Research Desk Line-up: Limbach Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on MasTec, Inc. (NYSE: MTZ), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=MTZ, following the Company's posting of its financial results on August 03, 2017, for Q2 FY17. The Company's revenue numbers surged 56.3% and topped revenue and earnings expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Heavy Construction industry. Pro-TD has currently selected Limbach Holdings, Inc. (NASDAQ: LMB) for due-diligence and potential coverage as the Company announced on August 14, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Limbach when we publish it.
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Earnings Reviewed
MasTec generated revenues of $1.89 billion for the second quarter of FY17 compared to $1.23 billion in the corresponding period of the last fiscal year; registering a growth of 53% y-o-y.
The income before taxes for the Company was $138.77 million in the second quarter of the current fiscal year compared to $42.04 million; a growth of 230.1% y-o-y. Post taxes, MasTec generated net income of $83.33 million for the second quarter of FY17 versus $24.44 million in the corresponding quarter of FY16; an increase of 241% y-o-y.
The net income attributable to the shareholders of the Company was $81.67 million for Q2 FY17 compared to $24.09 million in Q2 FY16; an increase of 239% y-o-y.
The diluted earnings per share (EPS) was $0.99 for Q2 FY17 compared to $0.33 generated by the Company in Q2 FY16; a rise of 200% y-o-y.
In the second quarter of the current fiscal year, MasTec reported adjusted diluted EPS of $1.03 compared to $0.36 in Q2 of the last fiscal year; a growth of 186.1% y-o-y.
The adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) generated by the Company was $202 million in Q2 FY17, marking a 94% increase in comparison to the $104 million achieved in the second quarter of the last fiscal year.
The Company exceeded its own previous revenue estimates of $390 million and adjusted diluted EPS estimates of $0.38 for the second quarter of the current fiscal year.
The Company beat Wall Street's estimates in both revenues and EPS evaluated at $1.49 billion and $0.66 respectively, for the second quarter of the current fiscal year.
Segment Information
The revenue generated by the Communications business of MasTec was $592.2 million in Q2 FY17 which was flat compared to Q2 FY16. The adjusted EBITDA reported by the segment was $59.6 million in the current quarter versus $66.6 million in Q2 FY16; a fall of 10.5% y-o-y.
The Oil and Gas segment of the Company generated revenues of $1.14 billion in Q2 FY17 compared to $425.6 million in the corresponding quarter of the last fiscal year; a rise of 168% y-o-y. The adjusted EBITDA for the segment in Q2 FY17 was $154.0 million versus $56.5 million in Q2 FY16; an increase of 172.6% y-o-y.
The Electrical Transmission business of MasTec generated revenues of $96.6 million in Q2 FY17 compared to $95 .6 million in Q2 FY17, and adjusted EBITDA of $3.5 million in Q2 FY17 versus a negative adjusted EBITDA of $7.8 million in Q2 FY16.
The Power Generation and Industrial segment of the Company generated $60.7 million in revenues and adjusted EBITDA of $4.7 million in Q2 FY17 compared to $119.7 million in revenues and $4.8 million in adjusted EBITDA in Q2 FY16.
The Company's Other segment generated revenues of $1.9 million in Q2 FY17 versus $3.9 million in Q2 FY16. The adjusted EBITDA for this segment was $6.8 million in Q2 FY17 versus $0.3 million in the corresponding quarter of the last fiscal year.
Cash Matters
MasTec used $87.99 million for operating activities in H1 2017 while it generated $28.49 million from operating activities in H1 2016. The Company utilized $149.29 million in investing activities in first half of the current year compared to $59.87 million in the same period of last year; an increase of 149.3% y-o-y.
MasTec generated $216.62 million from financing activities in H1 2017 versus $36.05 million in H1 of 2016; a significant increase of 515.1% y-o-y.
There was a net decrease in cash and cash equivalents to the tune of $20.54 million in the first half of 2017 compared to an increase of $3.77 million in the same period of last year.
The cash and cash equivalents at the end of H1 2017 stood at $18.23 million compared to $8.76 million at the end of the same period in 2016.
Outlook
The strong second quarter results drove MasTec to increase the 2017 annual guidance where the Company now expects annual revenue of approximately $6.0 billion, annual GAAP net income of about $212 million, and GAAP diluted EPS of $2.53. The Company also expects the 2017 annual adjusted EBITDA (non-GAAP) to be around $620 million and adjusted diluted EPS (non-GAAP) to be $2.73.
For the third quarter of the current fiscal year, MasTec also provided guidance on revenue of about $1.65 billion, GAAP net income of about $59 million, and GAAP diluted EPS of approximately $0.69. The adjusted EBITDA (non-GAAP) for the same period is expected to be approximately $167 million and adjusted diluted EPS (non-GAAP) to be around $0.73.
Stock Performance
At the closing bell, on Tuesday, August 22, 2017, MasTec's stock slightly climbed 0.38%, ending the trading session at $39.45. A total volume of 842.55 thousand shares have exchanged hands, which was higher than the 3-month average volume of 795.86 thousand shares. The Company's stock price surged 5.20% in the past six months and 29.22% in the previous twelve months. Moreover, the stock gained 3.14% since the start of the year. The stock is trading at a PE ratio of 13.91 and currently has a market cap of $3.23 billion.
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