MasTec Announces Second Quarter Results
August 17, 2015
Second quarter 2015 revenue decreased 3.7% to
Second quarter 2015 adjusted net income from continuing operations, a non-GAAP measure, was
Adjusted net income from continuing operations, continuing operations adjusted diluted earnings per share and continuing operations adjusted EBITDA, non-GAAP measures, exclude, as applicable, WesTower acquisition integration costs, Audit Committee investigation related costs, losses in a non-controlled joint venture, the nonrecurring impact of income tax law changes in
The Company currently estimates fiscal year 2015 revenue of
For the third quarter of 2015, the Company expects revenue of
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
Summary financial statements for the quarters are as follows:
Condensed Unaudited Consolidated Statements of Operations (In thousands, except per share amounts) |
||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||
2015 |
2014 |
2015 |
2014 |
|||||
As Restated |
As Restated |
|||||||
Revenue |
$ |
1,066,629 |
$ |
1,107,232 |
$ |
2,069,896 |
$ |
2,065,050 |
Costs of revenue, excluding depreciation and amortization |
945,947 |
950,715 |
1,832,361 |
1,792,040 |
||||
Depreciation and amortization |
43,254 |
36,755 |
85,852 |
70,249 |
||||
General and administrative expenses |
69,250 |
54,237 |
143,279 |
107,564 |
||||
Interest expense, net |
12,907 |
12,949 |
23,880 |
24,952 |
||||
Other income, net |
(2,353) |
(1,923) |
(2,360) |
(4,007) |
||||
(Loss) income from continuing operations before income |
(2,376) |
54,499 |
(13,116) |
74,252 |
||||
(Provision for) benefit from income taxes |
(1,444) |
(20,761) |
2,908 |
(28,250) |
||||
Net (loss) income from continuing operations |
$ |
(3,820) |
$ |
33,738 |
$ |
(10,208) |
$ |
46,002 |
Discontinued operations: |
||||||||
Net loss from discontinued operations |
- |
(149) |
- |
(272) |
||||
Net (loss) income |
$ |
(3,820) |
$ |
33,589 |
$ |
(10,208) |
$ |
45,730 |
Net loss attributable to non-controlling interests |
(120) |
(136) |
(245) |
(91) |
||||
Net (loss) income attributable to MasTec, Inc. |
$ |
(3,700) |
$ |
33,725 |
$ |
(9,963) |
$ |
45,821 |
Earnings per share: |
||||||||
Basic (loss) earnings per share: |
||||||||
Continuing operations |
$ |
(0.05) |
$ |
0.43 |
$ |
(0.12) |
$ |
0.59 |
Discontinued operations |
- |
(0.00) |
- |
(0.00) |
||||
Total basic (loss) earnings per share |
$ |
(0.05) |
$ |
0.43 |
$ |
(0.12) |
$ |
0.59 |
Basic weighted average common shares outstanding |
79,830 |
78,269 |
81,106 |
77,810 |
||||
Diluted (loss) earnings per share: |
||||||||
Continuing operations |
$ |
(0.05) |
$ |
0.39 |
$ |
(0.12) |
$ |
0.53 |
Discontinued operations |
- |
(0.00) |
- |
(0.00) |
||||
Total diluted (loss) earnings per share |
$ |
(0.05) |
$ |
0.39 |
$ |
(0.12) |
$ |
0.53 |
Diluted weighted average common shares outstanding |
79,830 |
86,730 |
81,106 |
86,675 |
Condensed Unaudited Consolidated Balance Sheets (In thousands) |
||||
June 30, |
December 31, |
|||
2015 |
2014 |
|||
Assets |
||||
Current assets |
$ |
1,354,265 |
$ |
1,531,751 |
Property and equipment, net |
614,826 |
623,118 |
||
Goodwill and other intangibles, net |
1,303,186 |
1,332,839 |
||
Other long-term assets |
84,626 |
76,272 |
||
Total assets |
$ |
3,356,903 |
$ |
3,563,980 |
Liabilities and Equity |
||||
Current liabilities |
$ |
852,968 |
$ |
980,848 |
Acquisition-related contingent consideration, net of current portion |
87,075 |
103,515 |
||
Long-term debt |
1,136,783 |
1,061,159 |
||
Long-term deferred tax liabilities, net |
189,824 |
203,476 |
||
Other long-term liabilities |
63,102 |
66,907 |
||
Equity |
1,027,151 |
1,148,075 |
||
Total liabilities and equity |
$ |
3,356,903 |
$ |
3,563,980 |
Condensed Unaudited Consolidated Statements of Cash Flows (In thousands) |
||||
For the Six Months Ended June 30, |
||||
2015 |
2014 |
|||
As Restated |
||||
Net cash provided by operating activities |
$ |
165,853 |
$ |
55,319 |
Net cash used in investing activities |
(114,228) |
(221,142) |
||
Net cash (used in) provided by financing activities |
(70,368) |
159,167 |
||
Net effect of currency translation on cash |
(561) |
(347) |
||
Net decrease in cash and cash equivalents |
(19,304) |
(7,003) |
||
Cash and cash equivalents - beginning of period |
$ |
24,059 |
$ |
22,927 |
Cash and cash equivalents - end of period |
$ |
4,755 |
$ |
15,924 |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited (In millions, except for percentages and per share amounts) |
||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||
Segment Information |
2015 |
2014 |
2015 |
2014 |
||||
As Restated |
As Restated |
|||||||
Revenue by Reportable Segment |
||||||||
Communications |
$ |
468.9 |
$ |
528.1 |
$ |
938.8 |
$ |
975.2 |
Oil and Gas |
410.5 |
365.1 |
737.3 |
744.9 |
||||
Electrical Transmission |
78.2 |
116.8 |
194.3 |
190.7 |
||||
Power Generation and Industrial |
103.1 |
94.5 |
187.4 |
148.8 |
||||
Other |
6.9 |
3.7 |
13.5 |
6.5 |
||||
Eliminations |
(1.0) |
(1.0) |
(1.3) |
(1.0) |
||||
Consolidated revenue |
$ |
1,066.6 |
$ |
1,107.2 |
$ |
2,069.9 |
$ |
2,065.1 |
For the Three Months Ended June 30, |
For the Six Months Ended |
|||||||
2015 |
2014 |
2015 |
2014 |
|||||
As Restated |
As Restated |
|||||||
EBITDA by Reportable Segment – Continuing |
||||||||
Communications (a) |
$ |
40.5 |
$ |
57.8 |
$ |
92.2 |
$ |
101.3 |
Oil and Gas |
41.3 |
36.3 |
62.9 |
70.9 |
||||
Electrical Transmission |
(21.4) |
19.3 |
(23.9) |
16.6 |
||||
Power Generation and Industrial |
8.0 |
3.9 |
(0.9) |
4.5 |
||||
Other (b) |
(0.0) |
0.3 |
(5.1) |
0.6 |
||||
Corporate (c) |
(14.6) |
(13.4) |
(28.6) |
(24.4) |
||||
EBITDA – continuing operations |
$ |
53.8 |
$ |
104.2 |
$ |
96.6 |
$ |
169.5 |
Non-cash stock-based compensation expense |
2.7 |
4.2 |
6.3 |
7.5 |
||||
Acquisition integration costs |
7.8 |
- |
16.6 |
- |
||||
Audit Committee investigation related costs |
6.7 |
- |
9.7 |
- |
||||
Losses on non-controlled joint venture |
- |
- |
5.5 |
- |
||||
Adjusted EBITDA – continuing operations |
$ |
71.0 |
$ |
108.4 |
$ |
134.7 |
$ |
176.9 |
For the Three Months Ended June 30, |
For the Six Months Ended |
|||||||
2015 |
2014 |
2015 |
2014 |
|||||
As Restated |
As Restated |
|||||||
EBITDA Margin by Reportable Segment – |
||||||||
Communications (a) |
8.6% |
10.9% |
9.8% |
10.4% |
||||
Oil and Gas |
10.1% |
9.9% |
8.5% |
9.5% |
||||
Electrical Transmission |
(27.4)% |
16.5% |
(12.3)% |
8.7% |
||||
Power Generation and Industrial |
7.8% |
4.1% |
(0.5)% |
3.0% |
||||
Other (b) |
(0.2)% |
10.9% |
(38.2)% |
8.7% |
||||
Corporate |
NA |
NA |
NA |
NA |
||||
EBITDA margin – continuing operations |
5.0% |
9.4% |
4.7% |
8.2% |
||||
Non-cash stock-based compensation expense |
0.3% |
0.4% |
0.3% |
0.4% |
||||
Acquisition integration costs |
0.7% |
- |
0.8% |
- |
||||
Audit Committee investigation related costs |
0.6% |
- |
0.5% |
- |
||||
Losses on non-controlled joint venture |
- |
- |
0.3% |
- |
||||
Adjusted EBITDA margin – continuing operations |
6.7% |
9.8% |
6.5% |
8.6% |
(a) |
Included in EBITDA for the Communications segment for the three and six months ended June 30, 2015 is the impact of acquisition integration costs related to WesTower of $7.8 million and $16.6 million, respectively. |
(b) |
Included in EBITDA for the Other segment for the three and six months ended June 30, 2015 is the impact of losses on a non-controlled joint venture of $0.0 million and $5.5 million, respectively. |
(c) |
Included in EBITDA for the Corporate segment for the three and six months ended June 30, 2015 is the impact of Audit Committee investigation costs of $6.7 million and $9.7 million, respectively. Non-cash stock-based compensation is also included in the Corporate segment for the three and six months ended June 30, 2015 and June 30, 2014. |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited (In millions, except for percentages and per share amounts) |
||||||
For the Three Months Ended |
For the Six Months Ended |
|||||
March 31, 2015 |
June 30, 2015 |
June 30, 2015 |
||||
EBITDA and Adjusted EBITDA Reconciliation – Continuing |
||||||
Net loss from continuing operations |
$ |
(6.4) |
$ |
(3.8) |
$ |
(10.2) |
Interest expense, net |
11.0 |
12.9 |
23.9 |
|||
(Benefit from) provision for income taxes |
(4.4) |
1.4 |
(2.9) |
|||
Depreciation and amortization |
42.6 |
43.3 |
85.9 |
|||
EBITDA - continuing operations |
$ |
42.8 |
$ |
53.8 |
$ |
96.6 |
Non-cash stock-based compensation expense |
3.6 |
2.7 |
6.3 |
|||
Acquisition integration costs |
8.8 |
7.8 |
16.6 |
|||
Audit Committee investigation related costs |
3.0 |
6.7 |
9.7 |
|||
Losses on non-controlled joint venture |
5.5 |
- |
5.5 |
|||
Adjusted EBITDA - continuing operations |
$ |
63.8 |
$ |
71.0 |
$ |
134.7 |
EBITDA and Adjusted EBITDA Margin Reconciliation – Continuing Operations |
||||||
Net loss from continuing operations |
(0.6)% |
(0.4)% |
(0.5)% |
|||
Interest expense, net |
1.1% |
1.2% |
1.2% |
|||
(Benefit from) provision for income taxes |
(0.4)% |
0.1% |
(0.1)% |
|||
Depreciation and amortization |
4.2% |
4.1% |
4.1% |
|||
EBITDA margin - continuing operations |
4.3% |
5.0% |
4.7% |
|||
Non-cash stock-based compensation expense |
0.4% |
0.3% |
0.3% |
|||
Acquisition integration costs |
0.9% |
0.7% |
0.8% |
|||
Audit Committee investigation related costs |
0.3% |
0.6% |
0.5% |
|||
Losses on non-controlled joint venture |
0.5% |
- |
0.3% |
|||
Adjusted EBITDA margin - continuing operations |
6.4% |
6.7% |
6.5% |
For the Three Months Ended |
For the Six Months Ended |
|||||
March 31, 2014 |
June 30, 2014 |
June 30, 2014 |
||||
As Restated |
As Restated |
As Restated |
||||
EBITDA and Adjusted EBITDA Reconciliation – Continuing |
||||||
Net income from continuing operations |
$ |
12.3 |
$ |
33.7 |
$ |
46.0 |
Interest expense, net |
12.0 |
12.9 |
25.0 |
|||
Provision for income taxes |
7.5 |
20.8 |
28.3 |
|||
Depreciation and amortization |
33.5 |
36.8 |
70.2 |
|||
EBITDA - continuing operations |
$ |
65.3 |
$ |
104.2 |
$ |
169.5 |
Non-cash stock-based compensation expense |
3.3 |
4.2 |
7.5 |
|||
Adjusted EBITDA - continuing operations |
$ |
68.5 |
$ |
108.4 |
$ |
176.9 |
EBITDA and Adjusted EBITDA Margin Reconciliation – |
||||||
Net income from continuing operations |
1.3% |
3.0% |
2.2% |
|||
Interest expense, net |
1.3% |
1.2% |
1.2% |
|||
Provision for income taxes |
0.8% |
1.9% |
1.4% |
|||
Depreciation and amortization |
3.5% |
3.3% |
3.4% |
|||
EBITDA margin - continuing operations |
6.8% |
9.4% |
8.2% |
|||
Non-cash stock-based compensation expense |
0.3% |
0.4% |
0.4% |
|||
Adjusted EBITDA margin - continuing operations |
7.2% |
9.8% |
8.6% |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited (In millions, except for percentages and per share amounts) |
||||||
For the Three Months Ended |
For the Six Months Ended |
|||||
March 31, 2015 |
June 30, 2015 |
June 30, 2015 |
||||
Adjusted Net Income Reconciliation |
||||||
Net loss from continuing operations |
$ |
(6.4) |
$ |
(3.8) |
$ |
(10.2) |
Non-cash stock-based compensation expense, net of tax |
2.1 |
1.4 |
3.5 |
|||
Acquisition integration costs, net of tax |
5.3 |
4.0 |
9.2 |
|||
Audit Committee investigation related costs, net of tax |
1.8 |
4.0 |
5.8 |
|||
Losses on non-controlled joint venture, net of tax |
3.3 |
(0.2) |
3.1 |
|||
Impact of Alberta tax law change |
- |
2.8 |
2.8 |
|||
Adjusted net income from continuing operations |
$ |
6.1 |
$ |
8.1 |
$ |
14.2 |
Loss from discontinued operations, net of tax |
(0.0) |
(0.0) |
(0.0) |
|||
Adjusted net income |
$ |
6.1 |
$ |
8.1 |
$ |
14.2 |
For the Three Months Ended |
For the Six Months Ended |
|||||
March 31, 2015 |
June 30, 2015 |
June 30, 2015 |
||||
Adjusted Diluted EPS Reconciliation (a) |
||||||
Diluted loss per share – continuing operations |
$ |
(0.08) |
$ |
(0.05) |
$ |
(0.12) |
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.02 |
0.04 |
|||
Acquisition integration costs, net of tax |
0.06 |
0.05 |
0.11 |
|||
Audit Committee investigation related costs, net of tax |
0.02 |
0.05 |
0.07 |
|||
Losses on non-controlled joint venture, net of tax |
0.04 |
(0.00) |
0.04 |
|||
Impact of Alberta tax law change |
- |
0.04 |
0.03 |
|||
Adjusted diluted earnings per share - continuing operations |
$ |
0.07 |
$ |
0.10 |
$ |
0.18 |
Diluted loss per share – discontinued operations |
(0.00) |
- |
- |
|||
Adjusted diluted earnings per share |
$ |
0.07 |
$ |
0.10 |
$ |
0.18 |
For the Three Months Ended |
For the Six Months Ended |
|||||
March 31, 2014 |
June 30, 2014 |
June 30, 2014 |
||||
As Restated |
As Restated |
As Restated |
||||
Adjusted Net Income Reconciliation |
||||||
Net income from continuing operations |
$ |
12.3 |
$ |
33.7 |
$ |
46.0 |
Non-cash stock-based compensation expense, net of tax |
2.0 |
2.6 |
4.6 |
|||
Adjusted net income from continuing operations |
$ |
14.3 |
$ |
36.4 |
$ |
50.6 |
Loss from discontinued operations, net of tax |
(0.1) |
(0.1) |
(0.3) |
|||
Adjusted net income |
$ |
14.2 |
$ |
36.2 |
$ |
50.4 |
For the Three Months Ended |
For the Six Months Ended |
|||||
March 31, 2014 |
June 30, 2014 |
June 30, 2014 |
||||
As Restated |
As Restated |
As Restated |
||||
Adjusted Diluted EPS Reconciliation |
||||||
Diluted earnings per share – continuing operations |
$ |
0.14 |
$ |
0.39 |
$ |
0.53 |
Non-cash stock-based compensation expense, net of tax |
0.02 |
0.03 |
0.05 |
|||
Adjusted diluted earnings per share - continuing operations |
$ |
0.17 |
$ |
0.42 |
$ |
0.59 |
Diluted (loss) earnings per share – discontinued operations |
(0.00) |
0.00 |
0.00 |
|||
Adjusted diluted earnings per share |
$ |
0.16 |
$ |
0.42 |
$ |
0.58 |
(a) |
For the three months ended March 31, 2015, and for the three and six months ended June 30, 2015, because the reported loss from continuing operations is income on an adjusted basis, we included an additional 0.5 million weighted average shares to calculate adjusted diluted earnings per share. |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited (In millions, except for percentages and per share amounts) |
|||||||||
Guidance for the Three Months Ended September 30, |
For the Three Months Ended September 30, |
||||||||
2015 Est. |
2014 |
||||||||
As Restated |
|||||||||
EBITDA and Adjusted EBITDA Reconciliation - |
|||||||||
Net income from continuing operations |
$ |
21 - 25 |
$ |
49.4 |
|||||
Interest expense, net |
13 |
12.6 |
|||||||
Provision for income taxes |
17 - 20 |
30.3 |
|||||||
Depreciation and amortization |
42 |
41.7 |
|||||||
EBITDA - continuing operations |
$ |
93 – 101 |
$ |
134.2 |
|||||
Non-cash stock-based compensation expense |
3 |
4.1 |
|||||||
Audit Committee investigation related costs |
4 |
- |
|||||||
Adjusted EBITDA - continuing operations |
$ |
100 - 108 |
$ |
138.3 |
|||||
EBITDA and Adjusted EBITDA Margin Reconciliation - |
|||||||||
Net income from continuing operations |
1.9% - 2.1% |
3.8% |
|||||||
Interest expense, net |
1.1% - 1.2% |
1.0% |
|||||||
Provision for income taxes |
1.5% - 1.7% |
2.3% |
|||||||
Depreciation and amortization |
3.5% - 3.8% |
3.2% |
|||||||
EBITDA margin - continuing operations |
8.4% |
10.2% |
|||||||
Non-cash stock-based compensation expense |
0.3% |
0.3% |
|||||||
Audit Committee investigation related costs |
0.3% - 0.4% |
- |
|||||||
Adjusted EBITDA margin - continuing operations |
9.0% - 9.1% |
10.5% |
|||||||
Guidance for the Three Months Ended September 30, |
For the Three Months Ended September 30, |
||||||||
2015 Est. |
2014 |
||||||||
As Restated |
|||||||||
Adjusted Net Income from Continuing Operations and Adjusted |
|||||||||
Adjusted Net Income from Continuing Operations Reconciliation |
|||||||||
Net income from continuing operations |
$ |
21 – 25 |
$ |
49.4 |
|||||
Non-cash stock-based compensation expense, net of tax |
2 |
2.5 |
|||||||
Audit Committee investigation related costs, net of tax |
2 |
- |
|||||||
Adjusted net income from continuing operations |
$ |
25 – 29 |
$ |
52.0 |
|||||
Guidance for the Three Months Ended September 30, |
For the Three Months Ended September 30, |
||||||||
2015 Est. |
2014 |
||||||||
As Restated |
|||||||||
Adjusted Diluted EPS Reconciliation - Continuing Operations |
|||||||||
Diluted earnings per share – continuing operations |
$ |
0.26 – 0.32 |
$ |
0.57 |
|||||
Non-cash stock-based compensation expense, net of tax |
0.02 |
0.03 |
|||||||
Audit Committee investigation related costs, net of tax |
0.03 |
- |
|||||||
Adjusted diluted earnings per share - continuing operations |
$ |
0.31 – 0.37 |
$ |
0.60 |
|||||
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited (In millions, except for percentages and per share amounts) |
||||||
Guidance for the December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, |
||||
2015 Est. |
2014 |
2013 |
||||
EBITDA and Adjusted EBITDA Reconciliation - Continuing |
||||||
Net income from continuing operations |
$ |
28 -36 |
$ |
122.0 |
$ |
147.7 |
Interest expense, net |
50 |
50.8 |
46.4 |
|||
Provision for income taxes |
28 - 34 |
76.4 |
92.5 |
|||
Depreciation and amortization |
170 |
154.5 |
140.9 |
|||
EBITDA - continuing operations |
$ |
276 – 291 |
$ |
403.7 |
$ |
427.6 |
Non-cash stock-based compensation expense |
13 |
15.9 |
12.9 |
|||
Acquisition integration costs |
17 |
5.3 |
- |
|||
Audit Committee investigation related costs |
15 |
- |
- |
|||
Losses on non-controlled joint venture |
6 |
- |
- |
|||
Loss on extinguishment of debt |
- |
- |
5.6 |
|||
Sintel legal settlement charge |
- |
- |
2.8 |
|||
Adjusted EBITDA - continuing operations |
$ |
325 - 340 |
$ |
424.9 |
$ |
448.9 |
EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations |
||||||
Net income from continuing operations |
0.7% – 0.8% |
2.6% |
3.4% |
|||
Interest expense, net |
1.2% |
1.1% |
1.1% |
|||
Provision for income taxes |
0.7% - 0.8% |
1.7% |
2.1% |
|||
Depreciation and amortization |
4.0% - 4.1% |
3.3% |
3.3% |
|||
EBITDA margin- continuing operations |
6.6% – 6.8% |
8.8% |
9.9% |
|||
Non-cash stock-based compensation expense |
0.3% |
0.3% |
0.3% |
|||
Acquisition integration costs |
0.4% |
0.1% |
- |
|||
Audit Committee investigation related costs |
0.3% |
- |
- |
|||
Losses on non-controlled joint venture |
0.1% |
- |
- |
|||
Loss on extinguishment of debt |
- |
- |
0.1% |
|||
Sintel legal settlement charge |
- |
- |
0.1% |
|||
Adjusted EBITDA margin - continuing operations |
7.7% - 7.9% |
9.2% |
10.4% |
Guidance for the December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, |
|||||
2015 Est. |
2014 |
2013 |
|||||
Adjusted Net Income from Continuing Operations and Adjusted |
|||||||
Adjusted Net Income from Continuing Operations Reconciliation |
|||||||
Net income from continuing operations |
$ |
28 – 36 |
$ |
122.0 |
$ |
147.7 |
|
Non-cash stock-based compensation expense, net of tax |
7 |
9.8 |
8.0 |
||||
Acquisition integration costs, net of tax |
9 |
3.2 |
- |
||||
Audit Committee investigation related costs, net of tax |
9 |
- |
- |
||||
Losses on non-controlled joint venture, net of tax |
3 |
- |
- |
||||
Loss on extinguishment of debt, net of tax |
- |
- |
3.5 |
||||
Sintel legal settlement charge, net of tax |
- |
- |
1.7 |
||||
Impact of Alberta tax law change, net of tax |
3 |
- |
- |
||||
Adjusted net income from continuing operations |
$ |
59 - 67 |
$ |
135.0 |
$ |
160.8 |
|
Guidance for the Year Ended December 31, |
For the Year Ended December 31, |
For the |
|||||
2015 Est. |
2014 |
2013 |
|||||
Adjusted Diluted EPS Reconciliation - Continuing Operations |
|||||||
Diluted earnings per share - continuing operations |
$ |
0.35 – 0.45 |
$ |
1.42 |
$ |
1.74 |
|
Non-cash stock-based compensation expense, net of tax |
0.09 |
0.11 |
0.09 |
||||
Acquisition integration costs, net of tax |
0.11 |
0.04 |
- |
||||
Audit Committee investigation related costs, net of tax |
0.11 |
- |
- |
||||
Losses on non-controlled joint venture, net of tax |
0.04 |
- |
- |
||||
Loss on extinguishment of debt, net of tax |
- |
- |
0.04 |
||||
Sintel legal settlement charge, net of tax |
- |
- |
0.02 |
||||
Impact of Alberta tax law change, net of tax |
0.03 |
- |
- |
||||
Adjusted diluted earnings per share - continuing operations |
$ |
0.73 – 0.83 |
$ |
1.57 |
$ |
1.90 |
|
Tables may contain differences due to rounding.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including the effect of economic conditions on demand for our services, trends in oil, natural gas, electricity and other energy source prices; reduced capital expenditures by our customers, reduced financing availability, customer consolidation and technological and regulatory changes in the industries we serve; market conditions, technological developments and regulatory changes that affect us or our customers' industries; our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects, and performance on such projects; customer disputes related to our performance of services; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; our ability to replace non-recurring projects with new projects; the timing and extent of fluctuations in geographic, weather, equipment and operational factors affecting the industries in which we operate; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements, integrate acquired businesses within expected timeframes and achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected; any exposure related to divested businesses; any exposure resulting from system or information technology interruptions or data security breaches; the impact of U.S. federal, local or state tax legislation and other regulations affecting renewable energy, electricity prices, electrical transmission, oil and gas production, broadband and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future environmental requirements; increases in fuel, maintenance, materials, labor and other costs; fluctuations in foreign currencies; risks associated with operating in international markets, which could restrict our ability to expand globally and harm our business and prospects or any failure to comply with laws applicable to our foreign activities; the highly competitive nature of our industry; our dependence on a limited number of customers; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services on short or no notice under our contracts; the impact of any unionized workforce on our operations, including labor availability and relations; liabilities associated with multi-employer pension plans, including underfunding and withdrawal liabilities, for our operations that employ unionized workers; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or other stock issuances; as well as other risks detailed in our filings with the
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mastec-announces-second-quarter-results-300129463.html
SOURCE
J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, 305-406-1886 fax, marc.lewis@mastec.com