MasTec (NYSE: MTZ) reported Q2 EPS of $0.95, $0.15 better than the analyst estimate of $0.80. Revenue for the quarter came in at $1.57 billion versus the consensus estimate of $1.53 billion.

Jose Mas, MasTec's Chief Executive Officer, commented, "The resilience, dedication and focus of the men and women of MasTec resulted in strong second quarter results that exceeded our expectation during these unprecedented times. We are actively monitoring potential volatility caused by the pandemic, while continuing the focus on ensuring the safety of our employees as they provide critical power, communications and other services."

Mr. Mas continued, "Our diversified business model has proven highly resilient, with record first half 2020 cash flow from operations performance of approximately $500 million and record second quarter backlog as of June 30, 2020. Our strong liquidity and balance sheet give us full flexibility to capitalize on opportunities to maximize shareholder value and to support our customers."

George Pita, MasTec's Executive Vice President and Chief Financial Officer noted, "We opportunistically took advantage of market conditions shortly after the end of the second quarter to further strengthen our capital structure by offering $600 million in new senior unsecured notes with a favorable 4.50% coupon, which is expected to close on August 4, 2020 subject to customary conditions. The new notes, maturing in 2028, will allow us to redeem our existing $400 million 4.875% senior unsecured notes at a lower rate, extend our maturity profile and will increase our overall liquidity by approximately $200 million, to approximately $1.3 billion. We continue to monitor current conditions and prudently manage our cash flow and liquidity, and our strong first half 2020 cash flow performance supports our expectations that annual 2020 cash flow from operations will reach new record levels, further strengthening our capital structure, liquidity levels and leverage profile."

GUIDANCE:

MasTec sees Q3 2020 EPS of $1.67-$1.78, versus the consensus of $1.67.

MasTec sees FY2020 EPS of $4.93, versus the consensus of $4.63.

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