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Sep 30, 2024
MasTec Q3 2024 Earnings Report
MasTec announced third quarter 2024 financial results and increased its full year bottom line 2024 guidance expectations.
Key Takeaways
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.
Third Quarter 2024 Revenue of $3.3 Billion with Significant Margin Expansion Over Last Year
Third Quarter 2024 Diluted Earnings Per Share of $1.21 and Adjusted Diluted Earnings Per Share of $1.63, Above Expectations by $0.43 and $0.39, Respectively
Third Quarter 2024 GAAP Net Income of $105.4 Million and Adjusted EBITDA of $305.9 Million, Above Expectations by $33.4 Million and $10.9 Million, Respectively
Record 18-month Backlog as of September 30, 2024 of $13.9 Billion Increased $1.4 Billion from the Third Quarter of 2023
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company currently expects full year 2024 revenue of approximately $12.225 billion. Full year 2024 GAAP net income is expected to approximate $187 million, representing 1.5% of revenue, with GAAP diluted earnings per share expected to be $1.98. Full year 2024 adjusted EBITDA is expected to be $990 million, representing 8.1% of revenue, with adjusted diluted earnings per share expected to be $3.75. For the fourth quarter of 2024, the Company expects revenue of approximately $3.325 billion. Fourth quarter 2024 GAAP net income is expected to approximate $72 million, representing 2.2% of revenue, with GAAP diluted earnings per share expected to be $0.86. Fourth quarter 2024 adjusted EBITDA is expected to approximate $259 million, representing 7.8% of revenue, with adjusted diluted earnings per share expected to be $1.29.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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