Revenue during the quarter surged 30.61 percent to $1,341.89 million from $1,027.42 million in the previous year period. Gross margin for the quarter expanded 567 basis points over the previous year period to 16.49 percent. Operating margin for the quarter period stood at positive 8.37 percent as compared to a negative 6.61 percent for the previous year period.

Operating income for the quarter was $112.27 million, compared with an operating loss of $67.88 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $154.10 million compared with $82.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 347 basis points in the quarter to 11.48 percent from 8.01 percent in the last year period.

Jose Mas, MasTec’s chief executive officer, commented, "We exceeded our fourth quarter expectations, driven primarily by improved productivity in our Oil & Gas segment. We also signed pipeline contracts approximating $1.7 billion during the quarter, ending the year, as expected, with record Oil & Gas segment backlog. We expect record results for our Oil & Gas segment in 2017 and continue to have clear visibility to continued opportunities in this segment for several years." Mr. Mas continued, "I want to thank the men and women of MasTec for their dedicated efforts during 2016 and look forward to a great 2017 and beyond."

For fiscal year 2017, MasTec, Inc forecasts revenue to be $5,500 million. The company projects net income to be $188 million and adjusted net income to be $197 million. It company expects diluted earnings per share to be $2.24 and diluted earnings per share to be $2.35 on adjusted basis.

For the first-quarter 2017, MasTec, Inc forecasts revenue to be $1,050 million. The company projects net income to be $40 million and adjusted net income to be $42 million. It company expects diluted earnings per share to be $0.48. On an adjusted basis, the company projects diluted earnings per share to be $0.51. 

The company has spent $141.02 million cash to meet investing activities during the year as against cash outgo of $128.70 million in the last year.

The company has spent $29.49 million cash to carry out financing activities during the year as against cash outgo of $258.92 million in the last year period.

Cash and cash equivalents stood at $38.77 million as on Dec. 31, 2016, up 677.83 percent or $33.78 million from $4.98 million on Dec. 31, 2015.

Debt moves up marginally
MasTec, Inc has witnessed an increase in total debt over the last one year. It stood at $961.38 million as on Dec. 31, 2016, up 3.06 percent or $28.51 million from $932.87 million on Dec. 31, 2015. Total debt was 30.20 percent of total assets as on Dec. 31, 2016, compared with 31.73 percent on Dec. 31, 2015. Debt to equity ratio was at 0.87 as on Dec. 31, 2016, down from 0.99 as on Dec. 31, 2015.