MasTec Inc ( (MTZ) ) has released its Q3 earnings. Here is a breakdown of the information MasTec Inc presented to its investors.
MasTec, Inc. is a leading infrastructure construction company operating primarily in North America, specializing in engineering, building, installation, maintenance, and upgrades across communications, energy, utility, and other infrastructure sectors. In its third quarter of 2024, MasTec reported a revenue of $3.3 billion, maintaining the same level as the previous year, but with significant margin expansion. The company’s diluted earnings per share were $1.21, with adjusted diluted earnings per share at $1.63, both surpassing expectations. Additionally, MasTec achieved a record 18-month backlog of $13.9 billion, indicating strong future project commitments.
Key financial highlights for the quarter included a GAAP net income of $105.4 million and an adjusted EBITDA of $305.9 million, both exceeding forecasts. The company’s year-to-date cash flow from operations was robust at $650 million, while the days sales outstanding stood at 68 days. MasTec’s diversified business model and strong backlog provide it with visibility into future work, which is expected to sustain its performance heading into 2025.
Looking ahead, MasTec has increased its full-year 2024 guidance, expecting revenue to reach approximately $12.225 billion. The company anticipates a GAAP net income of around $187 million, representing 1.5% of revenue, with an adjusted EBITDA projected at $990 million. With favorable macrotrends in its end markets, MasTec plans to prioritize capital allocation to capitalize on growth opportunities.
