CORAL GABLES, Fla., May 4, 2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced strong first quarter financial results, record backlog, and increased 2017 guidance.

• First quarter 2017 revenue was $1.2 billion, a 19% increase compared with $974 million for the same period last year. Record 18-month backlog as of March 31, 2017 increased approximately 5% compared to December 31, 2016 to $5.7 billion.
• Record GAAP net income was $40.6 million, or $0.50 per diluted share, compared to a net loss of $2.9 million, or $0.03 loss per diluted share, in the first quarter of 2016.
• Record first quarter 2017 adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, all non-GAAP measures were as follows:
• Adjusted net income was $48.4 million compared to $1.5 million in the same period of the prior year. Adjusted diluted earnings per share was $0.59, compared to $0.02 in the first quarter of 2016, exceeding the Company's previously announced first quarter 2017 expectation by $0.08.
• Adjusted EBITDA was $135 million; a 150% increase compared to $54 million in the first quarter of 2016, exceeding the Company's previously announced 2017 first quarter guidance expectation by approximately $10 million.

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 are pleased with our strong first quarter results. We continue to have excellent multi-year growth opportunities and momentum in numerous markets, as evidenced by our record backlog level and our increased annual guidance."

The Company also announced it has acquired SEFNCO Communications, Inc. in April 2017, a leading wireline / fiber deployment construction contractor with operations in several western states, predominantly servicing cable system operators.

Mr. Mas added the following, "We are excited to expand both our geographic and customer capacity in the wireline/fiber deployment market. We expect that the combination of the addition of an excellent entrepreneurial management team with strong cable customer relationships, coupled with existing MasTec operations expertise will provide a compelling platform that will benefit from growing multi-year opportunities in the wireline/fiber deployment market for cable and telecom customers."

Regarding MasTec's financial status, George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We had strong cash flow from operations during the first quarter, further improving our leverage metrics, balance sheet and capital structure. We continue to have full financial flexibility and resources to take advantage of the significant multi-year growth opportunities in the markets we serve."

Based on the information available today, the Company is providing second quarter guidance, and increasing full year 2017 guidance expectations. The Company currently estimates 2017 full year revenue of approximately $5.7 billion. 2017 full year GAAP net income is expected to increase 40% over 2016 to approximately $188 million with GAAP diluted earnings per share expected to be $2.25, a 40% increase over 2016. 2017 full year adjusted EBITDA, a non-GAAP measure, is expected to increase 21% over 2016 to $575 million with adjusted diluted earnings per share, a non-GAAP measure, expected to be $2.45, a 29% increase over 2016.

For the second quarter of 2017, the Company expects revenue of approximately $1.5 billion.  Second quarter 2017 GAAP net income is expected to increase 113% over 2016 to approximately $52 million with GAAP diluted earnings per share expected to approximate $0.61. Second quarter 2017 adjusted EBITDA, a non-GAAP measure, expected to increase 44% over the 2016 period and approximate $150 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $0.65.

Management will hold a conference call to discuss these results on Friday, May 5, 2017 at 9:00 a.m. Eastern time.  The call-in number for the conference call is (719) 325-2262 and the replay number is (719) 457-0820, with a pass code of 6289898.  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 March 31, 2017 and 2016: