UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 27, 2008

MASTEC, INC.

(Exact Name of Registrant as Specified in Its Charter)

Florida
(State or Other Jurisdiction of Incorporation)

Florida		0-08106		65-0829355
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

800 S. Douglas Road, 12^th Floor, Coral Gables, Florida 33134
(Address of Principal Executive Offices) (Zip Code)

(305) 599-1800
(Registrant’s Telephone Number, Including Area Code)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM 2.02 Results of Operations and Financial Condition

     On February 27, 2008, MasTec, Inc. (the “Company”) announced its financial results for the three months and year ended December 31, 2007. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K and is hereby incorporated by reference.

     The earnings press release includes certain financial information, including income from continuing operations excluding charges for legacy litigation, claims and other disputes and diluted earnings per share excluding charges for legacy litigation, claims and other disputes, not derived in accordance with GAAP. The Company believes that this information is useful to investors as it indicates more clearly the Company’s comparative year-to-year operating results. In addition, this non-GAAP financial information is among the primary indicators the Company uses as a basis for evaluating Company performance, allocating resources, setting certain incentive compensation targets, and forecasting of future periods.

     The non-GAAP financial measures described above are intended to enhance an investor’s overall understanding of the Company’s past financial performance and prospects for the future and should be considered in addition to, not as a substitute for measures of the Company’s financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP financial measures to GAAP is provided in the table entitled “Reconciliation of Non-GAAP Disclosures” in the earnings press release.

     The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

ITEM 7.01 Regulation FD Disclosure

     On February 27, 2008, the Company announced its financial results for the three months and year ended December 31, 2007. In addition, the Company issued 2008 annual and first quarter guidance as set forth in the earnings release. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

ITEM 9.01 Financial Statements and Exhibits

(d)

Exhibits

                    99.1 — Press Release dated February 27, 2008.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX

Exhibit No.				Description
	99.1			Press Release dated February 27, 2008.

Exhibit 99.1

For Immediate Release

MasTec Reports Fourth Quarter 2007 Results and Issues 2008 Guidance

Coral Gables, FL (February 27, 2008) — MasTec, Inc. (NYSE: MTZ) today announced results for the quarter and year ended December 31, 2007.

For the quarter ended December 31, 2007, income from continuing operations was $9.9 million, or $0.15 diluted earnings per share, on revenue of $273.6 million. This compares with income from continuing operations of $9.3 million, or $0.14 per diluted share, on revenue of $240.1 million in the prior year quarter.

For the year ended December 31, 2007, income from continuing operations was $6.3 million, or $0.09 diluted earnings per share, on revenue of $1.04 billion. This compares with income from continuing operations of $40.0 million, or $0.62 per diluted share, on revenue of $940.4 million for the prior year. Excluding the previously disclosed $39.3 million charge for the acceleration of the settlement of legacy litigation, claims and other disputes, non-GAAP income from continuing operations was $45.5 million, or $0.67 per diluted share.

The Company is optimistic regarding its outlook for 2008.

The Company expects 2008 revenue of $1.125 billion to $1.160 billion, an 8% to 12% increase over 2007. Earnings per diluted share from continuing operations in 2008 is expected to be between $0.85 and $0.90. This represents a 27% to 34% increase over 2007 non-GAAP income from continuing operations of $0.67 per diluted share.

The first quarter has historically been the Company’s softest quarter due to the slow beginning of our customers’ annual budget processes and general winter weather conditions, which prevent many activities and also reduce overall efficiency and productivity. Although the Company does not normally give quarterly guidance, revenue for the first quarter of 2008 is expected to be between $250 million and $260 million, with diluted earnings per share from continuing operations of $0.11 to $0.12.

The annual and quarterly guidance does not include any of the impact of our previously disclosed legacy litigation, either positive or negative.

Jose Mas, MasTec’s President and Chief Executive Officer, commented, “We spent a lot of time and effort getting legacy issues behind us in 2007. We also worked hard in improving our operations, growing our business and positioning the Company to take advantage of the opportunities before us. We are off to a good start in 2008 and are encouraged by the activity in our markets despite the overall economic conditions.”

The following tables set forth the financial results for the periods ended December 31, 2007 and 2006:

Condensed Consolidated Statements of Operations
(In thousands except per share amounts)

										Three Months Ended
		Year Ended December 31,								December 31,
		2007				2006				2007				2006
Revenue		$	1,037,779			$	940,421			$	273,635			$	240,060
Costs of revenue			891,606				808,142				236,391				207,394
Depreciation			16,988				14,490				4,843				3,852
General and administrative expenses			114,723				73,353				19,377				19,336
Interest expense, net of interest income			9,236				10,083				2,100				2,045
Other income (expense), net			3,516				7,991				(768	)			3,000
Income from continuing operations before benefit for income taxes and minority interest			8,742				42,344				10,156				10,433
Minority interest			(2,459	)			(2,294	)			(210	)			(1,114	)
Income from continuing operations			6,283				40,050				9,946				9,319
Discontinued operations:
Loss from discontinued operations, net			(13,611	)			(90,398	)			(2,689	)			(24,164	)
Net Income (Loss)		$	(7,328	)		$	(50,348	)		$	7,257			$	(14,845	)
Basic net income (loss) per share:
Continuing operations		$	0.10			$	0.63			$	0.15			$	0.14
Discontinued operations			(0.21	)			(1.42	)			(0.04	)			(0.37	)
Total basic net income (loss) per share		$	(0.11	)		$	(0.79	)		$	0.11			$	(0.23	)
Basic weighted average common shares outstanding			66,147				63,574				66,912				65,128
Diluted net income (loss) per share:
Continuing operations		$	0.09			$	0.62			$	0.15			$	0.14
Discontinued operations			(0.20	)			(1.39	)			(0.04	)			(0.36	)
Total diluted net income (loss) per share		$	(0.11	)		$	(0.77	)		$	0.11			$	(0.22	)
Diluted weighted average common shares outstanding			67,626				65,119				68,122				66,317

Condensed Consolidated Balance Sheets
(In thousands)

		December 31
		2007				2006
Assets
Current assets		$	367,407			$	339,920
Property and equipment, net			81,939				61,212
Goodwill			202,829				151,600
Deferred taxes, net			30,386				49,317
Other assets			28,188				43,405
Long-term assets held for sale			—				659
Total assets		$	710,749			$	646,113
Liabilities and Shareholders’ Equity
Current liabilities		$	207,945			$	175,878
Other liabilities			27,960				36,521
Long-term debt			160,279				128,407
Long-term liabilities related to assets held for sale			—				596
Shareholders’ equity			314,565				304,711
Total liabilities and shareholders’ equity		$	710,749			$	646,113

Condensed Consolidated Statements of Cash Flows
(In thousands)

		Years Ended December 31,
		2007				2006
Net cash provided by operating activities		$	68,698			$	46,394
Net cash used in investing activities			(62,457	)			(94,732	)
Net cash provided by financing activities			32,756				81,783
Net increase in cash and cash equivalents			38,997				33,445
Net effect of translation on cash			9				(187	)
Cash and cash equivalents—beginning of period			35,282				2,024
Cash and cash equivalents—end of period		$	74,288			$	35,282

MasTec will hold a conference call to discuss these results on February 28, 2008 at 10:30 a.m. Eastern time. The call-in number for the conference call is (913) 312-0981 and the replay number is (719) 457-0820, with a pass code of 1076450. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of our website at www.mastec.com. MasTec has filed its Form 10-K annual report with the Securities and Exchange Commission, which is available, free of charge, through the investor relations page of the Company’s website, or by request through MasTec’s investor relations department.

MasTec is a leading specialty contractor operating mainly throughout the United States across a range of industries. The Company’s core activities are the building, installation, maintenance and upgrade of communication and utility infrastructure systems. The Company’s corporate website is located at www.mastec.com.

MasTec, Inc.
Reconciliation of Non-GAAP Disclosures- Unaudited

		For the Year Ended
		December 31, 2007
Reconciliation of Earnings per Share,
excluding charges for legacy
litigation, claims and other disputes:		Per Share				Total (000s)
Income from continuing operations per common share, in accordance with GAAP - diluted		$	0.09			$	6,283
Charge for settlement of litigation, claims and other disputes			0.58				39,260
Income from continuing operations per common share, excluding charge for settlement of litigation, claims and other disputes- diluted		$	0.67			$	45,543

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 that our revenues, margins and earnings per share may differ from that projected; that we may be impacted by business and economic conditions affecting us or our customers, including economic downturns, reduced capital expenditures, consolidation and technological and regulatory changes in the industries we serve and any liquidity issues related to our securities held for sale; material changes in estimates for legal costs or case settlements; adverse determinations on any claim, lawsuit or proceeding; the highly competitive nature of our industry; our dependence on a limited number of customers; the ability of our customers to terminate or reduce the amount of work, or in some cases prices paid for services under many of our contracts; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; any exposure related to our recently sold DOT projects and assets; restrictions imposed by our credit facility and senior notes; the outcome of our plans for future operations, growth, and services, including backlog and acquisitions; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.