MasTec reports Q1 adjusted EPS $1.39, consensus 99c

Reports Q1 revenue $3.8B, consensus $3.47B. “We are pleased to report that first quarter financial performance posted strong double-digit year-over-year growth in both revenue and profitability, while also exceeding guidance in all respects as MasTec (MTZ) continues to execute on very strong customer demand across all of our end-markets,” said Jose Mas, MasTec’s Chief Executive Officer. “Our reported 34% revenue growth, including double-digit increases from all operating segments, was led by a 91% increase in Pipeline Infrastructure and a 45% increase in Clean Energy and Infrastructure. The strong demand and our operational discipline allowed us to significantly exceed first quarter guidance expectations. Our 18-month backlog included solid new bookings, up $4.4 billion compared to the prior year’s first quarter and up $1.4 billion sequentially from year-end.” Mr. Mas added, “Our strong first quarter performance is due in large part to the efforts of the thousands of MasTec operating team members and their focus on delivering customer value, safety and improving performance on every job site each and every day. They are the real heroes here, and I appreciate their tireless efforts and professionalism!”