• File Fourth Quarter and Annual Income of $3.4 Billion and $12.3 Billion, Respectively
• File Complete Time 2024 Money Wave from Operations Larger 63% to $1.1 Billion
• File 18-Date Backlog of $14.3 Billion
• Fourth Quarter Aid in Web Debt of $318 Million, with Web Debt Leverage Ratio Decreased to at least one.8x
• 2024 Effects Come with GAAP Web Source of revenue of $199.4 Million, Adjusted Web Source of revenue of $348.3 Million, Adjusted EBITDA of $1.0 Billion, Diluted Income In line with Proportion of $2.06 and Adjusted Diluted Income In line with Proportion of $3.95
• Issuing Preliminary Annual 2025 Steering Together with Income of $13.45 Billion, a 9% Building up Over 2024, GAAP Web Source of revenue of $327 Million to $366 Million, Adjusted EBITDA of $1.10 Billion to $1.15 Billion, with Diluted Income In line with Proportion of $3.75 to $4.24, and Adjusted Diluted Income In line with Proportion of $5.35 to $5.84

CORAL GABLES, Fla., Feb. 27, 2025 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) nowadays introduced 2024 fourth quarter and whole yr monetary effects and issued its preliminary 2025 steering expectation.

For the Fourth Quarter:

Fourth quarter 2024 earnings was once $3.4 billion, in comparison to $3.3 billion for the fourth quarter of 2023. GAAP internet source of revenue was once $84.7 million, or 2.5% of earnings, and diluted profits consistent with percentage have been $0.95, in comparison to $1.2 million, or $0.01 consistent with diluted percentage, within the fourth quarter of 2023.

Fourth quarter 2024 adjusted internet source of revenue and changed diluted profits consistent with percentage, each non-GAAP measures, have been $124.0 million and $1.44, respectively, as in comparison to $48.0 million and $0.61, respectively, within the fourth quarter of 2023.

Fourth quarter 2024 adjusted EBITDA, additionally a non-GAAP measure, was once $270.9 million, in comparison to $226.5 million within the fourth quarter of 2023. Fourth quarter 2024 adjusted EBITDA margin fee was once 8.0% of earnings, a 110 foundation level development over the fourth quarter of 2023.

18-month backlog as of December 31, 2024, was once a report $14.3 billion, a $1.9 billion building up over 2023 and a $440 million building up sequentially from the 3rd quarter of 2024.

Fourth quarter 2024 Money Wave from Operations was once very robust at virtually $472 million, enabling additional internet debt relief. Web debt leverage ratio additionally stepped forward smartly forward of expectancies to at least one.8x at year-end.

For the Complete Time:

Complete yr efficiency stepped forward considerably over 2023. For the yr ended December 31, 2024, earnings was once $12.3 billion, in comparison to $12.0 billion for the prior yr. GAAP internet source of revenue was once $199.4 million, or 1.6% of earnings, and diluted profits consistent with percentage have been $2.06, in comparison to a internet lack of $47.3 million, or a lack of $0.64 consistent with diluted percentage in 2023.

Complete yr 2024 adjusted internet source of revenue and changed diluted profits consistent with percentage, each non-GAAP measures, have been $348.3 million and $3.95, respectively, in comparison to $144.1 million and $1.81, respectively, for 2023.

Complete yr 2024 adjusted EBITDA, additionally a non-GAAP measure, was once up 19% to $1.0 billion, in comparison to $846.4 million in 2023. Complete yr 2024 adjusted EBITDA margin fee was once up 110 foundation issues to eight.2% in comparison to 7.1% endmost yr.

Adjusted internet source of revenue, adjusted diluted profits consistent with percentage, adjusted EBITDA, adjusted EBITDA margin, and internet debt, which might be all non-GAAP measures, exclude positive pieces which are impressive and reconciled to essentially the most related GAAP-reported measures within the hooked up Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures. 

Jose Mas, MasTec’s Important Government 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 endured, “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 Government Vice President, and Important Monetary Officer, famous, “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:

In response to the tips to be had nowadays, the Corporate is offering each first quarter and whole yr 2025 steering. The Corporate lately expects complete yr 2025 earnings to be $13.45 billion, a report degree. 2025 complete yr GAAP internet source of revenue and diluted profits consistent with percentage are anticipated within the field of $327 to $366 million, and $3.75 to $4.24, respectively. Complete yr 2025 adjusted EBITDA is anticipated to field from $1.10 to $1.15 billion, representing 8.2 – 8.5% of earnings, and changed diluted profits consistent with percentage is anticipated to field from $5.35 to $5.84.

For the primary quarter of 2025, the Corporate expects earnings of roughly $2.7 billion. First quarter 2025 GAAP internet loss is anticipated to be $1 million, in comparison to a internet lack of $34.5 million within the first quarter of 2024. First quarter 2025 GAAP diluted loss consistent with percentage is anticipated to be $0.05, in comparison to a diluted loss consistent with percentage of $0.53 within the first quarter of 2024. First quarter 2025 adjusted EBITDA is anticipated to be $160 million or 5.9% of earnings, with adjusted diluted profits consistent with percentage anticipated to be $0.34.

Within the first quarter of 2025, the Corporate made adjustments to its Communications and Energy Supply section construction to extra intently align with the branchs’ stop markets and to raised correspond with the operational control reporting construction of each branchs. Those adjustments integrated shifting a constituent with worth operations prior to now reported within the Communications section to the Energy Supply section.

Control will reserve a convention name to talk about those effects on Friday, February 28, 2025 at 9:00 a.m. Jap Moment. The decision-in quantity for the convention name is (856) 344-9221 or (888) 394-8218 with a move code of 1616296. Moreover, the decision might be broadcast reside over the Web and will also be accessed and replayed during the Traders division of the Corporate’s web site at www.mastec.com. The webcast replay might be to be had for a minimum of 30 days.

Refer to tables eager forth the monetary effects for the classes ended December 31, 2024 and 2023:

Backlog is a usual dimension old in our trade. Our method for figuring out backlog would possibly not, alternatively, be related to the methodologies old by means of others. Estimated backlog represents the volume of earnings we think to understand over the upcoming 18 months from date paintings on uncompleted development agreements, together with fresh agreements below which paintings has no longer begun, in addition to earnings from alternate orders and renewal choices. Our estimated backlog additionally contains quantities below grasp carrier and alternative carrier contracts and our proportionate percentage of estimated earnings from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for paintings below grasp carrier and alternative carrier contracts is ambitious in accordance with historic traits, expected seasonal affects, enjoy from indistinguishable initiatives and estimates of shopper call for in accordance with communications with our shoppers.

The tables might include negligible summation variations because of rounding.

MasTec makes use of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin, in addition to Adjusted Web Source of revenue, Adjusted Diluted Income In line with Proportion and Web Debt, to guage our efficiency, each internally and as when compared with its friends, as a result of those measures exclude positive pieces that is probably not indicative of its core, or underlying, working effects, in addition to pieces that may range broadly throughout other industries or amongst firms inside of the similar trade. MasTec believes that those adjusted measures handover a baseline for inspecting traits in its underlying industry. MasTec believes that those non-U.S. GAAP monetary measures handover significant data and backup buyers perceive its monetary effects and assess its possibilities for date efficiency. As a result of non-U.S. GAAP monetary measures don’t seem to be standardized, it is probably not conceivable to check those monetary measures with alternative firms’ non-U.S. GAAP monetary measures having the similar or indistinguishable names. Those monetary measures must no longer be thought to be in isolation from, as substitutes for, or spare measures of, reported internet source of revenue, internet source of revenue margin, diluted profits consistent with percentage or general debt, and must be seen along with essentially the most related U.S. GAAP monetary measures and the equipped reconciliations thereto. MasTec believes those non-U.S. GAAP monetary measures, when seen at the side of its U.S. GAAP effects and linked reconciliations, handover a extra entire figuring out of its industry. Traders are strongly inspired to study MasTec’s consolidated monetary statements and publicly filed stories of their entirety and no longer depend on any unmarried monetary measure.

MasTec, Inc. is a important infrastructure development corporate working principally all through North The united states throughout a field of industries. The Corporate’s number one actions come with the engineering, development, set up, repairs and improve of communications, power, worth and alternative infrastructure, reminiscent of: wi-fi, wireline/fiber and buyer success actions; energy supply infrastructure, together with transmission, distribution, grid hardening and modernization, environmental making plans and compliance; energy age infrastructure, basically from blank power and renewable assets; pipeline infrastructure, together with for herbal fuel, aqua and carbon seize sequestration pipelines and pipeline integrity services and products; large civil and commercial infrastructure, together with roads, bridges and rail; and environmental remediation services and products. MasTec’s shoppers are basically in those industries. The Corporate’s company web site is situated at www.mastec.com. The Corporate’s web site must be thought to be as a identified channel of distribution, and the Corporate might periodically publish impressive, or supplemental, data referring to agreements, awards or alternative linked information and webcasts at the Occasions & Displays web page within the Traders division therein.

This press shed accommodates forward-looking statements inside the which means of the Non-public Securities Litigation Reform Function. Ahead-looking statements come with, however don’t seem to be restricted to, statements with regards to expectancies in regards to the date monetary and operational efficiency of MasTec; expectancies referring to MasTec’s industry or monetary outlook; expectancies referring to MasTec’s plans, methods and alternatives; expectancies referring to alternatives, technological tendencies, aggressive positioning, date financial situations and alternative traits specifically markets or industries; the affect of inflation on MasTec’s prices and the power to get well larger prices, in addition to alternative statements reflecting expectancies, intentions, suppositions or ideals about date occasions and alternative statements that don’t relate strictly to historic or tide details. Those statements are in accordance with lately to be had working, monetary, financial and alternative data, and are matter to quite a lot of important dangers and uncertainties. Numerous elements along with the ones discussed above, a lot of which might be past our keep an eye on, may just motive original date effects to vary materially from the ones projected within the forward-looking statements. Alternative elements that may motive the sort of too much come with, however don’t seem to be restricted to: our talent to lead initiatives successfully and in response to our estimates, in addition to our talent to correctly estimate the prices related to our fastened value and alternative agreements, together with any subject material adjustments in estimates for of completion of initiatives and estimates of the recoverability of alternate orders; marketplace situations, together with emerging or increased ranges of inflation or rates of interest, regulatory or coverage adjustments, together with allowing processes, tax incentives and govt investment methods  that have an effect on us or our shoppers’ industries, get right of entry to to capital, subject material and hard work prices, delivery chain problems and technological tendencies, all of which might have an effect on call for for our carrier; adjustments to governmental methods and spending insurance policies, together with possible adjustments to the quantities equipped for only the Infrastructure Funding and Jobs Function and/or Inflation Aid Function, together with the possibility of diminished assistance for renewable power initiatives, adjustments in U.S or overseas tax rules, statutes, laws, laws or ordinances, together with the affect of, and adjustments to, price lists, together with the results of price lists imposed on oil and fuel imported from Canada, price lists imposed on items imported from China, together with metal and sun panels, and price lists on all metal and aluminum imports into the USA, or industry insurance policies affecting macroeconomic situations, together with inflation, in addition to, the industries we grant and linked initiatives and expenditures that can adversely affect our date monetary place or result of operations; dangers linked to governmental legislation, together with uncertainties from the alternate within the U.S. federal management; venture delays because of allowing processes, compliance with environmental and alternative regulatory necessities and demanding situations to the granting of venture lets in, which might motive larger prices and not on time or diminished earnings; the impact on call for for our services and products of adjustments within the quantity of capital expenditures by means of our shoppers because of, amongst alternative issues, financial situations, together with possible financial downturns, inflationary problems, tariff results, the provision and value of financing, delivery chain disruptions, climate-related issues, buyer consolidation within the industries we grant and/or the results of society fitness issues; process within the industries we grant and the affect at the expenditure ranges of our shoppers of, amongst alternative pieces, fluctuations in commodity costs, together with for gas and effort assets, fluctuations in the price of fabrics, hard work, provides or apparatus, and/or supply-related problems that have an effect on availability or motive delays for such pieces; the result of our plans for date operations, expansion and services and products, together with industry building efforts, backlog, acquisitions and inclinations; dangers linked to finished or possible acquisitions, together with our talent to combine got companies inside of anticipated timeframes, together with their industry operations, interior controls and/or methods, that could be discovered to have subject material weaknesses, and our talent to reach the earnings, price financial savings and profits ranges from such acquisitions at or above the degrees projected, in addition to the danger of possible asset impairment fees and write-downs of commendation; our talent to draw and conserve certified staff, key control and professional workers, together with from got companies, our talent to put into effect any noncompetition contracts, and our talent to conserve a personnel founded upon tide and expected workloads; any subject material adjustments in estimates for criminal prices or case settlements or antagonistic determinations on any declare, lawsuit or continuing; the adequacy of our insurance coverage, criminal and alternative reserves; antagonistic weather and climate occasions, reminiscent of the danger of wildfires, that building up operational and criminal dangers in positive places the place we carry out services and products, may just building up the prospective legal responsibility and linked prices related to such operations; the extremely aggressive nature of our trade and the power of our shoppers, together with our greatest shoppers, to end or drop the volume of labor, or in some circumstances, the costs paid for services and products, on trim or refuse realize below our agreements, and/or buyer disputes linked to our efficiency of services and products and the solution of unapproved alternate orders; the impact of circumstance and federal regulatory projects, together with dangers linked to and the prices of compliance with current and possible date environmental, social and governance necessities, together with with admire to climate-related issues; the timing and extent of fluctuations in operational, geographic and climate elements, together with from climate-related occasions, that have an effect on our shoppers, initiatives and the industries by which we function; necessities of and restrictions imposed by means of our credit score facility, expression loans, senior notes and any date loans or securities; methods and knowledge era interruptions and/or information safety breaches that would adversely have an effect on our talent to function, our working effects, our information safety or our popularity, or alternative cybersecurity-related issues; our dependence on a restricted collection of shoppers and our talent to switch non-recurring initiatives with fresh initiatives; dangers related to possible environmental problems and alternative hazards from our operations; disputes with, or disasters of, our subcontractors to bring agreed-upon provides or services and products in a well timed model, and the danger of being required to pay our subcontractors even supposing our shoppers don’t pay us; dangers linked to our strategic preparations, together with our fairness investments; dangers related to volatility of our inventory value or any dilution or inventory value volatility that shareholders might enjoy, together with on account of stocks we might factor as acquire attention in reference to acquisitions, or on account of alternative inventory issuances; our talent to acquire efficiency and surety bonds; dangers related to working in or increasing into extra global markets, together with dangers from larger price lists, fluctuations in foreign currency, overseas hard work and normal industry situations and dangers from failure to agree to rules acceptable to our overseas actions and/or governmental coverage doubt; dangers linked to our operations that make use of a unionized personnel, together with hard work availability, productiveness and family members, in addition to dangers related to multiemployer union pension plans, together with underfunding and withdrawal liabilities; dangers related to our interior controls over monetary reporting; dangers linked to a mini collection of our current shareholders with the ability to affect primary company selections, in addition to alternative dangers impressive in our filings with the Securities and Trade Fee. We consider those forward-looking statements are affordable; alternatively, you must no longer playground undue reliance on any forward-looking statements, which might be in accordance with tide expectancies. Moreover, forward-looking statements talk simplest as of the week they’re made. If any of those dangers or uncertainties materialize, or if any of our underlying suppositions are unsuitable, our original effects might vary considerably from the effects that we specific in, or suggest by means of, any of our forward-looking statements. Those and alternative dangers are impressive in our filings with the Securities and Trade Fee. We don’t adopt any legal responsibility to publicly replace or revise those forward-looking statements later the week of this press shed to replicate date occasions or cases, aside from as required by means of acceptable regulation. We qualify any and all of our forward-looking statements by means of those cautionary elements.

SOURCE MasTec, Inc.