MasTec Q2 2024 Earnings Report
Key Takeaways
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.
Achieved record second quarter revenue of $2.96 billion, up 3% year-over-year.
Reported GAAP net income of $43.8 million, or $0.43 per diluted share, a 161% increase year-over-year.
Generated adjusted EBITDA of $267.8 million, compared to $255.4 million in the second quarter of 2023.
Increased 18-month backlog to $13.3 billion as of June 30, 2024, driven by growth in the Clean Energy & Infrastructure segment.
MasTec
MasTec
MasTec Revenue by Segment
Forward Guidance
The Company is providing third quarter and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately $12.4 billion. For the third quarter of 2024, the Company expects revenue of approximately $3.45 billion.
Positive Outlook
- Full year 2024 revenue is expected to be approximately $12.4 billion.
- Full year 2024 GAAP net income is expected to approximate $131 million, representing 1.1% of revenue, with GAAP diluted earnings per share expected to be $1.25.
- Full year 2024 adjusted EBITDA is expected to be $975 million, representing 7.9% of revenue, with adjusted diluted earnings per share expected to be $3.03.
- Third quarter 2024 revenue is expected to be approximately $3.45 billion.
- Third quarter 2024 GAAP net income is expected to approximate $72 million, representing 2.1% of revenue, with GAAP diluted earnings per share expected to be $0.78.
Revenue & Expenses
Visualization of income flow from segment revenue to net income