Mastec, Inc, the leading infrastructure construction company, announced third quarter 2020 financial results and updated its guidance for the remainder of 2020.
Third quarter GAAP net income and earnings per diluted share exceeded the company’s expectations at $116.9 million, or $1.59, respectively. Third quarter 2020 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $134.5 million and $1.83, respectively, with adjusted diluted earnings per share exceeding the company’s million, also exceeding the company’s guidance expectation by approximately $11 million.
Third quarter 18-month backlog as of September 30, 2020 was $7.7 billion, a $179 million increase compared to the same quarter last year.
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.
The company estimates 2020 annual revenue to range between $6.4 to $6.6 billion, with 2020 annual GAAP net income and diluted earnings per share expected to range between $4.40, respectively. The company’s 2020 annual revenue expectation range includes the effects of Covid-19 impacts across its end markets and the impact of regulatory delays on two large act and gas projects, which have started later than expected.
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