MasTec (NYSE: MTZ) reported Q1 EPS of $0.35, $0.14 better than the analyst estimate of $0.21. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.24 billion.

• First quarter 2018 revenue was $1.4 billion, a 21% increase compared with $1.2 billion for the same period last year. GAAP net income was $26.5 million, or $0.32 per diluted share, compared to $40.6 million or $0.50 per share in the first quarter of 2017. GAAP results exceeded the Company\'s previously announced diluted earnings per share expectation by $0.15.
• First quarter 2018 adjusted net income, a non-GAAP measure, was $28.8 million. Adjusted diluted earnings per share, a non-GAAP measure, was $0.35 exceeding the Company\'s previously announced first quarter 2018 expectation by $0.15.
• First quarter adjusted EBITDA, also a non-GAAP measure, was $107.8 million, exceeding the Company\'s previously announced 2018 first quarter guidance expectation by approximately $18 million.
• The Company also announced record 18-month backlog for the second consecutive quarter, with backlog as of March 31, 2018 at $7.6 billion, a $464 million sequential increase when compared to year end 2017, and a $1.9 billion increase or 33%, compared to the first quarter of 2017.
• 18-month backlog as of March 31, 2018 included record levels of Communications, Oil & Gas and Power Generation & Industrial segment backlog, as well as a sequential increase in Electrical Transmission segment backlog.

Based on the information available today, the Company is providing initial second quarter guidance, and increasing full year 2018 guidance expectations. The Company currently estimates full year 2018 revenue of approximately $6.9 billion, a record level. Full year 2018 GAAP net income and diluted earnings per share are expected to approximate $285 million and $3.53, respectively. Regarding full year 2018 expectations for non-GAAP measures, adjusted EBITDA is expected to approximate $700 million or 10.2% of revenue and adjusted diluted earnings per share is expected to be $3.65, a 25% increase over 2017 with both non-GAAP measures representing record levels.

For the second quarter of 2018, the Company expects revenue of approximately $1.78 billion. Second quarter 2018 GAAP net income is expected to approximate $81 million with GAAP diluted earnings per share expected to approximate $1.00. Second quarter 2018 adjusted EBITDA, a non-GAAP measure, is expected to approximate $189 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $1.03.

GUIDANCE:

MasTec sees FY2018 EPS of $3.65, versus the consensus of $3.49. MasTec sees FY2018 revenue of $6.9 billion, versus the consensus of $6.77 billion.

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