MasTec, Inc. (NYSE: MTZ) today announced that it has completed its previously authorized $100 million common stock repurchase plan and its Board of Directors has authorized the repurchase of up to an additional $100 million of MasTec common stock.
José Mas, MasTec's CEO, commented, "MasTec's share repurchase activity, and the newly expanded share repurchase authorization, reflect our commitment to generate long-term value for our shareholders. MasTec has delivered two consecutive years of record financial performance and, we currently expect even stronger performance in 2018 and beyond, across multiple segments as various multi-year infrastructure initiatives from our customers drive demand for our services."
The new authorization does not obligate MasTec to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. Stock repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including market conditions, regulatory and legal requirements, cash flow and liquidity needs and other factors. The stock repurchases may be made in both open market and privately negotiated transactions, and may include the use of derivative contracts, structured share repurchase agreements and Rule 10b5-1 trading plans. Repurchases would be funded from cash on hand and availability under the Company's revolving credit facility.
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, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, 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.
