MasTec (NYSE: MTZ) reported Q4 EPS of $1.30, $0.04 better than the analyst estimate of $1.26. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.75 billion.

• Fourth quarter 2019 revenue was $1.7 billion, compared to $1.9 billion for the same period last year. GAAP net income was $100.7 million, or $1.33 per diluted share, compared to $31.8 million, or $0.41 per diluted share, in the fourth quarter of 2018.
• Fourth quarter 2019 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $98.8 million, or $1.30 per adjusted diluted share, compared to $83.1 million, or $1.07 per adjusted diluted share in the fourth quarter of 2018, a 21.5% increase per adjusted diluted share.
• Fourth quarter 2019 adjusted EBITDA, also a non-GAAP measure, was $210.2 million, compared to $195.8 million in the fourth quarter of 2018, a 7.4% increase. Fourth quarter adjusted EBITDA margin rate of 12.3% increased 210 basis points compared to the fourth quarter of 2018.
• 18-month backlog as of December 31, 2019 was a record $8.0 billion, a 3.9% increase compared to $7.7 billion as of December 31, 2018.

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 fourth consecutive year of record financial performance. Our backlog as of December 31, 2019 of $8.0 billion gives us confidence that 2020 will be yet another record year for MasTec. Importantly, trends in our end markets support our view of continued and significant growth opportunities for MasTec in 2021 and beyond."

Mr. Mas concluded, "I am also pleased to note that our Power Generation & Industrial segment reached the milestone level of $1 billion in 2019 revenue, a $700 million increase since 2017. We expect that this segment, along with our Communications, Oil & Gas, and Electrical Transmission segments will all show continued revenue growth in 2020 and beyond."

George Pita, MasTec\'s Executive Vice President and Chief Financial Officer, noted, "We continued our strong cash flow performance trend, with 2019 representing another year of record annual cash flow from operations of $550 million. We are also pleased that our strong cash flow performance and outlook were recognized by S&P Global Ratings with its recent public debt ratings upgrade. We expect to generate a new record level of cash flow from operations in 2020 and enter the new year with our balance sheet in excellent shape, with ample liquidity and comfortable leverage metrics. This capital structure enables us to take advantage of the various growth opportunities our markets afford us and to maximize shareholder value."

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