MasTec Announces First Quarter 2023 Financial Results with Record Backlog and Updates Guidance for the Year.

CORAL GABLES, Fla: MasTec, Inc. (NYSE: MTZ) today announced 2023 first quarter financial results and updated its full year 2023 guidance range expectation.

First quarter 2023 revenue was up 32.2% to $2.58 billion, compared to $1.95 billion for the first quarter of 2022. GAAP net loss was $80.5 million, or $1.05 per diluted share, compared to a net loss of $35.0 million, or $0.47 per diluted share, in the first quarter of 2022. First quarter results include acquisition and integration costs of $17.1 million related to recent acquisition activity.

First quarter 2023 adjusted net loss and adjusted diluted loss per share, both non-GAAP measures, were $41.9 million and $0.54, respectively, as compared to adjusted net loss and adjusted diluted loss per share of $2.0 million and $0.03, respectively, in the first quarter of 2022. First quarter 2023 adjusted EBITDA, also a non-GAAP measure, was $102.5 million, compared to $98.7 million in the first quarter of 2022. As expected, first quarter 2023 results reflect the impact of project inefficiencies, primarily at acquired entities, and relatively low volume in our Clean Energy and Oil & Gas segments that reduced fixed cost leverage. The Company's overall performance reflects the expected significant shift in 2023 operations to non-Oil & Gas segments, as evidenced by record first quarter backlog in the non-Oil & Gas segments as of March 31, 2023.

18-month backlog as of March 31, 2023, was $13.9 billion, up 7% sequentially from the fourth quarter of 2022, and up 31% compared to last year's first quarter.

Adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA, which are 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 Mas, MasTec's Chief Executive Officer, commented, "As we begin a new year, I am excited and proud of how we have positioned MasTec to participate in some of the fastest growing areas of our economy. Our evolution over the last few years to focus on our nation's energy transition, coupled with our strength in fiber and wireless construction, uniquely positions us in these...