Page 1

Contact : J. Marc Lewis , Vice President - Investor Relations 305-406-1815 305-406-1886 fax marc.lewis@mastec.com For Immediate Release Exhibit 99.1 MasTec 800 S. Douglas Road , 12th Floor Coral Gables , Florida 33134 Tel : 305-599-1800 Fax : 305-406-1960 www.mastec.com • MasTec Announces Strong Third Quarter 2021 Earnings Results and Updates Annual Guidance Record Third Quarter 2021 Revenue of Approximately $ 2.4 Billion , a 42 % Increase Over Third Quarter Last Year Third Quarter 2021 Results Include GAAP Net Income of $ 112.5 Million , Adjusted EBITDA of $ 278 Million , Diluted Earnings Per Share of $ 1.50 , and Adjusted Diluted Earnings of $ 1.81 Per Share , Exceeding Guidance Expectations Continued Strong Balance Sheet as of September 30 , 2021 , Ample Liquidity and Comfortable Leverage Metrics Announces Fourth Quarter New Unsecured Revolving Credit Facility with Increased Facility Size and Improved Pricing Coral Gables , FL ( November 4 , 2021 ) - MasTec , Inc. ( NYSE : MTZ ) today announced third quarter 2021 financial results and updated its guidance for the remainder of 2021 . Third quarter 2021 revenue was a record $ 2.4 billion , compared to $ 1.7 billion for the prior year period , a 42 % increase . Third quarter 2021 GAAP net income was $ 112.5 million , or $ 1.50 per diluted share , $ 0.13 above expectation . Third quarter 2021 adjusted net income and adjusted diluted earnings per share , both non - GAAP measures , were $ 135.6 million and $ 1.81 , respectively , with adjusted diluted earnings per share exceeding the Company's previously announced expectation by $ 0.10 . Third quarter 2021 adjusted EBITDA , also a non - GAAP measure , was $ 278 million , or 11.6 % of revenue , $ 11 million above expectation . Record third quarter 18 - month backlog as of September 30 , 2021 was $ 8.5 billion , an increase of approximately $ 821 million compared to the same quarter last year , with record third quarter backlog across all non - Oil & Gas segments . Sequentially , third quarter consolidated backlog decreased approximately $ 685 million , comprised of $ 767 million in expected Oil & Gas segment backlog reductions partially offset by approximately $ 82 million in backlog increase in non - Oil & Gas segments , as MasTec continues to expand its business mix in the communications , clean energy and electrical grid markets . Adjusted net income , adjusted diluted earnings per share and adjusted EBITDA , which are all non - GAAP measures , exclude certain items which are detailed and reconciled to the most comparable GAAP - reported measures in the attached Supplemental Disclosures and Reconciliation of Non - GAAP Disclosures . Jose Mas , MasTec's Chief Executive Officer , commented , " End market opportunities across our non - Oil & Gas segments continue to develop and provide us significant growth opportunities as evidenced by our record non - Oil & Gas segment backlog . We remain confident that our diversified end market portfolio provides us a near term path towards reaching our $ 10 billion revenue goal , with strong adjusted EBITDA margin and cash flow performance . "