MasTec Q4 Earnings Top Estimates; Forecasts Loss In Q1 Citing Project Delays & Acquisition Costs

MasTec Inc MTZ reported fourth-quarter FY22 sales growth of 66.3% year-on-year to $3.01 billion, beating the consensus of $2.91 billion.
General and administrative expenses jumped 128% to $155.2 million. Adjusted EBITDA increased 17.1% Y/Y to $257.9 million with a margin of 8.6%.
Adjusted EPS of $1.03 beat the analyst consensus of $0.98.
The company held $370.6 million in cash and equivalents as of Dec. 31, 2022. Cash provided by operating activities totaled $352.3 million.
Eighteen-month backlog as of Dec. 31, 2022, was $13.0 billion, up 31%.
Outlook: MasTec sees FY23 revenue of $13 billion against the consensus of $12.94 billion.
The company expects FY23 adjusted EPS of $4.64 - $4.91 versus the Street view of $4.74.
For Q1, the company expects revenue of approximately $2.4 billion (consensus $2.56 billion) and adjusted loss per share to approximate $(0.57) (consensus $(0.25)).
The company attributed the projected loss in Q1 to various factors, including a normal seasonally slow quarter, project delays, project start-up costs, and integration costs related to recent acquisition activity.
The company expects to timely file its 2022 Form 10-K on Mar. 1, 2023. With this filing, MTZ anticipates it may disclose the identification of a material weakness in its internal controls over financial reporting.
Price Action: MTZ shares closed higher by 3.95% at $96.92 on Thursday.

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