CORAL GABLES, Fla., Nov. 3, 2016 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced third quarter 2016 financial results, as well as increased 2016 full year guidance. The Company reported:

• Third quarter 2016 revenue increased 43% organically to $1.59 billion compared to $1.11 billion in the same period in 2015. GAAP net income was $56.5 million, or $0.69 per diluted share, compared to a net income of $7.4 million, or $0.09 per diluted share, in the third quarter of 2015.
• Third quarter 2016 adjusted net income, a non-GAAP measure, was $66.3 million compared to $20.4 million in the same period in 2015. Third quarter 2016 adjusted diluted earnings per share, a non-GAAP measure, was $0.81, compared to $0.26 in the same period last year.
• Third quarter 2016 adjusted EBITDA, also a non-GAAP measure, increased 81% to approximately $165 million compared to $91 million in the same period in 2015.
• The Company increased 2016 full year revenue guidance to approximately $5.1 billion. The Company also increased 2016 full year guidance expectations to GAAP net income of approximately $118 million, or $1.44 per diluted share, adjusted net income of approximately $142 million, or $1.73 adjusted diluted earnings per share, and adjusted EBITDA of $455 million.

Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, 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 R. Mas, MasTec's Chief Executive Officer, commented, "Our third quarter results significantly exceeded our expectations, primarily due to strength in our Oil & Gas segment.  We continue to have clear visibility for significant new project opportunities in the Oil & Gas segment for 2017 and beyond, and we expect to end 2016 with record Oil & Gas segment backlog."

George Pita, MasTec Executive Vice President and CFO, added, "We are pleased that the combination of significantly improved year to date 2016 financial performance and improved working capital management has led to significant improvement in our leverage ratios. We enter the fourth quarter with a strong balance sheet and capital structure, excellent working capital metrics and ample liquidity and are well positioned to take advantage of the significant growth opportunities in the various markets we serve".    

Based on information available today, the Company is raising full year 2016 guidance and providing initial fourth quarter 2016 guidance. The Company currently estimates 2016 annual revenue to approximate $5.1 billion. 2016 annual GAAP net income is expected to approximate $118 million, with adjusted EBITDA, a non-GAAP measure, estimated to approximate $455 million.  2016 annual GAAP diluted earnings per share is estimated to approximate $1.44, with adjusted diluted earnings per share, a non-GAAP measure, estimated to approximate $1.73.

Additionally, for the fourth quarter of 2016, the Company expects revenue to approximate $1.3 billion.  Fourth quarter 2016 GAAP net income is expected to approximate $40 million, with adjusted EBITDA, a non-GAAP measure, estimated to approximate $132 million.  Fourth quarter 2016 GAAP diluted earnings per share is expected to approximate $0.48, with adjusted diluted earnings per share, a non-GAAP measure, estimated at approximately $0.54.  

Management will hold a conference call to discuss these results on Friday, November 4, 2016, at 9:00 a.m. Eastern time.  The call-in number for the conference call is (913) 312-0860 and the replay number is (719) 457-0820, with a pass code of 3318329.  The replay will run for 30 days.  Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at www.mastec.com.

 

Summary financial statements for the periods are as follows: