenlos abonnieren
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