CORAL GABLES, Fla., May 4, 2011 /PRNewswire via COMTEX/ --

MasTec, Inc. (NYSE: MTZ) today announced record first quarter revenue, EBITDA, net income and cash flow from operations.

Revenue for the first quarter ended March 31, 2011 was $618 million, representing a 37% organic, non-acquisition growth increase over the $450 million of revenue reported for the prior year first quarter. EBITDA, or earnings before interest, taxes, depreciation and amortization, was $57.6 million, a 69% increase over the $34 million of EBITDA reported for the prior year first quarter. Additionally, first quarter earnings rose 160% to $0.26 per diluted share, compared with $0.10 per diluted share for the first quarter of 2010, and cash flow from operations was $50 million, a 45% increase over the prior year's first quarter.

The Company's cash balance was $198 million at quarter end, compared with $178 million at the end of 2010 and $103 million at the end of the first quarter in 2010. Liquidity, defined as unrestricted cash plus availability under the Company's bank credit facility, was $269 million at first quarter end 2011.

Jose R. Mas, MasTec's Chief Executive Officer, commented, "We had another excellent quarter in terms of revenue, margins, earnings and cash flow. Our 37% increase in revenue came from a broad range of services with improved margins. Our wireless business more than doubled, as did our legacy electrical transmission business. Additionally, our pipeline and our install-to-the-home business both experienced solid double-digit growth. We remain excited about the opportunities in the key markets we serve, and with our growing backlog, we expect 2011 to be another excellent year for MasTec."

Mr. Mas continued, "While our stock price has increased significantly over the past 12 months, I do not believe that it accurately reflects the value of our improved business model, the upside of our diversification, or the earnings potential that we will have going forward."

C. Robert Campbell, MasTec's Executive Vice President and CFO, noted, "Margins and cash flow improved again in the first quarter. Our first quarter EBITDA margin was 9.3%, up 170 basis points from 7.6% EBITDA margin last year, and our best first quarter margin since 2000. Additionally, cash flow from operations of $50 million was up 45%, which increased our cash balance to $198 million. Our capital structure and our liquidity are in excellent shape and more than adequate to support our high levels of growth."

Today, the Company is raising guidance and now expects 2011 revenue of approximately $2.75 billion compared to $2.31 billion for 2010, and EBITDA of approximately $285 million compared to $241 million for 2010. MasTec expects 2011 fully diluted earnings per share of approximately $1.23, compared to $1.05 for 2010. Amortization expense of acquisition-related intangible assets is $18 million in the revised guidance, reflecting the impact of the recently-announced acquisitions.

For the second quarter of 2011, the Company expects revenue of approximately $675 million, EBITDA of $68 million and fully diluted earnings per share of $0.28, representing a 36% increase in revenue, a 47% increase in EBITDA and a 56% increase in fully diluted earnings per share, compared to the second quarter of 2010.

Management will hold a conference call to discuss these results on Thursday, May 5, 2011 at 9:00 a.m. Eastern time. The call-in number for the conference call is (719) 325-2146 and the replay number is (719) 457-0820, with a pass code of 9933359. The replay will be available for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com.

Summary financials for the quarters are as follows:

Tables may contain slight summation differences due to rounding.

MasTec, Inc. is a leading national infrastructure construction company operating mainly throughout the United States across a range of industries. The Company's activities include the building, installation, maintenance and upgrade of energy, communication and utility infrastructure, including but not limited to: electrical utility transmission and distribution, wind farms, solar farms, other renewable energy, natural gas and petroleum pipeline infrastructure, wireless, wireline, satellite communication, industrial infrastructure and water and sewer systems. MasTec's customers are in the following industries: utilities (including wind farms, solar farms and other renewable energy, natural gas gathering systems and pipeline infrastructure), communications (including wired and wireless telephony and satellite television) and government (including water, sewer and other utility and communications work on military bases). The Company's corporate website is located at www.mastec.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including further or continued economic downturns, reduced capital expenditures, reduced financing availability, customer consolidation and technological and regulatory changes in the industries we serve; market conditions, technical and regulatory changes that affect us or our customers' industries; our ability to accurately estimate the costs associated with our fixed-price and other contracts and performance on such projects; our ability to replace non-recurring projects with new projects; our ability to retain qualified personnel and key management, including from acquired businesses, enforce any noncompetition agreements, integrate acquired businesses within the expected timeframes and achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected; the impact of the American Recovery and Reinvestment Act of 2009 and any similar local or state regulations affecting renewable energy, electrical transmission, broadband and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future environmental requirements; our ability to attract and retain qualified managers and skilled employees; trends in oil and natural gas prices; increases in fuel, maintenance, materials, labor and other costs; fluctuations in foreign currencies; the timing and extent of fluctuations in geographic, weather, equipment and operational factors affecting the industries in which we operate; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the highly competitive nature of our industry; our dependence on a limited number of customers; the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases prices paid for services on short or no notice under our contracts; the impact of any unionized workforce on our operations, including labor availability and relations; liabilities associated with multiemployer union pension plans, including underfunding liabilities, for our operations that employ unionized workers; any liquidity issues related to our securities held for sale; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; any exposure related to our divested state Department of Transportation projects and assets; restrictions imposed by our credit facility, senior notes, convertible notes and any future loans or securities; the outcome of our plans for future operations, growth and services, including business development efforts, backlog and acquisitions; any dilution or stock price volatility which shareholders may experience in connection with shares we may issue as consideration for earn-out obligations in connection with past or future acquisitions, or as a result of conversions of convertible notes or other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.

SOURCE MasTec, Inc.