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Dec 31, 2023
MasTec Q4 2023 Earnings Report
MasTec announced fourth quarter and annual 2023 financial results and issued its initial 2024 guidance expectation.
Key Takeaways
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.
Record Fourth Quarter revenue of $3.3 Billion.
Full Year 2023 Cash Flow from Operations of $687 Million.
Fourth Quarter Reduction in Net Debt of $455 Million.
Adjusted Diluted Earnings per Share was $0.22 Above the Prior Guidance Estimate.
MasTec
MasTec
MasTec Revenue by Segment
Revenue by Segment
Communications Revenue
CapyFin.comClean Energy & Infra Revenue
CapyFin.comPower Delivery Revenue
CapyFin.comPipeline Infrastructure Revenue
CapyFin.com Forward Guidance
The Company currently expects full year 2024 revenue will approximate $12.5 billion. 2024 full year GAAP net income and diluted earnings per share are expected to approximate $105 million and $1.04, respectively. Full year 2024 adjusted EBITDA is expected to approximate $955 million, representing 7.6% of revenue, and adjusted diluted earnings per share is expected to approximate $2.69.
Positive Outlook
- Full year 2024 revenue will approximate $12.5 billion, a record level.
- 2024 full year GAAP net income is expected to approximate $105 million.
- Full year 2024 adjusted EBITDA is expected to approximate $955 million.
- 2024 full year diluted earnings per share are expected to approximate $1.04.
- Adjusted diluted earnings per share is expected to approximate $2.69.
Challenges Ahead
- First quarter 2024 GAAP net loss is expected to approximate $61 million.
- First quarter 2024 GAAP diluted loss per share expected to approximate $0.88.
- First quarter 2024 adjusted EBITDA is expected to approximate $130 million or 5.0% of revenue.
- First quarter 2024 adjusted diluted loss per share expected to approximate $0.48.
- Projected loss in the first quarter is the result of a normal seasonally slow quarter, project delays and project start-up costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income