MasTec (MTZ) Tops Q1 EPS by 15c, Revenues Beat; Raises FY19 Guidance, Offers 2Q Outlook
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MasTec Announces Record First Quarter 2019 Revenue and Backlog and Increased Annual Guidance
May 2, 2019 4:40 PM EDTCORAL GABLES, Fla., May 2, 2019 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced higher than expected first quarter financial results, record backlog, and increased 2019 guidance.
First quarter 2019 revenue was a record $1.5 billion, an 8.7% increase compared with $1.4 billion for the same period last year. GAAP net income was $43.1 million, or $0.57 per diluted share, compared to $26.5 million, or $0.32 per diluted share, in the first quarter of 2018. GAAP results exceeded the Company's previously announced diluted earnings per share expectation by $0.18. First quarter 2019 adjusted net income, a non-GAAP measure, was $43.6 million. Adjusted diluted... More