By a News Reporter-Staff News Editor at Investment Weekly News -- MasTec, Inc. (NYSE: MTZ) announced 2014 first quarter financial results.
Despite the impact of severe winter weather disruptions, 2014 first quarter revenue increased 5% to $964 million from $919 million in the prior year quarter. The quarterly revenue increase was primarily driven by a 19% increase in the Oil and Gas segment and a 5% increase in Communications, reflecting a 27% increase in wireless projects. Net income from continuing operations was $16.2 million, or $0.19 per diluted share, compared to $19.3 million, or $0.23 per diluted share for the first quarter of 2013.
First quarter 2014 adjusted net income from continuing operations, a non-GAAP measure, was $18.2 million compared to $24.2 million in 2013. First quarter 2014 continuing operations adjusted diluted earnings per share, a non-GAAP measure, was $0.21 compared to $0.29 in 2013. First quarter continuing operations adjusted EBITDA, also a non-GAAP measure, was $75 million compared $81 million in 2013.
Adjusted net income from continuing operations, continuing operations adjusted diluted earnings per share and continuing operations adjusted EBITDA, non-GAAP measures exclude the impact of discontinued operations, loss on extinguishment of debt from the 2013 refinancing of our senior notes due 2017 and non-cash stock based compensation expense. Reconciliations of these and other non-GAAP measures to GAAP-reported measures are attached.
Jose R. Mas, MasTec's Chief Executive Officer, commented, "Despite a slow start to the year due to wide spread and severe winter weather disruptions, we continue to see excellent long-term momentum in the markets that we serve. We expect another record year in 2014 and continue to be excited about growth opportunities in 2015 and beyond."
George Pita, MasTec's Executive Vice President and CFO, added, "First quarter results were in line with our expectations despite the adverse weather conditions that impacted much of the U.S. This decreased work productivity and delayed the billings and collections process negatively impacting financial performance and cash flow on a year-over-year basis. As these factors normalize, we expect improved performance in the second quarter, as well as strong financial performance in the second half of 2014."
Today, the Company is raising full year 2014 revenue and reaffirming earnings and EBITDA guidance and adding guidance for the second quarter. The Company currently estimates 2014 revenue of approximately $4.7 to $4.8 billion. 2014 continuing operations adjusted EBITDA, a non-GAAP measure, is estimated at $520 to $525 million, with continuing operations adjusted diluted earnings per share at $2.27 to $2.30.
For the second quarter of 2014, the Company expects revenue of approximately $1.15 to $1.20 billion. Second quarter 2014 continuing operations adjusted EBITDA, a non-GAAP measure, is estimated at $124 million with continuing operations adjusted diluted earnings per share, a non-GAAP measure, estimated at $0.53.
Estimated 2014 non-GAAP measures are calculated on a basis consistent with historical non-GAAP measures. Reconciliations of these and other non-GAAP measures to GAAP-reported measures are attached.
Management will hold a conference call to discuss these results on Friday, May 2, 2014 at 9:00 a.m. Eastern time. The call-in number for the conference call is (913) 312-0664 and the replay number is (719) 457-0820, with a pass code of 7523811. The replay will be available for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.
Keywords for this news article include: MasTec Inc, Finance and Investment, Investment and Finance.
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