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MasTec's CEO Discusses Q1 2012 Results - Earnings Call Transcript

In today's call, we may discuss certain adjusted financial metrics or use non-GAAP financial measures in our analysis. A reconciliation of any adjusted financial metrics or non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measure can be found in our earnings release, our SEC filings or on the Investor Relations section of our website located at mastec.com.

With us today, we have Jose Mas, our Chief Executive Officer; and Bob Campbell, our Executive Vice President and Chief Financial Officer. The format of the call will be opening remarks and analysis by Jose, followed by a financial review from Bob. These discussions will be followed by a Q&A period, and we expect the call to last for about 60 minutes. We have a lot of great things to talk about today, so I'd now like to turn the call over to Jose. Jose?

Jose Ramon Mas

Thank you, Marc. Good morning, and welcome to MasTec's 2012 First Quarter Call. Today, I will be reviewing our first quarter results, as well as providing my outlook for the markets we serve.

First, some first quarter highlights. Revenue for the quarter was $778 million, a 26% increase over the prior year's first quarter. Net income was $14.2 million. EBITDA was $53 million and EBITDA margin was 6.9%. Earnings per share was $0.17 and cash flow from operations was $43 million.

In summary, we had a strong start to the year. We performed better than expected and enjoyed broad-based revenue growth.

Revenue was up $160 million compared to last year's first quarter despite having had the benefit of a $122 million of revenue associated with the Ruby pipeline in last year's first quarter. As expected, margins were negatively impacted by our work associated with a couple of pipeline jobs and a slower start on our wireless projects.

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