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MasTec Posts Second Quarter Results
Aug 08, 2012 (Close-Up Media via COMTEX) --
MasTec, Inc. announced increased second quarter 2012 adjusted net income, earnings per share and EBITDA on record second quarter revenue.
In a release on August 3, the Company noted that revenue for the second quarter ended June 30, was $992 million compared to $717 million for the second quarter of 2011, an increase of 38 percent. Organic, or non-acquisition, revenue growth was 32 percent for the second quarter, and was led by power generation/industrial, electrical transmission, oil and gas pipeline and facilities and install-to-the-home.
On a GAAP basis, second quarter of 2012 fully diluted earnings per share was $0.37 compared to $0.51 for the second quarter of 2011. Included in the 2011 second quarter GAAP results was a non-cash, after-tax gain of $17.7 million, or $0.20 per diluted share, from the remeasurement of the Company's initial 2010 33 percent equity investment in EC Source, an electrical transmission construction company. Excluding the 2011 remeasurement gain, adjusted second quarter 2011 fully diluted earnings per share was $0.31, compared with $0.37 for the second quarter of 2012. The increase in adjusted EPS was 19 percent.
MasTec sold its DirecTV retail marketing company, DirectStar TV for approximately $99 million in cash during the second quarter. Accordingly, the financial results for DirectStar have now been re-classified as discontinued operations for all periods presented in MasTec's financial statements.
Second quarter 2012 EBITDA, or earnings before interest, taxes, depreciation and amortization, a non-GAAP measure, was $81 million compared to adjusted EBITDA of $71 million for the second quarter of 2011, which excludes the EC Source remeasurement gain. The increase in EBITDA was 14 percent.
The Company also announced the completion of its aggregate $150 million stock purchase plan that was authorized during the fourth quarter of 2011. MasTec completed the share repurchase plan on July 27, having repurchased a total of 9.47 million shares at an average purchase price of $15.84.
Jose R. Mas, MasTec's Chief Executive Officer, commented, "MasTec had another good quarter. We have excellent revenue and earnings momentum as we move into our seasonally-stronger second half of the year. We continue to expect record revenue and earnings for 2012."
C. Robert Campbell, MasTec's Executive Vice President and CFO, added, "Our balance sheet and liquidity remain in great shape. While we have had growth in accounts receivable from a $275 million increase in quarterly revenue and a slight uptick in DSO's versus the First Quarter, we have made significant progress on our wireless receivables catch-up as our DSO's from our largest wireless customer have decreased by over 50 days since the end of 2011. We currently expect improved cash flow over the remainder of the year despite the continued high levels of revenue growth."
MasTec is raising its 2012 total full year guidance to revenue of $3.55-3.60 billion, EBITDA of $325 million and fully diluted earnings per share of $1.50. The 2012 expected growth in revenue is 24-26 percent, adjusted EBITDA is 25 percent and adjusted fully diluted earnings per share is 40 percent. Consistent with prior communications, MasTec, on a non-GAAP basis, has adjusted downward its reported 2011 earnings by eliminating the EC Source remeasurement gain and the Teamster pension withdrawal liability charge.
For the third quarter of 2012, the Company currently expects revenue of $950 million to $1 billion, EBITDA of $100 million and fully diluted earnings per share of $0.52, representing a 15-21 percent increase in revenue, a 25 percent increase in EBITDA and a 44 percent increase in fully diluted earnings per share, compared to the third quarter of 2011.
MasTec, Inc. is an infrastructure construction company operating mainly throughout North America across a range of industries. The Company's activities include the engineering, building, installation, maintenance and upgrade of energy, communication and utility infrastructure, such as: electrical utility transmission and distribution, natural gas and petroleum pipeline infrastructure, wireless, wireline and satellite communications, wind farms, solar farms and other renewable energy, industrial infrastructure and water and sewer systems. MasTec's customers are primarily in the utility, communications and government industries.
More information:
www.mastec.com
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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