The revenues weren't substantially changed, so it doesn't appear on its face to be operating leverage. See All Reviews See All . And we've had a lot of backlog. Here's what its earnings and stock chart show. But any differences in business versus in the past that allow you to have confidence in the margins staying up here? So I think that the results in the quarter show what we're capable of doing when things are somewhat normalized, right? Notably, regulatory disruptions in selected long-haul pipeline construction activities resulted in revenue decline in the Oil & Gas segment in 2019.Zacks Top 10 Stocks for 2020In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. These results also exceeded Street consensus, with adjusted EBITDA of $166 million beating Street consensus estimates by $14 million, and adjusted diluted earnings per share of $0.95 beating Street consensus by $0.15. Today, we also announced record Oil and Gas backlog levels. Today, I'll cover second quarter results, our guidance expectation for the balance of 2020, including the ongoing impact of the COVID-19 pandemic, as well as our strong cash flow performance, capital structure and liquidity. The Proxy Card included with the Proxy Materials will not be updated to reflect the change in location. Lastly, it is worth noting, as we operate in a COVID-19-induced period of macroeconomic uncertainty, that all of our top 10 customers, which represented over 66% of our second quarter revenue, have investment-grade credit profiles. More importantly, margins came in strong, and we're up 370 basis points year-over-year and 380 basis points sequentially. In Communications, it experiences continued expansion of fiber optic networks, investments in wireless network capacity and 5G-related work.Strategic Acquisitions: MasTec consistently acquires assets and businesses in order to expand the existing business and market reach. 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 and webcasts on the Events & Presentations page in the Investors section therein. BYD joined fellow China electric car stocks Nio, Xpeng Motors and Li Auto in reporting robust October sales. Moving to our current 2020 guidance. So first, I don't think any of us know what's going to ultimately be in an infrastructure bill and even if there's going to be an infrastructure bill, right?

We continue to achieve significant growth rates in this segment, and backlog at quarter end exceeded $1 billion. I mean it impacts your margins in the short term, and it ultimately benefits your margins in the long-term to a greater and I think we saw a lot of that with what we did in oil and gas years ago. If you encounter any difficulties accessing the virtual meeting, follow instructions provided on www.virtualshareholdermeeting.com/MTZ2020. You may now disconnect. Joe Biden is closer to securing the U.S. presidency; stock futures rise and the tech sector leads on the potential for a divided U.S. government; Qualcomm soars after an earnings beat; the Fed issues a decision on interest rates.

The 300-employee company had a five-year growth rate of 2,365% as of September last year, according to Canadian Business.Pride Group's order is larger than the 130 units ordered by Walmart Inc (NYSE: WMT) in Canada. So our communications revenue should have and could have been a lot higher in 2020, if not for some of the things that we've had to deal with since March. The real question starts becoming what happens in '22 and '23. While we've highlighted this segment more over the last few quarters, I still think it's an underappreciated part of MasTec's portfolio. That's clear. It was just generally really good, solid performance across the board. Once registered, shareholders can attend and vote at the virtual Annual Meeting via the internet. Appreciate the color super helpful, thanks. Thank you.

So I think our customers are obviously tracking that, but it is not impacting us today at all on any of our backlog projects. During 2019, the company completed six acquisitions. Now the question is, will they be able to develop other strategies that work or not? And backlog at quarter end was a second quarter record at $8.2 billion. We think we're the largest wireless contractor in the United States. The Company's corporate website is located at www.mastec.com. If you look at the earnings of some of our customers that have been posted just here in the last week, and you'll see the benefits that they're seeing on that side of the business, which they haven't seen in a long time. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. So it's very exciting. Mastec Plastema in Söderköping has installed in a new injection molding machine. We view this level of backlog as a significant competitive advantage as we do believe new work will slow down through the first half of 2021. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2020 today >>, Want the latest recommendations from Zacks Investment Research? And as we learn more about those industries, and we do bigger projects, we get more comfort around them. We are projecting annual 2020 revenue to approximate $7 billion, with adjusted EBITDA expected to approximate $800 million or 11.4% of revenue and adjusted diluted earnings per share to approximate $4.93. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Jose, your cash flow was massive. But we should still be able to attain the margin levels that we attained today relative to what's happening in the competitive peer group, and we're highly confident in that. And then, again, versus other downturns, your revenue base in oil and gas has become more diverse over the years, I think. Please go ahead. We now move to our next question from Brent Thielman of D.A. Therefore, he continues to push ahead for his long-standing agenda of spending almost $1 trillion on infrastructure, including roads, bridges, highways and railways, along with 5G wireless infrastructure and rural broadband. And then we're also hearing some talk around broadband. Do you buy that? Paypal became a new holding in the Ark Innovation ETF.Price Action: Alibaba shares are up 3% Wednesday. Jose? Several of the strong performing Ark ETFS from Cathie Wood bought shares of two underperforming stocks on Tuesday. Keep up the good work. Our Communications revenue for the quarter was $654 million. Look, I think we're a low-cost provider in the industry.

We'll now move to our next question from Noelle Dilts of Stifel. If anything, it's gotten more positive relative to some of the things that have happened over the last few months. And this combination affords us full flexibility to invest in strategic opportunities as well as giving us a strong advantage as we navigate through the uncertain economic climate resulting from the COVID-19 pandemic. Please go ahead. This offering is expected to close in early August and will allow us to redeem our existing $400 million four 7/8% senior notes at a lower interest rate, extend our maturity profile and will increase our overall liquidity by approximately $200 million, which should approximate $1.3 billion post closing.

Our guidance assumes these impacts continue through year-end and also include the potential impacts of local permitting delays as some areas slow reopenings or even move back to more strict closures. First half 2020 Oil and Gas segment award activity gives us strong visibility for solid project activity over the next 12 to 18 months. Please go ahead. Within the three months I was employeed with this company two major layoffs occurred. Hey hi, Jose, you talked about the increased fiber demand post COVID. And NextEra Energy, NG, Duke Energy and Enterprise Products were each at 4%. And then one more on the pipeline business. We have made significant investments in this segment to profitably grow our business through organic opportunities.

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