MasTec (NYSE: MTZ) reported Q4 EPS of $1.07, $0.01 better than the analyst estimate of $1.06. Revenue for the quarter came in at $1.917 billion versus the consensus estimate of $1.92 billion.

• Fourth quarter 2018 revenue was $1.92 billion, compared with $1.60 billion for the same period last year. GAAP net income was $31.8 million, or $0.41 per diluted share, compared to $160.7 million, or $1.95 per diluted share, in the fourth quarter of 2017. Fourth quarter 2017 GAAP results include an after-tax benefit of $1.46 per diluted share related to the impact of initial re-measurement of the Company's U.S. deferred income tax balances because of the Tax Cuts and Jobs Act enacted in December 2017 ("2017 Tax Act").
• Fourth quarter 2018 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $83.1 million, or $1.07 per adjusted diluted share, compared to $38.8 million, or $0.47 per adjusted diluted share in the fourth quarter of 2017, a 128% increase per adjusted diluted share.
• Fourth quarter 2018 adjusted EBITDA, also a non-GAAP measure, was $195.8 million, compared to $128.9 million in the fourth quarter of 2017, a 52% increase. Fourth quarter adjusted EBITDA margin rate of 10.2% increased 220 basis points compared to last year\'s period.
• Record year end 18-month backlog as of December 31, 2018 was $7.7 billion, a 9% increase compared to $7.1 billion for the prior year end.

Jose Mas, MasTec\'s Chief Executive Officer, commented, \"First I would like to thank the men and women of MasTec for helping us deliver a third consecutive year of record financial performance. I am also proud that our 2019 guidance expectation shows continued growth and represents yet another record level.\"

Mr. Mas continued, "Our record year end backlog gives us strong confidence and visibility into continued growth in 2019 and beyond. Our confidence in the future and commitment to enhancing shareholder value is evidenced by $319 million in 2018 share repurchase activity, representing 7.2 million shares or approximately 9% of our outstanding share base as of the beginning of the year."

George Pita, MasTec's Executive Vice President and Chief Financial Officer, noted, "As previously indicated, we delivered record annual 2018 cash flow from operations. We enter 2019 with normalized levels of working capital investment, ample liquidity and strong and improved year end leverage metrics despite significant share repurchase investments made during 2018. Our balance sheet is in excellent shape and provides us ample liquidity to support various opportunities to generate additional value for our shareholders, including share repurchases and strategic acquisitions."

GUIDANCE:

MasTec sees Q1 2019 EPS of $0.43, versus the consensus of $0.51.

MasTec sees FY2019 EPS of $4.34, versus the consensus of $4.25.

For earnings history and earnings-related data on MasTec (MTZ) click here.