MasTec Announces 2014 Fourth Quarter and Annual Financial Results and Updates 2015 Guidance
February 26, 2015
CORAL GABLES, Fla.,
Fourth quarter 2014 adjusted net income from continuing operations, a non-GAAP measure, was
Adjusted net income from continuing operations, continuing operations adjusted diluted earnings per share and continuing operations adjusted EBITDA, all non-GAAP measures, exclude the impact of discontinued operations, loss on extinguishment of debt from the refinancing of our senior notes due 2017, Sintel litigation charges, non-cash stock based compensation and acquisition integration costs. Reconciliations of these and other non-GAAP measures to GAAP-reported measures are attached.
For the year ended
For the year ended
For the year ended
The Audit Committee of the Company's Board of Directors, with the assistance of independent counsel, is undertaking an independent review primarily to determine whether certain cost to complete estimates, currently believed to be in the range of zero to
The Company is updating both first quarter and full year 2015 guidance. These views are based on information available today, and are subject to future volatility in worldwide oil prices, as well as foreign exchange rate changes related to our Canadian operations. The Company currently estimates 2015 revenue of approximately
For the first quarter of 2015, the Company expects revenue of approximately
Estimated 2015 non-GAAP measures are calculated on a basis consistent with historical non-GAAP measures. Reconciliations of these and other non-GAAP measures to GAAP-reported measures are attached.
Management will hold a conference call to discuss these results on
The following tables set forth the financial results for the periods ended
Condensed Unaudited Consolidated Statements of Operations |
||||||||
(In thousands, except per share amounts) |
||||||||
For the Years Ended |
For the Three Months Ended |
|||||||
2014 |
2013 |
2014 |
2013 |
|||||
Revenue |
$ |
4,614,841 |
$ |
4,324,787 |
$ |
1,236,660 |
$ |
1,159,130 |
Costs of revenue, excluding depreciation and amortization |
3,981,302 |
3,682,367 |
1,066,398 |
987,081 |
||||
Depreciation and amortization |
154,452 |
140,926 |
42,456 |
37,815 |
||||
General and administrative expenses |
238,305 |
215,402 |
70,851 |
55,641 |
||||
Interest expense, net |
50,769 |
46,442 |
13,174 |
11,893 |
||||
Loss on extinguishment of debt |
- |
5,624 |
- |
- |
||||
Other income, net |
(8,116) |
(6,188) |
(2,693) |
(2,906) |
||||
Income from continuing operations before income taxes |
$ |
198,129 |
$ |
240,214 |
$ |
46,474 |
$ |
69,606 |
Provision for income taxes |
(76,271) |
(92,542) |
(18,600) |
(26,720) |
||||
Net income from continuing operations |
$ |
121,858 |
$ |
147,672 |
$ |
27,874 |
$ |
42,886 |
Discontinued operations: |
||||||||
Net loss from discontinued operations, including loss on disposal and impairment charges |
$ |
(6,591) |
$ |
(6,456) |
$ |
(5,999) |
$ |
(1,290) |
Net income |
$ |
115,267 |
$ |
141,216 |
$ |
21,875 |
$ |
41,596 |
Net (loss) income attributable to non-controlling interests |
(374) |
266 |
(422) |
95 |
||||
Net income attributable to MasTec, Inc. |
$ |
115,641 |
$ |
140,950 |
$ |
22,297 |
$ |
41,500 |
Earnings per share: |
||||||||
Basic earnings (loss) per share: |
||||||||
Continuing operations |
$ |
1.53 |
$ |
1.92 |
$ |
0.34 |
$ |
0.55 |
Discontinued operations |
(0.08) |
(0.09) |
(0.07) |
(0.02) |
||||
Total basic earnings per share |
$ |
1.45 |
$ |
1.83 |
$ |
0.27 |
$ |
0.54 |
Basic weighted average common shares outstanding |
79,953 |
76,923 |
82,311 |
77,240 |
||||
Diluted earnings (loss) per share: |
||||||||
Continuing operations |
$ |
1.42 |
$ |
1.74 |
$ |
0.33 |
$ |
0.50 |
Discontinued operations |
(0.08) |
(0.08) |
(0.07) |
(0.02) |
||||
Total diluted earnings per share |
$ |
1.34 |
$ |
1.66 |
$ |
0.26 |
$ |
0.49 |
Diluted weighted average common shares outstanding |
86,196 |
84,901 |
85,385 |
85,395 |
Condensed Unaudited Consolidated Balance Sheets |
||||
(In thousands) |
||||
December 31, |
||||
2014 |
2013 |
|||
Assets |
||||
Current assets |
$ |
1,551,815 |
$ |
1,307,026 |
Property and equipment, net |
620,306 |
488,132 |
||
Goodwill and other intangibles, net |
1,309,921 |
1,067,650 |
||
Long-term assets |
76,165 |
60,390 |
||
Total assets |
$ |
3,558,207 |
$ |
2,923,198 |
Liabilities and Equity |
||||
Current liabilities |
$ |
974,493 |
$ |
829,225 |
Acquisition-related contingent consideration, net of current portion |
103,515 |
112,370 |
||
Long-term debt |
1,061,159 |
765,425 |
||
Long-term deferred tax liabilities, net |
201,568 |
154,763 |
||
Other long-term liabilities |
69,667 |
40,357 |
||
Equity |
1,147,805 |
1,021,058 |
||
Total liabilities and equity |
$ |
3,558,207 |
$ |
2,923,198 |
Condensed Unaudited Consolidated Statements of Cash Flows |
||||
(In thousands) |
||||
December 31, |
||||
2014 |
2013 |
|||
Net cash provided by operating activities |
$ |
322,038 |
$ |
200,402 |
Net cash used in investing activities |
(438,519) |
(263,211) |
||
Net cash provided by financing activities |
118,676 |
58,993 |
||
Effect of currency translation on cash |
(1,063) |
(24) |
||
Net increase (decrease) in cash and cash equivalents |
1,132 |
(3,840) |
||
Cash and cash equivalents - beginning of period |
22,927 |
26,767 |
||
Cash and cash equivalents - end of period |
$ |
24,059 |
$ |
22,927 |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited |
||||||||
(In millions, except for percentages and per share amounts) |
||||||||
For the Three Months Ended |
For the Years Ended |
|||||||
Segment Information |
2014 |
2013 |
2014 |
2013 |
||||
Revenue by Reportable Segment |
||||||||
Communications |
$ |
560.7 |
$ |
498.1 |
$ |
2,041.1 |
$ |
1,962.6 |
Oil and Gas |
435.6 |
494.0 |
1,738.5 |
1,628.8 |
||||
Electrical Transmission |
146.7 |
107.0 |
473.9 |
428.8 |
||||
Power Generation and Industrial |
93.9 |
57.1 |
357.0 |
294.3 |
||||
Other |
1.9 |
3.1 |
8.4 |
12.3 |
||||
Eliminations |
(2.2) |
(0.1) |
(4.1) |
(2.0) |
||||
Consolidated revenue |
$ |
1,236.7 |
$ |
1,159.1 |
$ |
4,614.8 |
$ |
4,324.8 |
For the Three Months Ended |
For the Years Ended |
|||||||
2014 |
2013 |
2014 |
2013 |
|||||
EBITDA by Reportable Segment – Continuing Operations |
||||||||
Communications |
$ |
48.7 |
$ |
66.1 |
$ |
202.5 |
$ |
247.7 |
Oil and Gas |
49.7 |
54.1 |
193.3 |
215.9 |
||||
Electrical Transmission |
13.8 |
14.2 |
47.0 |
41.2 |
||||
Power Generation and Industrial |
4.9 |
(1.7) |
14.2 |
(16.3) |
||||
Other |
(0.3) |
(0.1) |
(0.2) |
0.5 |
||||
Corporate |
(14.8) |
(13.4) |
(53.4) |
(61.4) |
||||
EBITDA – continuing operations |
$ |
102.1 |
$ |
119.3 |
$ |
403.4 |
$ |
427.6 |
Non-cash stock-based compensation expense |
4.4 |
3.3 |
15.9 |
12.9 |
||||
Acquisition integration costs |
5.3 |
- |
5.3 |
- |
||||
Loss on extinguishment of debt |
- |
- |
- |
5.6 |
||||
Sintel legal settlement charge |
- |
- |
- |
2.8 |
||||
Adjusted EBITDA – continuing operations |
$ |
111.7 |
$ |
122.6 |
$ |
424.6 |
$ |
448.9 |
For the Three Months Ended |
For the Years Ended |
|||||||
2014 |
2013 |
2014 |
2013 |
|||||
EBITDA Margin by Reportable Segment – Continuing Operations |
||||||||
Communications |
8.7% |
13.3% |
9.9% |
12.6% |
||||
Oil and Gas |
11.4% |
11.0% |
11.1% |
13.3% |
||||
Electrical Transmission |
9.4% |
13.3% |
9.9% |
9.6% |
||||
Power Generation and Industrial |
5.2% |
(3.0)% |
4.0% |
(5.5)% |
||||
Other |
(16.1)% |
(1.8)% |
(2.1)% |
3.9% |
||||
Corporate |
- |
- |
- |
- |
||||
EBITDA margin – continuing operations |
8.3% |
10.3% |
8.7% |
9.9% |
||||
Non-cash stock-based compensation expense |
0.4% |
0.3% |
0.3% |
0.3% |
||||
Acquisition integration costs |
0.4% |
- |
0.1% |
- |
||||
Loss on extinguishment of debt |
- |
- |
- |
0.1% |
||||
Sintel legal settlement charge |
- |
- |
- |
0.1% |
||||
Adjusted EBITDA – continuing operations |
9.0% |
10.6% |
9.2% |
10.4% |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited |
||||
(In millions, except for percentages and per share amounts) |
||||
For the Three Months Ended |
For the Year Ended |
|||
December 31, 2014 |
December 31, 2014 |
|||
EBITDA and Adjusted EBITDA Reconciliation – Continuing Operations |
||||
Net income from continuing operations |
$ |
27.9 |
$ |
121.9 |
Interest expense, net |
13.2 |
50.8 |
||
Provision for income taxes |
18.6 |
76.3 |
||
Depreciation and amortization |
42.5 |
154.5 |
||
EBITDA - continuing operations |
$ |
102.1 |
$ |
403.4 |
Non-cash stock-based compensation expense |
4.4 |
15.9 |
||
Acquisition integration costs |
5.3 |
5.3 |
||
Adjusted EBITDA - continuing operations |
$ |
111.7 |
$ |
424.6 |
EBITDA and Adjusted EBITDA Margin Reconciliation – Continuing Operations |
||||
Net income from continuing operations |
2.3% |
2.6% |
||
Interest expense, net |
1.1% |
1.1% |
||
Provision for income taxes |
1.5% |
1.7% |
||
Depreciation and amortization |
3.4% |
3.3% |
||
EBITDA margin- continuing operations |
8.3% |
8.7% |
||
Non-cash stock-based compensation expense |
0.4% |
0.3% |
||
Acquisition integration costs |
0.4% |
0.1% |
||
Adjusted EBITDA margin - continuing operations |
9.0% |
9.2% |
||
For the Three Months Ended |
For the Year Ended |
|||
December 31, 2013 |
December 31, 2013 |
|||
EBITDA and Adjusted EBITDA Reconciliation– Continuing Operations |
||||
Net income from continuing operations |
$ |
42.9 |
$ |
147.7 |
Interest expense, net |
11.9 |
46.4 |
||
Provision for income taxes |
26.7 |
92.5 |
||
Depreciation and amortization |
37.8 |
140.9 |
||
EBITDA - continuing operations |
$ |
119.3 |
$ |
427.6 |
Non-cash stock-based compensation expense |
3.3 |
12.9 |
||
Loss on extinguishment of debt |
- |
5.6 |
||
Sintel legal settlement charge |
- |
2.8 |
||
Adjusted EBITDA - continuing operations |
$ |
122.6 |
$ |
448.9 |
EBITDA and Adjusted EBITDA Margin Reconciliation – Continuing Operations |
||||
Net income from continuing operations |
3.7% |
3.4% |
||
Interest expense, net |
1.0% |
1.1% |
||
Provision for income taxes |
2.3% |
2.1% |
||
Depreciation and amortization |
3.3% |
3.3% |
||
EBITDA margin- continuing operations |
10.3% |
9.9% |
||
Non-cash stock-based compensation expense |
0.3% |
0.3% |
||
Loss on extinguishment of debt |
- |
0.1% |
||
Sintel legal settlement charge |
- |
0.1% |
||
Adjusted EBITDA margin - continuing operations |
10.6% |
10.4% |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited |
||||
(In millions, except for percentages and per share amounts) |
||||
For the Three Months Ended |
For the Year Ended |
|||
December 31, 2014 |
December 31, 2014 |
|||
Adjusted Net Income Reconciliation |
||||
Net income from continuing operations |
$ |
27.9 |
$ |
121.9 |
Non-cash stock-based compensation expense, net of tax |
2.6 |
9.8 |
||
Acquisition integration costs, net of tax |
3.2 |
3.2 |
||
Adjusted net income from continuing operations |
$ |
33.7 |
$ |
134.9 |
Loss from discontinued operations, net of tax |
(6.0) |
(6.6) |
||
Adjusted net income |
$ |
27.7 |
$ |
128.3 |
For the Three Months Ended |
For the Year Ended |
|||
December 31, 2014 |
December 31, 2014 |
|||
Adjusted Diluted EPS Reconciliation |
||||
Diluted earnings per share – continuing operations |
$ |
0.33 |
$ |
1.42 |
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.11 |
||
Acquisition integration costs, net of tax |
0.04 |
0.04 |
||
Adjusted diluted earnings per share - continuing operations |
$ |
0.40 |
$ |
1.57 |
Diluted loss per share - discontinued operations |
(0.07) |
(0.08) |
||
Adjusted diluted earnings per share |
$ |
0.33 |
$ |
1.50 |
For the Three Months Ended |
For the Year Ended |
|||
December 31, 2013 |
December 31, 2013 |
|||
Adjusted Net Income Reconciliation |
||||
Net income from continuing operations |
$ |
42.9 |
$ |
147.7 |
Non-cash stock-based compensation expense, net of tax |
2.0 |
8.0 |
||
Loss on extinguishment of debt, net of tax |
- |
3.5 |
||
Sintel legal settlement charge, net of tax |
- |
1.7 |
||
Adjusted net income from continuing operations |
$ |
44.9 |
$ |
160.8 |
Loss from discontinued operations, net of tax |
(1.3) |
(6.5) |
||
Adjusted net income |
$ |
43.6 |
$ |
154.3 |
For the Three Months Ended |
For the Year Ended |
|||
December 31, 2013 |
December 31, 2013 |
|||
Adjusted Diluted EPS Reconciliation |
||||
Diluted earnings per share – continuing operations |
$ |
0.50 |
$ |
1.74 |
Non-cash stock-based compensation expense, net of tax |
0.02 |
0.09 |
||
Loss on extinguishment of debt, net of tax |
- |
0.04 |
||
Sintel legal settlement charge, net of tax |
- |
0.02 |
||
Adjusted diluted earnings per share - continuing operations |
$ |
0.53 |
$ |
1.90 |
Diluted loss per share – discontinued operations |
(0.02) |
(0.08) |
||
Adjusted diluted earnings per share |
$ |
0.51 |
$ |
1.82 |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited |
||||
(In millions, except for percentages and per share amounts) |
||||
Guidance for Three Months Ended March 31, |
For the Three Months Ended March 31, |
|||
2015 Est. |
2014 |
|||
EBITDA and Adjusted EBITDA Reconciliation – Continuing Operations |
||||
Net income from continuing operations |
$ |
5 - 8 |
$ |
16.2 |
Interest expense, net |
12 |
12.0 |
||
Provision for income taxes |
3 - 5 |
9.9 |
||
Depreciation and amortization |
42 |
33.5 |
||
EBITDA - continuing operations |
$ |
62 - 67 |
$ |
71.6 |
Non-cash stock-based compensation expense |
4 |
3.3 |
||
Acquisition integration costs |
9 |
- |
||
Adjusted EBITDA - continuing operations |
$ |
75 - 80 |
$ |
74.9 |
EBITDA and Adjusted EBITDA Margin Reconciliation – Continuing Operations |
||||
Net income from continuing operations |
0.5% - 0.8% |
1.7% |
||
Interest expense, net |
1.2% |
1.2% |
||
Provision for income taxes |
0.3% - 0.5% |
1.0% |
||
Depreciation and amortization |
4.2% |
3.5% |
||
EBITDA margin- continuing operations |
6.2% - 6.7% |
7.4% |
||
Non-cash stock-based compensation expense |
0.4% |
0.3% |
||
Acquisition integration costs |
0.9% |
- |
||
Adjusted EBITDA margin - continuing operations |
7.5% - 8.0% |
7.8% |
||
Guidance for Three Months Ended March 31, |
For The Three Months Ended March 31, |
|||
2015 Est. |
2014 |
|||
Adjusted Net Income from Continuing Operations and Adjusted Diluted EPS – Continuing Operations Reconciliations |
||||
Adjusted Net Income from Continuing Operations Reconciliation |
||||
Net income from continuing operations |
$ |
5 - 8 |
$ |
16.2 |
Non-cash stock-based compensation expense, net of tax |
3 |
2.0 |
||
Acquisition integration costs, net of tax |
5 |
- |
||
Adjusted net income from continuing operations |
$ |
13 - 16 |
$ |
18.2 |
Guidance for Three Months Ended March 31, |
For the Three Months Ended March 31, |
|||
2015 Est. |
2014 |
|||
Adjusted Diluted EPS Reconciliation– Continuing Operations |
||||
Diluted earnings per share – continuing operations |
$ |
0.06 - 0.10 |
$ |
0.19 |
Non-cash stock-based compensation expense, net of tax |
0.03 |
0.02 |
||
Acquisition integration costs, net of tax |
0.06 |
- |
||
Adjusted diluted earnings per share – continuing operations |
$ |
0.16 – 0.19 |
$ |
0.21 |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited |
||||||
(In millions, except for percentages and per share amounts) |
||||||
Guidance for December 31, |
For the Year Year Ended December 31, |
For the Year Year Ended December 31, |
||||
2015 Est. |
2014 |
2013 |
||||
EBITDA and Adjusted EBITDA Reconciliation – Continuing Operations |
||||||
Net income from continuing operations |
$ |
120 - 138 |
$ |
121.9 |
$ |
147.7 |
Interest expense, net |
48 |
50.8 |
46.4 |
|||
Provision for income taxes |
77 - 88 |
76.3 |
92.5 |
|||
Depreciation and amortization |
178 |
154.5 |
140.9 |
|||
EBITDA - continuing operations |
$ |
422 - 452 |
$ |
403.4 |
$ |
427.6 |
Non-cash stock-based compensation expense |
13 |
15.9 |
12.9 |
|||
Acquisition integration costs |
14 |
5.3 |
- |
|||
Loss on extinguishment of debt |
- |
- |
5.6 |
|||
Sintel legal settlement charge |
- |
- |
2.8 |
|||
Adjusted EBITDA - continuing operations |
$ |
450 - 480 |
$ |
424.6 |
$ |
448.9 |
EBITDA and Adjusted EBITDA Margin Reconciliation – Continuing Operations |
||||||
Net income from continuing operations |
2.6% - 2.9% |
2.6% |
3.4% |
|||
Interest expense, net |
1.0% |
1.1% |
1.1% |
|||
Provision for income taxes |
1.7% - 1.8% |
1.7% |
2.1% |
|||
Depreciation and amortization |
3.7% - 3.9% |
3.3% |
3.3% |
|||
EBITDA margin- continuing operations |
9.2% - 9.4% |
8.7% |
9.9% |
|||
Non-cash stock-based compensation expense |
0.3% |
0.3% |
0.3% |
|||
Acquisition integration costs |
0.3% |
0.1% |
- |
|||
Loss on extinguishment of debt |
- |
- |
0.1% |
|||
Sintel legal settlement charge |
- |
- |
0.1% |
|||
Adjusted EBITDA margin - continuing operations |
9.8% - 10.0% |
9.2% |
10.4% |
|||
Guidance for December 31, |
For the Year Year Ended December 31, |
For the Year Year Ended December 31, |
||||
2015 Est. |
2014 |
2013 |
||||
Adjusted Net Income from Continuing Operations and Adjusted Diluted EPS – Continuing Operations Reconciliations |
||||||
Adjusted Net Income from Continuing Operations Reconciliation |
||||||
Net income from continuing operations |
$ |
120 - 138 |
$ |
121.9 |
$ |
147.7 |
Non-cash stock-based compensation expense, net of tax |
8 |
9.8 |
8.0 |
|||
Acquisition integration costs, net of tax |
9 |
3.2 |
- |
|||
Loss on extinguishment of debt, net of tax |
- |
- |
3.5 |
|||
Sintel legal settlement charge, net of tax |
- |
- |
1.7 |
|||
Adjusted net income from continuing operations |
$ |
137 - 155 |
$ |
134.9 |
$ |
160.8 |
Guidance for December 31, |
For the Year Year Ended December 31, |
For the Year Year Ended December 31, |
||||
2015 Est. |
2014 |
2013 |
||||
Adjusted Diluted EPS Reconciliation – Continuing Operations |
||||||
Diluted earnings per share – continuing operations |
$ |
1.44 – 1.66 |
$ |
1.42 |
$ |
1.74 |
Non-cash stock-based compensation expense, net of tax |
0.10 |
0.11 |
0.09 |
|||
Acquisition integration costs, net of tax |
0.11 |
0.04 |
- |
|||
Loss on extinguishment of debt, net of tax |
- |
- |
0.04 |
|||
Sintel legal settlement charge, net of tax |
- |
- |
0.02 |
|||
Adjusted diluted earnings per share - continuing operations |
$ |
1.65 - 1.87 |
$ |
1.57 |
$ |
1.90 |
Reconciliation of Non-GAAP Disclosures and Supplemental Disclosures - Unaudited |
||||||
(In millions) |
||||||
Reportable Segment Backlog: |
December 31, |
September 30, |
December 31, |
|||
Communications |
$ |
2,965 |
$ |
2,830 |
$ |
2,848 |
Oil and Gas |
778 |
775 |
642 |
|||
Electrical Transmission |
294 |
355 |
418 |
|||
Power Generation and Industrial |
298 |
168 |
205 |
|||
Other |
10 |
12 |
14 |
|||
Estimated 18-month backlog |
$ |
4,345 |
$ |
4,140 |
$ |
4,127 |
Tables may contain differences due to rounding.
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 the effect of economic conditions on demand for our services, trends in oil, natural gas, electricity and other energy source prices; reduced capital expenditures by our customers, reduced financing availability, customer consolidation and technological and regulatory changes in the industries we serve; market conditions, technological developments 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, including any material changes in estimates for completion of projects, and performance on such projects; customer disputes related to our performance of services; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; our ability to replace non-recurring projects with new projects; the timing and extent of fluctuations in geographic, weather, equipment and operational factors affecting the industries in which we operate; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements, integrate acquired businesses within expected timeframes and achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected; any exposure related to divested businesses; any exposure resulting from system or information technology interruptions or data security breaches; the impact of U.S. federal, local or state tax legislation and other regulations affecting renewable energy, electricity prices, electrical transmission, oil and gas production, broadband and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future environmental requirements; increases in fuel, maintenance, materials, labor and other costs; fluctuations in foreign currencies; risks associated with operating in international markets, which could restrict our ability to expand globally and harm our business and prospects or any failure to comply with laws applicable to our foreign activities; 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, the 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 multi-employer pension plans, including underfunding and withdrawal liabilities, for our operations that employ unionized workers; the adequacy of our insurance, legal and other reserves and allowances for doubtful accounts; restrictions imposed by our credit facility, senior notes, convertible notes and any future loans or securities; our ability to obtain performance and surety bonds; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of conversions of convertible notes or other stock issuances; our ability to settle conversions of our convertible notes in cash due to contractual restrictions, including those contained in our credit facility, and the availability of cash; as well as other risks detailed in our filings with the
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SOURCE
J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, 305-406-1886 fax, marc.lewis@mastec.com