MasTec (NYSE: MTZ) reported Q3 EPS of $1.33, $0.08 better than the analyst estimate of $1.25. Revenue for the quarter came in at $1.98 billion versus the consensus estimate of $1.99 billion.

Jose Mas, MasTec's Chief Executive Officer, commented, "We had a great quarter despite regulatory and hurricane flooding disruptions on selected projects. We are proud to report record results and increase our annual guidance expectation. Importantly, our record backlog level across multiple segments continues to give us strong visibility for continued growth in 2019 and beyond. Our continued confidence in the future is evidenced by our 2018 share repurchase activity, with 1.6 million shares repurchased during the third quarter, and 4.3 million shares repurchased on a year-to-date basis. Additionally, our board approved an additional $150 million share repurchase authorization in September 2018."

George Pita, MasTec\'s Executive Vice President and Chief Financial Officer noted, \"We successfully completed contractual resolution on a recently completed large Oil & Gas pipeline project, as expected and previously communicated. This resolution yielded a significant October cash inflow to MasTec. Since quarter end, we have received over $700 million in cash inflows from this and other large Oil & Gas projects, significantly reducing our leverage and increasing our liquidity since the end of the third quarter. This strong October cash inflow allows us to further increase our record annual 2018 cash flow from operations projection, now expected to exceed $550 million. Excluding any fourth quarter share repurchase or acquisition activity, we expect to reduce our year-end net debt level to $1.1-$1.2 billion, compared to approximately $1.7 billion as of the end of the third quarter. In any event, our balance sheet remains in excellent shape, providing us ample liquidity to finance any opportunities to generate additional value for our shareholders, including share repurchases or strategic acquisitions."

GUIDANCE:

MasTec sees FY2018 EPS of $3.76, versus the consensus of $3.68. MasTec sees FY2018 revenue of $6.9 billion, versus the consensus of $6.9 billion.

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