MasTec Q4 revenue up 66% to $3.0B; guides 2023 revenue ~$13.0B; discloses material weakness in internal controls

MASTEC INC

2022-FY EPS reported $0.42 revenue$9,778,038,000

Q4 2022: Revenue $3.0B (+66% YoY); GAAP net income $3.4M ($0.04 EPS); adjusted EPS $1.03; adjusted EBITDA $258M (8.6% margin).
Full year 2022: Revenue $9.8B (+23% YoY); GAAP net income $33.9M ($0.42 EPS); adjusted EPS $3.05; adjusted EBITDA $781M (8.0% margin).
Backlog $13.0B at Dec 31, 2022, up 31% YoY; completed IEA acquisition, reduced net debt by ~$350M in Q4.
2023 guidance: Revenue ~$13.0B; GAAP EPS $2.48-$2.70; adjusted EBITDA $1.10-$1.15B; Q1 2023 expected net loss ~$86M.
Expects to disclose material weakness in internal controls over financial reporting in 2022 10-K, related to IT controls at certain 2021 acquisitions; no financial impact.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MASTEC INC reported the year ended December 31, 2022 results: revenue $9.8 billion, net income $33.9 million, EPS $0.42 per diluted share.

Period: the year ended December 31, 2022
Revenue: $9.8 billion
Net income: $33.9 million
EPS: $0.42 per diluted share
Result: reported results

Exact text from the filing

For the year ended December 31, 2022, revenue was up 23% to $9.8 billion, compared to $8.0 billion for the prior year. GAAP net income was $33.9 million, or $0.42 per diluted share, compared to $330.7 million, or $4.45 per diluted share in 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MASTEC INC reported full year 2023 results: revenue $13.0 billion, net income between $194 and $212 million, EPS between $2.48 and $2.70. Guidance initiated.

Period: full year 2023
Revenue: $13.0 billion
Net income: between $194 and $212 million
EPS: between $2.48 and $2.70
Guidance: initiated
Result: guidance update

Exact text from the filing

The Company currently expects full year 2023 revenue will approximate $13.0 billion, a record level. 2023 full year GAAP net income and diluted earnings per share are expected to range between $194 and $212 million and $2.48 and $2.70, respectively.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MASTEC INC reported Fourth Quarter 2022 results: revenue $3.0 billion, net income $3.4 million, EPS $0.04 per diluted share.

Period: Fourth Quarter 2022
Revenue: $3.0 billion
Net income: $3.4 million
EPS: $0.04 per diluted share
Result: reported results

Exact text from the filing

Fourth quarter 2022 revenue was up 66.3% to $3.0 billion, compared to $1.8 billion for the fourth quarter of 2021. GAAP net income was $3.4 million, or $0.04 per diluted share, compared to $76.4 million, or $1.04 per diluted share, in the fourth quarter of 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MASTEC INC reported first quarter of 2023 results: revenue approximately $2.4 billion, net income approximately $86 million, EPS $1.12 per diluted share. Guidance initiated.

Period: first quarter of 2023
Revenue: approximately $2.4 billion
Net income: approximately $86 million
EPS: $1.12 per diluted share
Guidance: initiated
Result: guidance update

Exact text from the filing

For the first quarter of 2023, the Company expects revenue of approximately $2.4 billion. First quarter 2023 GAAP net loss is expected to approximate $86 million, with GAAP diluted loss per share expected to approximate $1.12.

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Source: SEC EDGAR

accession 0001193125-23-047043

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