MasTec reports Q3 record revenue $3.26B; cuts FY23 guidance to net loss ~$61M

MASTEC INC

2023-Q3 EPS reported -$0.65 revenue$8,715,851,000

Q3 revenue $3.26B (record); GAAP EPS $0.18, adj. EPS $0.95; adj. EBITDA $271M.
FY23 guidance cut: revenue ~$12B, GAAP net loss ~$61M, adj. EPS ~$1.75 (well below prior).
Clean Energy delayed; Li-Cycle project paused; Oil & Gas Mountain Valley Pipeline ramp slower.
Net debt reduced $213M to ~$2.99B; operating cash flow $294M in Q3.
Expect mid-to-high single-digit revenue growth in 2024 with modest EBITDA margin expansion.

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 0.95

MASTEC INC reported third quarter 2023 results: revenue $3.26 billion, net income $15 million, EPS $0.18. Guidance lowered.

Period: third quarter 2023
Revenue: $3.26 billion
Net income: $15 million
EPS: $0.18
Guidance: lowered
Result: reported results

Exact text from the filing

of its third quarter earnings call now scheduled for Wednesday, November 1 st , 2023 at 8:00 AM Eastern Time. Third Quarter 2023 results are as follows: • Record Revenue of $3.26 billion • GAAP Net Income of $15 million • Adjusted Net Income of $76 million • Adjusted EBITDA of $271 million • GAAP Diluted earnings per share of $0.18 • Adjusted diluted earnings per

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MASTEC INC reported full year 2023 results: revenue $12 billion, net income $61 million (GAAP Net Loss), EPS $0.83 (GAAP Diluted loss per share). Guidance lowered.

Period: full year 2023
Revenue: $12 billion
Net income: $61 million (GAAP Net Loss)
EPS: $0.83 (GAAP Diluted loss per share)
Guidance: lowered
Result: guidance update

Exact text from the filing

MasTec is also updating its full year guidance. The Company now expects: • Revenue of approximately $12 billion • GAAP Net Loss of approximately $61 million • Adjusted Net Income of approximately $140 million • Adjusted EBITDA of approximately $850 million • GAAP Diluted loss per share of approximately $0.83 • Adjusted diluted earnings per share of approximately $1.75

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Source: SEC EDGAR

accession 0001193125-23-267468

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