MasTec (NYSE: MTZ) reported Q1 EPS of $0.48, $0.03 better than the analyst estimate of $0.45. Revenue for the quarter came in at $1.42 billion versus the consensus estimate of $1.29 billion.

Jose Mas, MasTec's Chief Executive Officer, commented, "I'd first like to thank the men and women of MasTec for their dedication, commitment and focus. I'm inspired by their efforts, as millions of families throughout the U.S. rely on the power, communications, entertainment and other services we help our customers provide. The safety of our people has been our primary focus and I'm proud of their resilience and creativity in making sure we provide value to our customers."

Mr. Mas continued, "As it relates to COVID-19, we've assessed and continue to manage the impact across all of our segments. We are closely monitoring the impact the pandemic is having on commodity prices and, in particular how it is affecting demand. We expect continued volatility and caution as the world begins to reopen and demand recovers. In the meantime, we enjoy significant backlog and have strong visibility both for the remainder of 2020 and 2021."

Mr. Mas concluded, "Our first quarter results exceeded our expectations, our balance sheet is strong, backlog across all of our segments is solid and we feel we are in an excellent position to not only weather this storm but to actively work with all of our customers to provide value as they evaluate their future needs."

George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We had record first quarter cash flow from operations which enabled us to opportunistically repurchase approximately 5% of the outstanding shares of our common stock, while still reducing our overall net debt levels. Our balance sheet remains in excellent shape, ending the quarter with approximately $950 million in liquidity, which we define as cash and availability under our credit facility. We continue to monitor conditions during this uncertain time and will prudently manage our cash flow and liquidity."

GUIDANCE:

MasTec sees Q2 2020 EPS of $0.78-$0.89, versus the consensus of $0.93. MasTec sees Q2 2020 revenue of $1.5-1.6 billion, versus the consensus of $1.76 billion.

MasTec sees FY2020 EPS of $4.50-$5.00, versus the consensus of $4.61. MasTec sees FY2020 revenue of $7.3-7.7 billion, versus the consensus of $7.54 billion.

• Because of the risk for potential impacts of the COVID-19 pandemic, the Company is revising guidance expectations for the remainder of 2020. Based on the information available today, the Company estimates 2020 annual revenue of approximately $7.3 to $7.7 billion, with 2020 annual GAAP net income and diluted earnings per share expected to approximate $289 to $326 million and $3.90 to $4.41, respectively. 2020 annual adjusted EBITDA, a non-GAAP measure, is expected to be between $775 and $825 million, and 2020 annual adjusted diluted earnings per share, a non-GAAP measure, is expected to range from $4.50 to $5.00.
• For the second quarter of 2020, the Company expects revenue to be between $1.5 and $1.6 billion. Second quarter 2020 GAAP net income is expected to approximate $47 to $54 million with GAAP diluted earnings per share expected to approximate $0.64 to $0.75. Second quarter 2020 adjusted EBITDA, a non-GAAP measure, is expected to approximate from $150 to $160 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $0.78 to $0.89.

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