MasTec Announces Record Third Quarter 2017 Financial Results and Increased 2017 Annual Guidance

CORAL GABLES, Fla., Nov. 2, 2017

• Record third quarter 2017 revenue was $1.96 billion, a 23% increase compared with $1.59 billion for the same period last year.
• Record third quarter 2017 GAAP net income increased 14% to $64.2 million, or $0.77 per diluted share, compared to $56.5 million, or $0.69 per diluted share, in the third quarter of 2016.
• Record third quarter 2017 adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, all non-GAAP measures, were as follows:
• Adjusted net income was $68.0 million, compared to $66.3 million in the same period of the prior year. Adjusted diluted earnings per share was $0.82, compared to $0.81 in the third quarter of 2016.
• Adjusted EBITDA was $180 million, compared to $165 million in the third quarter of 2016.

Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, 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 had strong third quarter results and are pleased to increase our full year 2017 annual guidance for the third consecutive quarter. Since the end of the third quarter, we have received significant amounts of project awards across multiple segments and expect that our year end 2017 backlog will be at record levels, exceeding $6 billion, with increasing demand and backlog growth across all of our segments."

George Pita, MasTec's Executive Vice President and Chief Financial Officer, noted, "We are proud of our year-to-date performance, including strong cash flow from operations. Our capital structure and ample liquidity give us full financial flexibility to support the significant growth opportunities that exist across the multiple end markets we serve."

Based on the information available today, the Company is increasing 2017 annual guidance, and providing fourth quarter guidance. The Company currently estimates 2017 annual revenue of approximately $6.3 billion. 2017 annual GAAP net income is expected to increase 60% over 2016 to approximately $215 million with GAAP diluted earnings per share expected to be $2.59, a 61% increase over 2016. 2017 annual adjusted EBITDA, a non-GAAP measure, is expected to increase 32% over 2016 to $630 million with adjusted diluted earnings per share, a non-GAAP measure, expected to be $2.80, a 47% increase over 2016.

For the fourth quarter of 2017, the Company expects revenue of approximately $1.3 billion.  Fourth quarter 2017 GAAP net income is expected to approximate $26 million with GAAP diluted earnings per share expected to approximate $0.32. Fourth quarter 2017 adjusted EBITDA, a non-GAAP measure, is expected to approximate $113 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $0.36.

Management will hold a conference call to discuss these results on Friday, November 3, 2017 at 9:00 a.m. Eastern Time.  The call-in number for the conference call is (719) 457-2617 and the replay phone number is (719) 457-0820 with a pass code of 6754317.  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.