SEC Filing | MasTec Inc.

MASTEC, INC.

Date: August 4, 2016

/s/ Alberto de Cardenas

Alberto de Cardenas

Executive Vice President, General Counsel and Secretary

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Form 8-K

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): August 4, 2016

MASTEC, INC.

(Exact Name of Registrant as Specified in Its Charter)

Florida

001-08106

65-0829355

(State or Other Jurisdiction of

Incorporation)

(Commission File

Number)

(IRS Employer

Identification No.)

800 S. Douglas Road, 12th Floor

Coral Gables, Florida 33134

(Address of Principal Executive Office)

Registrant’s telephone number, including area code (305) 599-1800

(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:

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

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

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

¨	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.

The information contained in Item 7.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.02.

ITEM 7.01 Regulation FD Disclosure.

On August 4, 2016, MasTec, Inc., a Florida corporation (the “Company”), announced its financial results for the quarter ended June 30, 2016. In addition, the Company issued guidance for the quarter ending September 30, 2016 and year ending December 31, 2016, in each case as set forth in the earnings press release. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 7.01. The information contained in this Current 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


Exhibit Number		Description

99.1		Press Release, dated August 4, 2016

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 Number		Description

99.1		Press Release, dated August 4, 2016

Press Release

Exhibit 99.1

For Immediate Release

MasTec Announces Second Quarter 2016 Results Above Expectations and Increases 2016 Full Year Guidance

•

Q2 Revenue Increased 15.5% Over Prior Year

•

Q2 Results Significantly Above Expectations

•

Q2 Backlog Increased 31% Over Prior Year To $5.3 Billion

•

Full Year 2016 Guidance Increased

Coral Gables, FL (August 4, 2016) — MasTec, Inc. (NYSE: MTZ) today announced second quarter 2016 financial results, as well as increased 2016 full year guidance. The Company reported:

•

Second quarter 2016 revenue was $1.23 billion compared to $1.07 billion in the same period in 2015. GAAP net income was $24.4 million, or $0.30 per diluted share, compared to a net loss of $3.8 million, or a loss of $0.05 per diluted share, in the second quarter of 2015.

•

Second quarter 2016 adjusted net income, a non-GAAP measure, was $29.9 million compared to $8.1 million in the same period in 2015. Second quarter 2016 adjusted diluted earnings per share, a non-GAAP measure, was $0.36, compared to $0.10 in the same period last year. Second quarter 2016 adjusted diluted earnings per share, a non-GAAP measure, of $0.36 exceeded the high end of the company’s previously announced second quarter 2016 guidance range by $0.09 per share.

•

Second quarter 2016 adjusted EBITDA, also a non-GAAP measure, was $104 million compared to $71 million in the same period in 2015.

•

18-month backlog as of June 30, 2016 was $5.3 billion, compared to $4.1 billion as of June 30, 2015, a 31% increase.

•

The Company increased 2016 full year revenue guidance to approximately $5.0 billion. The Company also increased 2016 full year guidance expectations to GAAP net income of approximately $112 million, or $1.36 per diluted share, adjusted net income of approximately $129 million or $1.57 per adjusted diluted share and adjusted EBITDA of approximately $440 million.

Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.

Jose R. Mas, MasTec’s Chief Executive Officer, commented, “Our second quarter results significantly exceeded our expectations, primarily due to improved productivity in our Oil & Gas segment. We expect record levels of Oil & Gas segment revenue during the second half of 2016 as we further ramp execution on large projects initiated at varying times during the 2016 second quarter. Most importantly, we have clear visibility to opportunities in the Oil & Gas segment which we expect will drive continued growth in 2017 and beyond.”

Mr. Mas continued, “It is also important to note that in addition to the strong 2016 second quarter performance in our Oil & Gas segment, we also experienced significant growth in our Communications segment, and began to see improvement, as expected, in our Electrical Transmission segment. We expect these positive trends to continue, driving improved revenue and operating margin performance during the second half of 2016.”

George Pita, MasTec Executive Vice President and CFO, added, “We enter the second half of 2016 with a strong balance sheet and capital structure, excellent working capital metrics and ample liquidity. These factors leave us well positioned to take advantage of the significant growth opportunities in the various markets we serve”.

Based on information available today, the Company is raising full year 2016 guidance and providing initial third quarter 2016 guidance. The Company currently estimates 2016 annual revenue to approximate $5.0 billion. 2016 annual GAAP net income is expected to approximate $112 million with adjusted EBITDA, a non-GAAP measure, estimated to approximate $440 million. 2016 annual GAAP diluted earnings per share is estimated to approximate $1.36, with adjusted diluted earnings per share, a non-GAAP measure, estimated to approximate $1.57.

Additionally, for the third quarter of 2016, the Company expects revenue to approximate $1.5 billion. Third quarter 2016 GAAP net income is expected to approximate $52 million with adjusted EBITDA, a non-GAAP measure, estimated to approximate $155 million. Third quarter 2016 GAAP diluted earnings per share is expected to approximate $0.64, with adjusted diluted earnings per share, a non-GAAP measure, estimated at approximate $0.69.

Management will hold a conference call to discuss these results on Friday, August 5, 2016, 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 9184746. 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 the Company’s website at www.mastec.com.

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,
	2016			2015			2016			2015
Revenue	$	1,232,404		$	1,066,629		$	2,206,630		$	2,069,896
Costs of revenue, excluding depreciation and amortization		1,068,182			945,947			1,952,583			1,832,361
Depreciation and amortization		40,657			43,254			79,664			85,852
General and administrative expenses		67,852			69,250			127,900			143,279
Interest expense, net		12,639			12,907			24,797			23,880
Equity in (earnings) losses of unconsolidated affiliates		(489	)		2,638			(3,555	)		3,223
Other expense (income), net		1,524			(4,991	)		(11,830	)		(5,583	)

Income (loss) before income taxes	$	42,039			(2,376	)		37,071			(13,116	)
(Provision for) benefit from income taxes		(17,601	)		(1,444	)		(15,514	)		2,908

Net income (loss)	$	24,438		$	(3,820	)	$	21,557		$	(10,208	)

Net income (loss) attributable to non-controlling interests		350			(120	)		162			(245	)

Net income (loss) attributable to MasTec, Inc.	$	24,088		$	(3,700	)	$	21,395		$	(9,963	)

Earnings per share:
Basic earnings (loss) per share	$	0.30		$	(0.05	)	$	0.27		$	(0.12	)

Basic weighted average common shares outstanding		80,351			79,830			80,253			81,106

Diluted earnings (loss) per share	$	0.30		$	(0.05	)	$	0.26		$	(0.12	)

Diluted weighted average common shares outstanding		81,266			79,830			81,043			81,106

Condensed Unaudited Consolidated Balance Sheets

(In thousands)


	June 30,		December 31,
	2016		2015
Assets
Current assets	$	1,321,842	$	1,129,758
Property and equipment, net		559,057		558,667
Goodwill and other intangibles, net		1,190,672		1,187,890
Other long-term assets		52,372		51,032

Total assets	$	3,123,943	$	2,927,347

Liabilities and Equity
Current liabilities	$	866,434	$	752,535
Acquisition-related contingent consideration, net of current portion		25,151		41,675
Long-term debt		998,440		932,868
Long-term deferred tax liabilities, net		173,220		188,759
Other long-term liabilities		90,482		68,119
Equity		970,216		943,391

Total liabilities and equity	$	3,123,943	$	2,927,347

Condensed Unaudited Consolidated Statements of Cash Flows

(In thousands)


	For the Six Months Ended June 30,
	2016			2015
Net cash provided by operating activities	$	28,488		$	161,289
Net cash used in investing activities		(59,872	)		(109,583	)
Net cash provided by (used in) financing activities		36,046			(70,368	)
Effect of currency translation on cash		(888	)		(642	)

Net increase (decrease) in cash and cash equivalents		3,774			(19,304	)

Cash and cash equivalents - beginning of period	$	4,984		$	24,059

Cash and cash equivalents - end of period	$	8,758		$	4,755

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited

(In millions, except for percentages and per share amounts)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2015			2016			2015
Segment Information
Revenue by Reportable Segment
Communications	$	592.2		$	468.9		$	1,103.8		$	938.8
Oil and Gas		425.6			410.5			718.4			737.3
Electrical Transmission		95.6			78.2			181.9			194.3
Power Generation and Industrial		119.7			103.1			201.1			187.4
Other		3.9			6.9			7.3			13.5
Eliminations		(4.6	)		(1.0	)		(5.9	)		(1.4	)
Corporate		—			—			—			—

Consolidated revenue	$	1,232.4		$	1,066.6		$	2,206.6		$	2,069.9


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2015			2016			2015
Adjusted EBITDA by Reportable Segment
Communications	$	66.6		$	48.6		$	128.4		$	109.1
Oil and Gas		56.5			41.3			76.1			62.9
Electrical Transmission		(7.8	)		(21.4	)		(30.9	)		(23.9	)
Power Generation and Industrial		4.8			8.0			7.7			(0.9	)
Other		0.3			(0.0	)		0.5			0.4
Eliminations		—			—			—			—
Corporate		(16.1	)		(5.5	)		(23.7	)		(12.9	)

Adjusted EBITDA	$	104.3		$	71.0		$	158.1		$	134.7

Non-cash stock-based compensation expense		3.9			2.7			7.4			6.3
Restructuring charges		5.1			—			9.1			—
Acquisition integration costs		—			7.8			—			16.6
Audit Committee investigation related costs		—			6.7			—			9.7
Losses on non-controlled joint venture		—			—			—			5.5

EBITDA	$	95.3		$	53.8		$	141.5		$	96.6


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2015			2016			2015
Adjusted EBITDA Margin by Reportable Segment
Communications		11.2	%		10.4	%		11.6	%		11.6	%
Oil and Gas		13.3	%		10.1	%		10.6	%		8.5	%
Electrical Transmission		(8.1	)%		(27.4	)%		(17.0	)%		(12.3	)%
Power Generation and Industrial		4.0	%		7.8	%		3.8	%		(0.5	)%
Other		7.2	%		(0.3	)%		6.8	%		2.7	%
Eliminations		NA			NA			NA			NA
Corporate		NA			NA			NA			NA

Adjusted EBITDA margin		8.5	%		6.7	%		7.2	%		6.5	%

Non-cash stock-based compensation expense		0.3	%		0.3	%		0.3	%		0.3	%
Restructuring charges		0.4	%		—			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	%

EBITDA margin		7.7	%		5.0	%		6.4	%		4.7	%

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited

(In millions, except for percentages and per share amounts)


	For the Three Months Ended June 30, 2016					For the Six Months Ended June 30, 2016
	Total		Percent of Revenue			Total		Percent of Revenue
EBITDA and Adjusted EBITDA Reconciliation
Net income	$	24.4		2.0	%	$	21.6		1.0	%
Interest expense, net		12.6		1.0	%		24.8		1.1	%
Provision for income taxes		17.6		1.4	%		15.5		0.7	%
Depreciation and amortization		40.7		3.3	%		79.7		3.6	%

EBITDA	$	95.3		7.7	%	$	141.5		6.4	%

Non-cash stock-based compensation expense		3.9		0.3	%		7.4		0.3	%
Restructuring charges		5.1		0.4	%		9.1		0.4	%

Adjusted EBITDA	$	104.3		8.5	%	$	158.1		7.2	%


	For the Three Months Ended June 30, 2015						For the Six Months Ended June 30, 2015
	Total			Percent of Revenue			Total			Percent of Revenue
EBITDA and Adjusted EBITDA Reconciliation
Net loss	$	(3.8	)		(0.4	)%	$	(10.2	)		(0.5	)%
Interest expense, net		12.9			1.2	%		23.9			1.2	%
Provision for (benefit from) income taxes		1.4			0.1	%		(2.9	)		(0.1	)%
Depreciation and amortization		43.3			4.1	%		85.9			4.1	%

EBITDA	$	53.8			5.0	%	$	96.6			4.7	%

Non-cash stock-based compensation expense		2.7			0.3	%		6.3			0.3	%
Acquisition integration costs		7.8			0.7	%		16.6			0.8	%
Audit Committee investigation related costs		6.7			0.6	%		9.7			0.5	%
Losses on non-controlled joint venture		—			—			5.5			0.3	%

Adjusted EBITDA	$	71.0			6.7	%	$	134.7			6.5	%

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited

(In millions, except for percentages and per share amounts)


	For the Three Months Ended June 30, 2016							For the Six Months Ended June 30, 2016
	Income Before Income Taxes		Provision for Income Taxes			Net Income		Income Before Income Taxes		Provision for Income Taxes			Net Income
Adjusted Net Income Reconciliation
Reported U.S. GAAP measure	$	42.0	$	(17.6	)	$	24.4	$	37.1	$	(15.5	)	$	21.6
Non-cash stock-based compensation expense		3.9		(1.5	)		2.4		7.4		(3.0	)		4.4
Restructuring charges		5.1		(1.9	)		3.1		9.1		(3.7	)		5.5

Adjusted non-U.S. GAAP measure	$	51.0	$	(21.0	)	$	29.9	$	53.6	$	(22.1	)	$	31.5


	For the Three Months Ended June 30, 2016		For the Six Months Ended June 30, 2016
Adjusted Diluted EPS Reconciliation
Diluted earnings per share	$	0.30	$	0.26
Non-cash stock-based compensation expense, net of tax		0.03		0.05
Restructuring charges, net of tax		0.04		0.07

Adjusted diluted earnings per share	$	0.36	$	0.39


	For the Three Months Ended June 30, 2015									For the Six Months Ended June 30, 2015
	(Loss) Income Before Income Taxes			Provision for Income Taxes			Net (Loss) Income			(Loss) Income Before Income Taxes			Provision for Income Taxes			Net (Loss) Income
Adjusted Net Income Reconciliation
Reported U.S. GAAP measure	$	(2.4	)	$	(1.4	)	$	(3.8	)	$	(13.1	)	$	2.9		$	(10.2	)
Non-cash stock-based compensation expense		2.7			(1.3	)		1.4			6.3			(2.8	)		3.5
Acquisition integration costs		7.8			(3.8	)		4.0			16.6			(7.4	)		9.2
Audit Committee investigation related costs		7.5			(3.5	)		4.0			10.5			(4.7	)		5.8
Losses on non-controlled joint venture		—			(0.2	)		(0.2	)		5.5			(2.4	)		3.1
Impact of Alberta tax law change		—			2.8			2.8			—			2.8			2.8

Adjusted non-U.S. GAAP measure	$	15.6		$	(7.5	)	$	8.1		$	25.8		$	(11.6	)	$	14.2


	For the Three Months Ended June 30, 2015			For the Six Months Ended June 30, 2015
Adjusted Diluted EPS Reconciliation
Diluted loss per share	$	(0.05	)	$	(0.12	)
Non-cash stock-based compensation expense, net of tax		0.02			0.04
Acquisition integration costs, net of tax		0.05			0.11
Audit Committee investigation related costs, net of tax		0.05			0.07
Losses on non-controlled joint venture, net of tax		(0.00	)		0.04
Impact of Alberta tax law change		0.04			0.03

Adjusted diluted earnings per share	$	0.10		$	0.18

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited

(In millions, except for percentages and per share amounts)


	Guidance for the Three Months Ended September 30, 2016 Est.			For the Three Months Ended September 30, 2015
EBITDA and Adjusted EBITDA Reconciliation
Net income	$	52		$	7.4
Interest expense, net		13			12.0
Provision for income taxes		38			6.2
Depreciation and amortization		44			42.2

EBITDA	$	148		$	67.8

Non-cash stock-based compensation expense		4			3.2
Restructuring charges		3			—
Acquisition integration costs		—			1.2
Audit Committee investigation related costs		—			4.1
Losses on non-controlled joint venture		—			2.8
Court mandated mediation settlement		—			12.2

Adjusted EBITDA	$	155		$	91.1

EBITDA and Adjusted EBITDA Margin Reconciliation
Net income		3.5	%		0.7	%
Interest expense, net		0.9	%		1.1	%
Provision for income taxes		2.5	%		0.6	%
Depreciation and amortization		3.0	%		3.8	%

EBITDA margin		9.8	%		6.1	%

Non-cash stock-based compensation expense		0.3	%		0.3	%
Restructuring charges		0.2	%		—
Acquisition integration costs		—			0.1	%
Audit Committee investigation related costs		—			0.4	%
Losses on non-controlled joint venture		—			0.3	%
Court mandated mediation settlement		—			1.1	%

Adjusted EBITDA margin		10.3	%		8.2	%


	Guidance for the Three Months Ended September 30, 2016 Est.			For the Three Months Ended September 30, 2015
Adjusted Net Income Reconciliation
Net income	$	52		$	7.4
Non-cash stock-based compensation expense, net of tax		3			1.8
Restructuring charges, net of tax		2			—
Acquisition integration costs, net of tax		—			0.7
Audit Committee investigation related costs, net of tax		—			2.3
Impact of Alberta tax law change		—			(0.2	)
Losses on non-controlled joint venture, net of tax		—			1.6
Court mandated mediation settlement, net of tax		—			6.8

Adjusted net income	$	57		$	20.4


	Guidance for the Three Months Ended September 30, 2016 Est.			For the Three Months Ended September 30, 2015
Adjusted Diluted EPS Reconciliation
Diluted earnings per share	$	0.64		$	0.09
Non-cash stock-based compensation expense, net of tax		0.03			0.02
Restructuring charges, net of tax		0.03			—
Acquisition integration costs, net of tax		—			0.01
Audit Committee investigation related costs, net of tax		—			0.03
Impact of Alberta tax law change		—			(0.00	)
Losses on non-controlled joint venture, net of tax		—			0.02
Court mandated mediation settlement, net of tax		—			0.08

Adjusted diluted earnings per share	$	0.69		$	0.26

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited

(In millions, except for percentages and per share amounts)


	Guidance for the Year Ended December 31, 2016 Est.			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
EBITDA and Adjusted EBITDA Reconciliation - Continuing Operations
Net income (loss) from continuing operations	$	112		$	(79.7	)	$	122.0
Interest expense, net		52			48.1			50.8
Provision for income taxes		80			12.0			76.4
Depreciation and amortization		169			169.7			154.5

EBITDA - continuing operations	$	412		$	150.0		$	403.7

Non-cash stock-based compensation expense		16			12.4			15.9
Restructuring charges		12			—			—
Goodwill and intangible asset impairment		—			78.6			—
Acquisition integration costs		—			17.8			5.3
Audit Committee investigation related costs		—			16.5			—
Losses on non-controlled joint venture		—			16.3			—
Court mandated mediation settlement		—			12.2			—
Loss on equity investee interest rate swaps		—			4.4			—

Adjusted EBITDA - continuing operations	$	440		$	308.1		$	424.9

EBITDA and Adjusted EBITDA Margin Reconciliation - Continuing Operations
Net income (loss) from continuing operations		2.2	%		(1.9	)%		2.6	%
Interest expense, net		1.0	%		1.1	%		1.1	%
Provision for income taxes		1.6	%		0.3	%		1.7	%
Depreciation and amortization		3.4	%		4.0	%		3.3	%

EBITDA margin - continuing operations		8.2	%		3.6	%		8.8	%

Non-cash stock-based compensation expense		0.3	%		0.3	%		0.3	%
Restructuring charges		0.2	%		—			—
Goodwill and intangible asset impairment		—			1.9	%		—
Acquisition integration costs		—			0.4	%		0.1	%
Audit Committee investigation related costs		—			0.4	%		—
Losses on non-controlled joint venture		—			0.4	%		—
Court mandated mediation settlement		—			0.3	%		—
Loss on equity investee interest rate swaps		—			0.1	%		—

Adjusted EBITDA margin - continuing operations		8.8	%		7.3	%		9.2	%


	Guidance for the Year Ended December 31, 2016 Est.			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Adjusted Net Income from Continuing Operations Reconciliation
Net income (loss) from continuing operations	$	112		$	(79.7	)	$	122.0
Non-cash stock-based compensation expense, net of tax		10			8.1			9.8
Restructuring charges, net of tax		8			—			—
Goodwill and intangible asset impairment, net of tax		—			76.4			—
Acquisition integration costs , net of tax		—			9.9			3.2
Audit Committee investigation related costs, net of tax		—			11.3			—
Losses on non-controlled joint venture, net of tax		—			13.0			—
Court mandated mediation settlement, net of tax		—			6.8			—
Loss on equity investee interest rate swaps, net of tax		—			2.9			—
Impact of Alberta tax law change		—			2.8			—

Adjusted net income from continuing operations	$	129		$	51.4		$	135.0


	Guidance for the Year Ended December 31, 2016 Est.			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Adjusted Diluted EPS Reconciliation - Continuing Operations
Diluted earnings (loss) per share - continuing operations	$	1.36		$	(0.98	)	$	1.42
Non-cash stock-based compensation expense, net of tax		0.12			0.10			0.11
Restructuring charges, net of tax		0.09			—			—
Goodwill and intangible asset impairment, net of tax		—			0.94			—
Acquisition integration costs , net of tax		—			0.12			0.04
Audit Committee investigation related costs, net of tax		—			0.14			—
Losses on non-controlled joint venture, net of tax		—			0.16			—
Court mandated mediation settlement, net of tax		—			0.08			—
Loss on equity investee interest rate swaps, net of tax		—			0.04			—
Impact of Alberta tax law change		—			0.03			—

Adjusted diluted earnings per share - continuing operations	$	1.57		$	0.64		$	1.57

Tables may contain differences due to rounding.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, such as: electrical utility transmission and distribution; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; power generation, including renewable energy infrastructure; and industrial infrastructure. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news on the Presentations/Webcasts page in the Investors section therein.

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 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; 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; our ability to manage projects effectively and in accordance with our estimates; the effect of economic conditions on demand for our services; market conditions, technological developments and regulatory changes that affect us or our customers’ industries; the highly competitive nature of our industry; risks related to our strategic arrangements, including our equity method investments and proportionately consolidated non-controlled Canadian joint venture; fluctuations in foreign currencies; risks associated with operating in or expanding into additional 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; 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, including the risk of potential asset impairment charges, including write-downs of goodwill; any exposure related to divested businesses; any exposure resulting from system or information technology interruptions or data security breaches; risks related to the restatement of certain of our fiscal year 2014 interim financial statements, including from ongoing or possible regulatory action, private party litigation, including, without limitation, the civil investigation commenced by the Securities and Exchange Commission related to this matter; 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; 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 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.