MasTec Earnings Reports

MasTec delivered strong Q4 2024 results, reporting revenue of $3.4 billion, a 3.8% increase year-over-year. The company achieved GAAP net income of $84.7 million and adjusted net income of $124 million, highlighting improved profitability. Adjusted EBITDA stood at $270.9 million, with a margin improvement of 110 basis points. The company ended the quarter with a record $14.3 billion backlog, reflecting continued demand in its key business segments.

MasTec reported third quarter 2024 revenue of $3.3 billion, which was the same as the third quarter of 2023. GAAP net income was $105.4 million, or $1.21 per diluted share, compared to $15.3 million, or $0.18 per diluted share, in the third quarter of 2023. Adjusted EBITDA was up 13% to $305.9 million compared to $271.1 million in the third quarter of 2023. The company's 18-month backlog as of September 30, 2024, was $13.9 billion, up $1.4 billion from the third quarter of 2023.

MasTec announced record second quarter 2024 revenue of $2.96 billion, a 3% increase compared to the second quarter of 2023. GAAP net income increased by 161% to $43.8 million, or $0.43 per diluted share. Adjusted EBITDA was $267.8 million. The 18-month backlog as of June 30, 2024, reached $13.3 billion, driven by strong bookings in the Clean Energy & Infrastructure segment.

MasTec announced record first-quarter revenue of $2.69 billion, a 4% increase compared to Q1 2023. The company's GAAP net loss improved to $34.5 million, with an adjusted EBITDA of $157.3 million. MasTec also raised its full-year 2024 guidance, projecting revenue of $12.55 billion and adjusted EBITDA of $975 million.

MasTec reported a 9.0% increase in revenue to $3.3 billion for the fourth quarter of 2023, compared to $3.0 billion for the fourth quarter of 2022. GAAP net income was $1.2 million, or $0.01 per diluted share. Adjusted net income was $52.0 million, or $0.66 per diluted share. Adjusted EBITDA was $231.4 million, representing 7.1% of revenue.

MasTec announced its third quarter 2023 financial results, reporting record revenue of $3.26 billion. However, the results were impacted by delays in the Clean Energy and Infrastructure segment, a slower ramp-up in the Oil and Gas segment, and lower revenue in Communications and Power Delivery. The company updated its full-year guidance to reflect these challenges.

MasTec reported a 25% increase in revenue to $2.87 billion for Q2 2023, with GAAP net income of $16.8 million, or $0.20 per diluted share. Adjusted EBITDA increased by 43% to $255.4 million, and adjusted diluted earnings per share reached $0.89, surpassing guidance expectations by $0.03. The company updated its full-year 2023 guidance, expecting revenue between $12.7 billion and $13.0 billion.

MasTec announced its Q1 2023 financial results, reporting a 32.2% increase in revenue to $2.58 billion compared to Q1 2022. The company experienced a GAAP net loss of $80.5 million, or $1.05 per diluted share. However, adjusted diluted loss per share of $0.54 exceeded guidance expectations. The company's backlog reached a record $13.9 billion, a 31% increase year-over-year.

MasTec reported a 66.3% increase in revenue to $3.0 billion for Q4 2022, compared to $1.8 billion in Q4 2021. GAAP net income was $3.4 million, or $0.04 per diluted share, while adjusted EBITDA was $257.9 million. The company also completed the acquisition of IEA and reduced net debt by approximately $350 million during the quarter.

MasTec announced third quarter 2022 financial results with revenue increasing to $2.5 billion. GAAP net income was $49.2 million, or $0.65 per diluted share, and adjusted diluted earnings per share was $1.34. The company reported a record 18-month backlog of $11.2 billion as of September 30, 2022.

MasTec announced its second quarter financial results for 2022, with revenue increasing by approximately 17% to $2.3 billion compared to the same quarter last year. The company's performance reflects acquisition integration efforts, inflation pressures on costs, and a shift in operations to non-Oil & Gas segments.

MasTec announced first quarter 2022 financial results, which included a 10.1% increase in revenue to $1.95 billion compared to the first quarter of 2021. However, the company reported a GAAP net loss of $35.0 million, or $0.47 per diluted share, contrasting with a net income of $66.1 million, or $0.89 per diluted share, in the same quarter of the previous year. The company's 18-month backlog as of March 31, 2022, reached a record $10.6 billion, a 35% increase year-over-year.

MasTec announced its Q4 2021 financial results, with revenue up 10.5% to $1.8 billion compared to Q4 2020. GAAP net income was $76.4 million, or $1.04 per diluted share. Adjusted EBITDA was $219.3 million with a margin rate of 12.1%. The company's 18-month backlog reached $9.9 billion, a 26% increase year-over-year.

MasTec announced record third quarter 2021 revenue of approximately $2.4 billion, a 42% increase over the third quarter last year. GAAP net income was $112.5 million, or $1.50 per diluted share. Adjusted EBITDA was $278 million, or 11.6% of revenue.

MasTec announced strong second quarter results, featuring a 25% increase in revenue to $2.0 billion compared to the previous year, and a record 18-month backlog of $9.2 billion. The company's GAAP net income increased by 33% to $75.8 million, or $1.02 per diluted share. Adjusted EBITDA was $230 million, representing 11.7% of revenue.

MasTec announced record first quarter 2021 financial results, with revenue of $1.8 billion, GAAP net income of $66.1 million, and adjusted EBITDA of $204 million. The company increased its annual guidance for 2021 based on strong first quarter results and the expected partial year benefit of the INTREN acquisition.

MasTec announced strong fourth quarter and full year financial results. Q4 revenue was $1.6 billion, with a GAAP net income of $112.9 million, or $1.54 per diluted share. Adjusted EBITDA was $261.5 million.

MasTec announced strong third quarter 2020 earnings results, exceeding guidance expectations with GAAP net income of $116.9 million, adjusted EBITDA of $265 million, and adjusted diluted earnings of $1.83 per share. The company reported revenue of $1.7 billion and strong cash flow from operations of $216 million, leading to a reduction in net debt levels. The company updated its guidance for the remainder of 2020.

MasTec reported better than expected second quarter 2020 financial results, including GAAP net income of $56.8 million, adjusted EBITDA of $165.7 million, and record second quarter backlog of $8.2 billion. The company's diversified business model has proven highly resilient, with strong cash flow from operations and a strong balance sheet.

MasTec announced better than expected first quarter financial results and updated its guidance for the remainder of 2020 for the potential impacts of the COVID-19 Pandemic. First quarter 2020 revenue was $1.4 billion, and cash flow from operations was a first quarter record at $203 million. First quarter GAAP net income was $36.1 million, or $0.48 per diluted share. First quarter 2020 adjusted EBITDA was $118 million.

MasTec reported a decrease in revenue for Q4 2019, but an increase in GAAP net income and adjusted EBITDA. The company's backlog reached a record level, and they issued record 2020 guidance.