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MasTec, Inc (MTZ) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $40.97 million, or $ 0.50 a share in the quarter, against a net loss of $2.69 million, or $0.03 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $48.40 million, or $0.59 a share compared with $1.50 million or $0.02 a share, a year ago. Revenue during the quarter grew 18.88 percent to $1,158.18 million from $974.22 million in the previous year period. Gross margin for the quarter expanded 693 basis points over the previous year period to 16.15 percent. Operating margin for the quarter period stood at positive 6.85 percent as compared to a negative 0.95 percent for the previous year period.
Operating income for the quarter was $79.36 million, compared with an operating loss of $9.23 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $134.80 million compared with $53.80 million in the prior year period. At the same time, adjusted EBITDA margin improved 612 basis points in the quarter to 11.64 percent from 5.52 percent in the last year period.
Jose Mas, MasTec’s chief executive officer, commented, “We are pleased with our strong first quarter results. We continue to have excellent multi-year growth opportunities and momentum in numerous markets, as evidenced by our record backlog level and our increased annual guidance.”
For the second-quarter, Mastec projects revenue to be $1,500 million. Mastec projects revenue to be $5,700 million for financial year 2017. Mastec expects net income to be $52 million for the second-quarter. For fiscal year 2017, Mastec expects net income to be $188 million. Mastec forecasts adjusted net income to be $55 million for the second-quarter. For the financial year 2017, Mastec forecasts adjusted net income to be $204 million. The company forecasts diluted earnings per share to be $0.61 for the second-quarter. For financial year 2017, the company forecasts diluted earnings per share to be $2.25. On an adjusted basis, the company forecasts diluted earnings per share to be $0.65 for the second-quarter. For financial year 2017, the company forecasts diluted earnings per share to be $2.45 on adjusted basis.
Operating cash flow improves significantly
MasTec, Inc has generated cash of $154.17 million from operating activities during the quarter, up 872.64 percent or $138.32 million, when compared with the last year period. The company has spent $69.62 million cash to meet investing activities during the quarter as against cash outgo of $12.62 million in the last year period.
The company has spent $107.79 million cash to carry out financing activities during the quarter as against cash outgo of $3.65 million in the last year period.
Cash and cash equivalents stood at $15.69 million as on Mar. 31, 2017, up 303.78 percent or $11.80 million from $3.88 million on Mar. 31, 2016.
Working capital increases
MasTec, Inc has recorded an increase in the working capital over the last year. It stood at $453.84 million as at Mar. 31, 2017, up 17.32 percent or $67 million from $386.84 million on Mar. 31, 2016. Current ratio was at 1.56 as on Mar. 31, 2017, up from 1.48 on Mar. 31, 2016.
Days sales outstanding went down to 35 days for the quarter compared with 88 days for the same period last year.
Debt comes down
MasTec, Inc has recorded a decline in total debt over the last one year. It stood at $893.36 million as on Mar. 31, 2017, down 11.79 percent or $119.44 million from $1,012.80 million on Mar. 31, 2016. Total debt was 28.67 percent of total assets as on Mar. 31, 2017, compared with 33.91 percent on Mar. 31, 2016. Debt to equity ratio was at 0.78 as on Mar. 31, 2017, down from 1.07 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
