MasTec leadership expects to de-lever ‘significantly’ by end of year

By Devika Patel

Knoxville, Tenn., Aug. 3 – MasTec, Inc. reported a “solid” long-term capital structure and management expects that by the end of the year the company will de-lever “significantly.”

“Our long-term capital structure is solid, with low rates and no significant near-term maturities,” executive vice president and chief financial officer George L. Pita said on the company’s second quarter ended June 30 earnings conference call on Friday.

“By the time we hit year-end, we’re going to have significant cash flow generation [and] we’re going to significantly de-lever from where we are today,” Pita said.

Adjusted EBITDA was $191.1 million for the second quarter, compared with $202.3 million in the second quarter of 2017.

The company ended the second quarter with net debt of $1.6 billion and a leverage ratio of 2.6x.

As of June 30, the company had approximately $350 million of liquidity.

Coral Gables, Fla.-based MasTec is an infrastructure construction company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.