CORAL GABLES, Fla., Oct. 16,
2017 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today
announced that it has been awarded a large project pipeline
construction award with an expected contract value of over
$1.5 billion. Construction activity
for this U.S. based award is expected to commence in 2018.
Jose Mas, MasTec's Chief
Executive Officer, commented, "We are pleased to announce this
large project award and continue to see significant multi-year
opportunities for large pipeline construction project activity in
the U.S. We remain highly confident in our previously indicated
expectation that our year-end 2017 Oil & Gas segment backlog
will approach or exceed our year end 2016 levels. We will provide
further information regarding activity in the U.S. large project
pipeline market, which includes recent Oil & Gas awards
aggregating nearly $2 billion, during
our third quarter 2017 earnings conference call in early
November."
MasTec, Inc. is a leading infrastructure construction company
operating mainly throughout North
America across a range of industries. The Company's
primary activities include the engineering, building, installation,
maintenance and upgrade of communications, energy and utility
infrastructure, such as: wireless, wireline/fiber, satellite
communications and customer fulfillment activities; petroleum and
natural gas pipeline infrastructure; electrical utility
transmission and distribution; power generation; and industrial
infrastructure. MasTec's customers are primarily in these
industries. The Company's corporate website is located at
www.mastec.com. The Company's website should be considered as
a recognized channel of distribution, and the Company may
periodically post important, or supplemental, information regarding
contracts, awards or other related news on the
Presentations/Webcasts page in the Investors section
therein.
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 trends in oil, natural gas, electricity and other energy
source prices; volatility in capital expenditures by our
customers, financing availability and cost, customer consolidation
and technological and regulatory changes in the industries we
serve; 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; our ability to manage projects effectively and in
accordance with our estimates; the effect of economic
conditions on demand for our services; market conditions,
technological developments and regulatory changes that affect us or
our customers' industries; the highly competitive nature of our
industry; risks related to our strategic arrangements, including
our cost and equity investees; fluctuations in foreign
currencies; risks associated with operating in or expanding into
additional 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;
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,
including the risk of potential asset impairment charges, including
write-downs of goodwill; any exposure related to divested
businesses; any exposure resulting from system or information
technology interruptions or data security breaches; risks related
to the restatement of certain of our fiscal year 2014 interim
financial statements; the impact of U.S. federal, local or state
tax legislation and other regulations affecting corporate income
taxes, as well as, those 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; 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, 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 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.
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SOURCE MasTec, Inc.