MasTec Q1 2024 Earnings Report
Key Takeaways
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 achieved record first-quarter revenue of $2.69 billion, up 4% year-over-year.
GAAP net loss improved to $34.5 million, a significant improvement from the previous year.
Adjusted EBITDA increased to $157.3 million, surpassing consensus estimates.
The company raised its full-year 2024 guidance, indicating strong confidence in future performance.
MasTec
MasTec
MasTec Revenue by Segment
Forward Guidance
MasTec is providing second quarter and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately $12.55 billion. For the second quarter of 2024, the Company expects revenue of approximately $3.1 billion.
Positive Outlook
- Full year 2024 revenue is expected to be approximately $12.55 billion.
- Full year 2024 GAAP net income is expected to approximate $121 million, representing 1.0% of revenue, with GAAP diluted earnings per share expected to be $1.23.
- Full year 2024 adjusted EBITDA is expected to be $975 million, representing 7.8% of revenue, with adjusted diluted earnings per share expected to be $2.95.
- For the second quarter of 2024, the Company expects revenue of approximately $3.1 billion.
- Second quarter 2024 GAAP net income is expected to approximate $40 million, representing 1.3% of revenue, with GAAP diluted earnings per share expected to be $0.43.
Revenue & Expenses
Visualization of income flow from segment revenue to net income