MasTec Q3 2024 Earnings Report
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
MasTec
MasTec
MasTec Revenue by Segment
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
Visualization of income flow from segment revenue to net income