MasTec (NYSE: MTZ) reported Q1 EPS of $0.58, $0.15 better than the analyst estimate of $0.43. Revenue for the quarter came in at $1.52 billion versus the consensus estimate of $1.43 billion.

• First quarter 2019 revenue was a record $1.5 billion, an 8.7% increase compared with $1.4 billion for the same period last year. GAAP net income was $43.1 million, or $0.57 per diluted share, compared to $26.5 million, or $0.32 per diluted share, in the first quarter of 2018. GAAP results exceeded the Company's previously announced diluted earnings per share expectation by $0.18.
• First quarter 2019 adjusted net income, a non-GAAP measure, was $43.6 million. Adjusted diluted earnings per share, a non-GAAP measure, was $0.58 exceeding the Company's previously announced first quarter 2019 expectation by $0.15.
• First quarter 2019 adjusted EBITDA, also a non-GAAP measure, was $140 million, exceeding the Company's previously announced first quarter 2019 expectation by approximately $14 million.
• The Company also announced record 18-month backlog as of March 31, 2019 of $8.0 billion, a $310 million sequential increase when compared to fourth quarter 2018 and a $449 million increase compared to the first quarter of 2018.

Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.

Jose Mas, MasTec's Chief Executive Officer, commented, "We are proud to report strong first quarter financial results, above expectations, as well as a new record backlog level which achieved an $8 billion level for the first time in Company history. This demonstrates the significant strength in demand for our services across multiple markets."

Mr. Mas continued, "We are pleased that our strong confidence and visibility into continued growth prospects allow us to increase our 2019 annual guidance expectations to new record levels and we look forward to continued improvement in 2020 and beyond."

George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "Our increased 2019 guidance expectations represent record levels of annual revenue, cash flow from operations, and adjusted diluted earnings per share. Our balance sheet remains in excellent shape, providing us ample liquidity to support various multi-year growth opportunities ahead of us."

GUIDANCE:

MasTec sees Q2 EPS of $1.11, versus the consensus of $0.95. MasTec sees Q2 revenue of $1.8 billion, versus the consensus of $1.77 billion.

MasTec sees FY2019 EPS of $4.55, versus the consensus of $4.35. MasTec sees FY2019 revenue of $7.9 billion, versus the consensus of $7.61 billion.

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