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MasTec Announces Fourth Quarter and Annual 2024 Financial Results With Record Backlog and Provides Initial 2025 Guidance
- Record Fourth Quarter and Annual Revenue of $3.4 Billion and $12.3 Billion, Respectively
- Record Full Year 2024 Cash Flow from Operations Increased 63% to $1.1 Billion
- Record 18-Month Backlog of $14.3 Billion
- Fourth Quarter Reduction in Net Debt of $318 Million, with Net Debt Leverage Ratio Reduced to 1.8x
- 2024 Results Include GAAP Net Income of $199.4 Million, Adjusted Net Income of $348.3 Million, Adjusted EBITDA of $1.0 Billion, Diluted Earnings Per Share of $2.06 and Adjusted Diluted Earnings Per Share of $3.95
- Issuing Initial Annual 2025 Guidance Including Revenue of $13.45 Billion, a 9% Increase Over 2024, GAAP Net Income of $327 Million to $366 Million, Adjusted EBITDA of $1.10 Billion to $1.15 Billion, with Diluted Earnings Per Share of $3.75 to $4.24, and Adjusted Diluted Earnings Per Share of $5.35 to $5.84
CORAL GABLES, Fla., Feb. 27, 2025 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced 2024 fourth quarter and full year financial results and issued its initial 2025 guidance expectation.
For the Fourth Quarter:
Fourth quarter 2024 revenue was $3.4 billion, compared to $3.3 billion for the fourth quarter of 2023. GAAP net income was $84.7 million, or 2.5% of revenue, and diluted earnings per share were $0.95, compared to $1.2 million, or $0.01 per diluted share, in the fourth quarter of 2023.
Fourth quarter 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $124.0 million and $1.44, respectively, as compared to $48.0 million and $0.61, respectively, in the fourth quarter of 2023.
Fourth quarter 2024 adjusted EBITDA, also a non-GAAP measure, was $270.9 million, compared to $226.5 million in the fourth quarter of 2023. Fourth quarter 2024 adjusted EBITDA margin rate was 8.0% of revenue, a 110 basis point improvement over the fourth quarter of 2023.
18-month backlog as of December 31, 2024, was a record $14.3 billion, a $1.9 billion increase over 2023 and a $440 million increase sequentially from the third quarter of 2024.
Fourth quarter 2024 Cash Flow from Operations was very strong at almost $472 million, enabling further net debt reduction. Net debt leverage ratio also improved well ahead of expectations to 1.8x at year-end.
For the Full Year:
Full year performance improved significantly over 2023. For the year ended December 31, 2024, revenue was $12.3 billion, compared to $12.0 billion for the prior year. GAAP net income was $199.4 million, or 1.6% of revenue, and diluted earnings per share were $2.06, compared to a net loss of $47.3 million, or a loss of $0.64 per diluted share in 2023.
Full year 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $348.3 million and $3.95, respectively, compared to $144.1 million and $1.81, respectively, for 2023.
Full year 2024 adjusted EBITDA, also a non-GAAP measure, was up 19% to $1.0 billion, compared to $846.4 million in 2023. Full year 2024 adjusted EBITDA margin rate was up 110 basis points to 8.2% compared to 7.1% last year.
Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, and net debt, which are all non-GAAP measures, exclude certain items that are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec's Chief Executive Officer, commented, "Third and fourth quarter financial performance showed substantial improvement in 2024 giving us great momentum into 2025. By focusing on execution, we saw nice margin expansion, exceeding our expectations, and we saw almost $2 billion in backlog growth for the company during the year, a leading indicator of the strong growth opportunities ahead of us."
Mr. Mas continued, "I'd once again like to thank the men and women of MasTec who work hard every day improving our business. Our people are building, maintaining, and improving our nation's energy, communications, transportation, and industrial infrastructure that we all rely on."
Paul DiMarco, MasTec's Executive Vice President, and Chief Financial Officer, noted, "We saw continued improvement in our balance sheet, driven by improvement in both earnings and our working capital, resulting in $1.1 billion of cash flow generated by operations for the year. With net debt leverage at a comfortable 1.8x adjusted EBITDA, we are positioned to shift back to a more balanced, return focused capital allocation framework."
2025 Outlook:
Based on the information available today, the Company is providing both first quarter and full year 2025 guidance. The Company currently expects full year 2025 revenue to be $13.45 billion, a record level. 2025 full year GAAP net income and diluted earnings per share are expected in the range of $327 to $366 million, and $3.75 to $4.24, respectively. Full year 2025 adjusted EBITDA is expected to range from $1.10 to $1.15 billion, representing 8.2 – 8.5% of revenue, and adjusted diluted earnings per share is expected to range from $5.35 to $5.84.
For the first quarter of 2025, the Company expects revenue of approximately $2.7 billion. First quarter 2025 GAAP net loss is expected to be $1 million, compared to a net loss of $34.5 million in the first quarter of 2024. First quarter 2025 GAAP diluted loss per share is expected to be $0.05, compared to a diluted loss per share of $0.53 in the first quarter of 2024. First quarter 2025 adjusted EBITDA is expected to be $160 million or 5.9% of revenue, with adjusted diluted earnings per share expected to be $0.34.
In the first quarter of 2025, the Company made changes to its Communications and Power Delivery segment structure to more closely align with the segments' end markets and to better correspond with the operational management reporting structure of both segments. These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment.
Management will hold a conference call to discuss these results on Friday, February 28, 2025 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 394-8218 with a pass code of 1616296. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com. The webcast replay will be available for at least 30 days.
The following tables set forth the financial results for the periods ended December 31, 2024 and 2023:
| Consolidated Statements of Operations | |||||||
| (unaudited - in thousands, except per share information) | |||||||
| | |||||||
| | For the Three Months Ended | | For the Years Ended | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenue | $ 3,403,101 | | $ 3,280,083 | | $ 12,303,464 | | $ 11,995,934 |
| Costs of revenue, excluding depreciation and amortization | 2,966,594 | | 2,912,370 | | 10,675,987 | | 10,613,762 |
| Depreciation | 76,996 | | 108,611 | | 366,765 | | 433,929 |
| Amortization of intangible assets | 38,184 | | 42,981 | | 139,853 | | 169,233 |
| General and administrative expenses | 183,017 | | 178,190 | | 684,508 | | 698,899 |
| Interest expense, net | 43,587 | | 59,741 | | 193,266 | | 234,405 |
| Equity in earnings of unconsolidated affiliates, net | (8,075) | | (7,262) | | (30,228) | | (30,697) |
| Loss on extinguishment of debt | — | | — | | 11,344 | | — |
| Other expense (income), net | 6,367 | | (14,562) | | 11,006 | | (40,893) |
| Income (loss) before income taxes | $ 96,431 | | $ 15 | | $ 250,963 | | $ (82,704) |
| (Provision for) benefit from income taxes | (11,730) | | 1,177 | | (51,542) | | 35,408 |
| Net income (loss) | $ 84,702 | | $ 1,192 | | $ 199,421 | | $ (47,296) |
| Net income attributable to non-controlling interests | 9,962 | | 439 | | 36,633 | | 2,653 |
| Net income (loss) attributable to MasTec, Inc. | $ 74,740 | | $ 753 | | $ 162,788 | | $ (49,949) |
| | | | | | | | |
| Earnings (loss) per share: | | | | | | | |
| Basic earnings (loss) per share | $ 0.96 | | $ 0.01 | | $ 2.09 | | $ (0.64) |
| Basic weighted average common shares outstanding | 78,185 | | 77,879 | | 78,049 | | 77,535 |
| | | | | | | | |
| Diluted earnings (loss) per share | $ 0.95 | | $ 0.01 | | $ 2.06 | | $ (0.64) |
| Diluted weighted average common shares outstanding | 79,053 | | 78,288 | | 78,880 | | 77,535 |
| Consolidated Balance Sheets | |||
| (unaudited - in thousands) | |||
| | |||
| | December 31, | | December 31, |
| Assets | | | |
| Current assets | $ 3,652,530 | | $ 3,974,253 |
| Property and equipment, net | 1,548,916 | | 1,651,462 |
| Operating lease right-of-use assets | 396,151 | | 418,685 |
| Goodwill, net | 2,203,077 | | 2,126,366 |
| Other intangible assets, net | 727,366 | | 784,260 |
| Other long-term assets | 447,235 | | 418,485 |
| Total assets | $ 8,975,275 | | $ 9,373,511 |
| Liabilities and equity | | | |
| Current liabilities | $ 2,999,699 | | $ 2,837,219 |
| Long-term debt, including finance leases | 2,038,017 | | 2,888,058 |
| Long-term operating lease liabilities | 261,303 | | 292,873 |
| Deferred income taxes | 362,772 | | 390,399 |
| Other long-term liabilities | 326,141 | | 243,701 |
| Total liabilities | $ 5,987,932 | | $ 6,652,250 |
| Total equity | $ 2,987,343 | | $ 2,721,261 |
| Total liabilities and equity | $ 8,975,275 | | $ 9,373,511 |
| Consolidated Statements of Cash Flows | |||
| (unaudited - in thousands) | |||
| | |||
| | For the Years Ended | ||
| | 2024 | | 2023 |
| Net cash provided by operating activities | $ 1,121,625 | | $ 687,277 |
| Net cash used in investing activities | (157,490) | | (178,061) |
| Net cash used in financing activities | (1,090,234) | | (350,998) |
| Effect of currency translation on cash | (3,559) | | 751 |
| Net (decrease) increase in cash and cash equivalents | $ (129,658) | | $ 158,969 |
| Cash and cash equivalents - beginning of period | $ 529,561 | | $ 370,592 |
| Cash and cash equivalents - end of period | $ 399,903 | | $ 529,561 |
| Backlog by Reportable Segment (unaudited - in millions) | December 31, | | September 30, | | December 31, |
| Communications | $ 6,010 | | $ 5,855 | | $ 5,627 |
| Clean Energy and Infrastructure | 4,244 | | 4,141 | | 3,115 |
| Power Delivery | 3,309 | | 3,160 | | 2,440 |
| Pipeline Infrastructure | 735 | | 702 | | 1,225 |
| Other | — | | — | | — |
| Estimated 18-month backlog | $ 14,298 | | $ 13,858 | | $ 12,407 |
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.
| Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||
| (unaudited - in millions, except for percentages and per share information) | |||||||
| | |||||||
| | For the Three Months Ended | | For the Years Ended | ||||
| Segment Information | 2024 | | 2023 | | 2024 | | 2023 |
| Revenue by Reportable Segment | | | | | | | |
| Communications | $ 975.3 | | $ 759.9 | | $ 3,460.0 | | $ 3,259.5 |
| Clean Energy and Infrastructure | 1,257.8 | | 1,067.4 | | 4,092.1 | | 3,962.0 |
| Power Delivery | 762.1 | | 658.0 | | 2,682.1 | | 2,735.1 |
| Pipeline Infrastructure | 429.5 | | 802.2 | | 2,133.6 | | 2,072.8 |
| Other | — | | — | | — | | — |
| Eliminations | (21.6) | | (7.4) | | (64.3) | | (33.5) |
| Consolidated revenue | $ 3,403.1 | | $ 3,280.1 | | $ 12,303.5 | | $ 11,995.9 |
| | For the Three Months Ended December 31, | | For the Years Ended December 31, | ||||||||||||
| Adjusted EBITDA and EBITDA Margin by Segment | 2024 | | 2023 | | 2024 | | 2023 | ||||||||
| EBITDA | $ 255.2 | | 7.5 % | | $ 211.3 | | 6.4 % | | $ 950.8 | | 7.7 % | | $ 754.9 | | 6.3 % |
| Non-cash stock-based compensation expense (a) | 8.6 | | 0.3 % | | 9.0 | | 0.3 % | | 32.7 | | 0.3 % | | 33.3 | | 0.3 % |
| Loss on extinguishment of debt (a) | — | | — % | | — | | — % | | 11.3 | | 0.1 % | | — | | — % |
| Changes in fair value of acquisition-related contingent items (a) | 7.1 | | 0.2 % | | (4.8) | | (0.1) % | | 10.7 | | 0.1 % | | (13.9) | | (0.1) % |
| Acquisition and integration costs (b) | — | | — % | | 11.0 | | 0.3 % | | — | | — % | | 71.9 | | 0.6 % |
| Losses on fair value of investment (a) | — | | — % | | — | | — % | | — | | — % | | 0.2 | | 0.0 % |
| Adjusted EBITDA | $ 270.9 | | 8.0 % | | $ 226.5 | | 6.9 % | | $ 1,005.6 | | 8.2 % | | $ 846.4 | | 7.1 % |
| Segment: | | | | | | | | | | | | | | | |
| Communications | $ 96.5 | | 9.9 % | | $ 57.7 | | 7.6 % | | $ 333.7 | | 9.6 % | | $ 291.7 | | 8.9 % |
| Clean Energy and Infrastructure | 104.3 | | 8.3 % | | 51.7 | | 4.8 % | | 257.0 | | 6.3 % | | 169.5 | | 4.3 % |
| Power Delivery | 54.4 | | 7.1 % | | 52.8 | | 8.0 % | | 187.7 | | 7.0 % | | 216.3 | | 7.9 % |
| Pipeline Infrastructure | 58.5 | | 13.6 % | | 95.5 | | 11.9 % | | 389.4 | | 18.3 % | | 284.4 | | 13.7 % |
| Other | 9.0 | | NM | | 6.8 | | NM | | 26.2 | | NM | | 25.0 | | NM |
| Segment Total | $ 322.7 | | 9.5 % | | $ 264.5 | | 8.1 % | | $ 1,194.1 | | 9.7 % | | $ 986.9 | | 8.2 % |
| Corporate | (51.8) | | — | | (38.0) | | — | | (188.5) | | — | | (140.5) | | — |
| Adjusted EBITDA | $ 270.9 | | 8.0 % | | $ 226.5 | | 6.9 % | | $ 1,005.6 | | 8.2 % | | $ 846.4 | | 7.1 % |
| | |
| NM - Percentage is not meaningful | |
| | |
| (a) | Non-cash stock-based compensation expense, loss on extinguishment of debt, changes in fair value of acquisition-related contingent items, losses on the fair value of an investment are included within Corporate EBITDA. |
| (b) | For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million, respectively, of acquisition and integration costs, and Corporate EBITDA included $3.8 million of such costs. |
| Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||||||
| (unaudited - in millions, except for percentages and per share information) | |||||||||||||||
| | |||||||||||||||
| | For the Three Months Ended | | For the Years Ended December 31, | ||||||||||||
| EBITDA and Adjusted EBITDA Reconciliation | 2024 | | 2023 | | 2024 | | 2023 | ||||||||
| Net income (loss) | $ 84.7 | | 2.5 % | | $ 1.2 | | 0.0 % | | $ 199.4 | | 1.6 % | | $ (47.3) | | (0.4) % |
| Interest expense, net | 43.6 | | 1.3 % | | 59.7 | | 1.8 % | | 193.3 | | 1.6 % | | 234.4 | | 2.0 % |
| Provision for (benefit from) income taxes | 11.7 | | 0.3 % | | (1.2) | | (0.0) % | | 51.5 | | 0.4 % | | (35.4) | | (0.3) % |
| Depreciation | 77.0 | | 2.3 % | | 108.6 | | 3.3 % | | 366.8 | | 3.0 % | | 433.9 | | 3.6 % |
| Amortization of intangible assets | 38.2 | | 1.1 % | | 43.0 | | 1.3 % | | 139.9 | | 1.1 % | | 169.2 | | 1.4 % |
| EBITDA | $ 255.2 | | 7.5 % | | $ 211.3 | | 6.4 % | | $ 950.8 | | 7.7 % | | $ 754.9 | | 6.3 % |
| Non-cash stock-based compensation expense | 8.6 | | 0.3 % | | 9.0 | | 0.3 % | | 32.7 | | 0.3 % | | 33.3 | | 0.3 % |
| Loss on extinguishment of debt | — | | — % | | — | | — % | | 11.3 | | 0.1 % | | — | | — % |
| Changes in fair value of acquisition-related contingent items | 7.1 | | 0.2 % | | (4.8) | | (0.1) % | | 10.7 | | 0.1 % | | (13.9) | | (0.1) % |
| Acquisition and integration costs | — | | — % | | 11.0 | | 0.3 % | | — | | — % | | 71.9 | | 0.6 % |
| Losses on fair value of investment | — | | — % | | — | | — % | | — | | — % | | 0.2 | | 0.0 % |
| Adjusted EBITDA | $ 270.9 | | 8.0 % | | $ 226.5 | | 6.9 % | | $ 1,005.6 | | 8.2 % | | $ 846.4 | | 7.1 % |
| | For the Three Months Ended | | For the Years Ended | ||||
| Adjusted Net Income Reconciliation | 2024 | | 2023 | | 2024 | | 2023 |
| Net income (loss) | $ 84.7 | | $ 1.2 | | $ 199.4 | | $ (47.3) |
| Adjustments: | | | | | | | |
| Non-cash stock-based compensation expense | 8.6 | | 9.0 | | 32.7 | | 33.3 |
| Amortization of intangible assets | 38.2 | | 43.0 | | 139.9 | | 169.2 |
| Loss on extinguishment of debt | — | | — | | 11.3 | | — |
| Changes in fair value of acquisition-related contingent items | 7.1 | | (4.8) | | 10.7 | | (13.9) |
| Acquisition and integration costs | — | | 11.0 | | — | | 71.9 |
| Losses on fair value of investment | — | | — | | — | | 0.2 |
| Total adjustments, pre-tax | $ 53.9 | | $ 58.2 | | $ 194.6 | | $ 260.8 |
| Income tax effect of adjustments (a) | (13.7) | | (16.0) | | (44.8) | | (74.0) |
| Statutory and other tax rate effects (b) | (0.9) | | 4.6 | | (0.9) | | 4.6 |
| Adjusted net income | $ 124.0 | | $ 48.0 | | $ 348.3 | | $ 144.1 |
| Net income attributable to non-controlling interests | 10.0 | | 0.4 | | 36.6 | | 2.7 |
| Adjusted net income attributable to MasTec, Inc. | $ 114.0 | | $ 47.6 | | $ 311.7 | | $ 141.4 |
| | |
| (a) | Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
| | |
| (b) | Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023. |
| Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||
| (unaudited - in millions, except for percentages and per share information) | |||||||
| | |||||||
| | For the Three Months Ended | | For the Years Ended | ||||
| Adjusted Diluted Earnings per Share Reconciliation | 2024 | | 2023 | | 2024 | | 2023 |
| Diluted earnings (loss) per share | $ 0.95 | | $ 0.01 | | $ 2.06 | | $ (0.64) |
| Adjustments: | | | | | | | |
| Non-cash stock-based compensation expense | 0.11 | | 0.11 | | 0.41 | | 0.43 |
| Amortization of intangible assets | 0.48 | | 0.55 | | 1.77 | | 2.16 |
| Loss on extinguishment of debt | — | | — | | 0.14 | | — |
| Changes in fair value of acquisition-related contingent items | 0.09 | | (0.06) | | 0.14 | | (0.18) |
| Acquisition and integration costs | — | | 0.14 | | — | | 0.92 |
| Losses on fair value of investment | — | | — | | — | | 0.00 |
| Total adjustments, pre-tax | $ 0.68 | | $ 0.74 | | $ 2.47 | | $ 3.33 |
| Income tax effect of adjustments (a) | (0.17) | | (0.20) | | (0.57) | | (0.94) |
| Statutory and other tax rate effects (b) | (0.01) | | 0.06 | | (0.01) | | 0.06 |
| Adjusted diluted earnings per share | $ 1.44 | | $ 0.61 | | $ 3.95 | | $ 1.81 |
| | |
| (a) | Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
| | |
| (b) | Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023. |
| Calculation of Net Debt | December 31, | | December 31, |
| Current portion of long-term debt, including finance leases | $ 186.1 | | $ 177.2 |
| Long-term debt, including finance leases | 2,038.0 | | 2,888.1 |
| Total Debt | $ 2,224.1 | | $ 3,065.3 |
| Less: cash and cash equivalents | (399.9) | | (529.6) |
| Net Debt | $ 1,824.2 | | $ 2,535.7 |
| EBITDA and Adjusted EBITDA Reconciliation | Guidance for the Year Ended December 31, 2025 Est. | | For the Year | | For the Year | ||||||
| Net income (loss) | $ 327 – 366 | | 2.4 – 2.7 % | | $ 199.4 | | 1.6 % | | $ (47.3) | | (0.4) % |
| Interest expense, net | 170 | | 1.3 % | | 193.3 | | 1.6 % | | 234.4 | | 2.0 % |
| Provision for (benefit from) income taxes | 98 – 109 | | 0.7 – 0.8 % | | 51.5 | | 0.4 % | | (35.4) | | (0.3) % |
| Depreciation | 340 | | 2.5 % | | 366.8 | | 3.0 % | | 433.9 | | 3.6 % |
| Amortization of intangible assets | 131 | | 1.0 % | | 139.9 | | 1.1 % | | 169.2 | | 1.4 % |
| EBITDA | $ 1,066 – 1,115 | | 7.9 – 8.3 % | | $ 950.8 | | 7.7 % | | $ 754.9 | | 6.3 % |
| Non-cash stock-based compensation expense | 34 | | 0.3 % | | 32.7 | | 0.3 % | | 33.3 | | 0.3 % |
| Loss on extinguishment of debt | — | | — % | | 11.3 | | 0.1 % | | — | | — % |
| Changes in fair value of acquisition-related contingent items | (0) | | (0.0) % | | 10.7 | | 0.1 % | | (13.9) | | (0.1) % |
| Acquisition and integration costs | — | | — % | | — | | — % | | 71.9 | | 0.6 % |
| Losses on fair value of investment | — | | — % | | — | | — % | | 0.2 | | 0.0 % |
| Adjusted EBITDA | $ 1,100 –1,150 | | 8.2 – 8.5 % | | $ 1,005.6 | | 8.2 % | | $ 846.4 | | 7.1 % |
| Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||
| (unaudited - in millions, except for percentages and per share information) | |||||
| | |||||
| Adjusted Net Income Reconciliation | Guidance for the | | For the Year | | For the Year |
| Net income (loss) | $ 327 – 366 | | $ 199.4 | | $ (47.3) |
| Adjustments: | | | | | |
| Non-cash stock-based compensation expense | 34 | | 32.7 | | 33.3 |
| Amortization of intangible assets | 131 | | 139.9 | | 169.2 |
| Loss on extinguishment of debt | — | | 11.3 | | — |
| Changes in fair value of acquisition-related contingent items | (0) | | 10.7 | | (13.9) |
| Acquisition and integration costs | — | | — | | 71.9 |
| Losses on fair value of investment | — | | — | | 0.2 |
| Total adjustments, pre-tax | $ 165 | | $ 194.6 | | $ 260.8 |
| Income tax effect of adjustments (a) | (38) | | (44.8) | | (74.0) |
| Statutory and other tax rate effects (b) | — | | (0.9) | | 4.6 |
| Adjusted net income | $ 454 – 493 | | $ 348.3 | | $ 144.1 |
| Net income attributable to non-controlling interests | 30 | | 36.6 | | 2.7 |
| Adjusted net income attributable to MasTec, Inc. | $ 424 – 463 | | $ 311.7 | | $ 141.4 |
| Adjusted Diluted Earnings per Share Reconciliation | Guidance for | | For the Year | | For the Year |
| Diluted earnings (loss) per share | $ 3.75 – 4.24 | | $ 2.06 | | $ (0.64) |
| Adjustments: | | | | | |
| Non-cash stock-based compensation expense | 0.43 | | 0.41 | | 0.43 |
| Amortization of intangible assets | 1.65 | | 1.77 | | 2.16 |
| Loss on extinguishment of debt | — | | 0.14 | | — |
| Changes in fair value of acquisition-related contingent items | (0.00) | | 0.14 | | (0.18) |
| Acquisition and integration costs | — | | — | | 0.92 |
| Losses on fair value of investment | — | | — | | 0.00 |
| Total adjustments, pre-tax | $ 2.08 | | $ 2.47 | | $ 3.33 |
| Income tax effect of adjustments (a) | (0.48) | | (0.57) | | (0.94) |
| Statutory and other tax rate effects (b) | — | | (0.01) | | 0.06 |
| Adjusted diluted earnings per share | $ 5.35 – 5.84 | | $ 3.95 | | $ 1.81 |
| | |
| (a) | Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
| | |
| (b) | Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023. |
| Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||
| (unaudited - in millions, except for percentages and per share information) | |||||||
| | |||||||
| EBITDA and Adjusted EBITDA Reconciliation | Guidance for the Three | | For the Three Months Ended | ||||
| Net loss | $ (1) | | (0.0) % | | $ (34.5) | | (1.3) % |
| Interest expense, net | 43 | | 1.6 % | | 52.1 | | 1.9 % |
| Benefit from income taxes | (0) | | (0.0) % | | (11.1) | | (0.4) % |
| Depreciation | 79 | | 2.9 % | | 107.4 | | 4.0 % |
| Amortization of intangible assets | 33 | | 1.2 % | | 33.7 | | 1.3 % |
| EBITDA | $ 152 | | 5.6 % | | $ 147.6 | | 5.5 % |
| Non-cash stock-based compensation expense | 8 | | 0.3 % | | 9.7 | | 0.4 % |
| Changes in fair value of acquisition-related contingent items | (0) | | (0.0) % | | (4.6) | | (0.2) % |
| Adjusted EBITDA | $ 160 | | 5.9 % | | $ 152.8 | | 5.7 % |
| Adjusted Net Income (Loss) Reconciliation | Guidance for | | For the Three |
| Net loss | $ (1) | | $ (34.5) |
| Adjustments: | | | |
| Non-cash stock-based compensation expense | 8 | | 9.7 |
| Amortization of intangible assets | 33 | | 33.7 |
| Changes in fair value of acquisition-related contingent items | (0) | | (4.6) |
| Total adjustments, pre-tax | $ 40 | | $ 38.8 |
| Income tax effect of adjustments (a) | (9) | | (11.1) |
| Adjusted net income (loss) | $ 30 | | $ (6.7) |
| Net income attributable to non-controlling interests | 2 | | 6.7 |
| Adjusted net income (loss) attributable to MasTec, Inc. | $ 27 | | $ (13.4) Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend |