MasTec Announces First Quarter 2024 Financial Results and Raises Guidance for the Year
MasTec, Inc. announced Q1 2024 financial results, with revenue of $2.7 billion and a net loss improvement of $46 million. The company raised its annual 2024 revenue guidance to $12.55 billion, with a GAAP net income of $121 million. Adjusted EBITDA was $157.3 million, reflecting positive growth.
Record Q1 2024 revenue of $2.7 billion.
Improvement in net loss by $46 million compared to Q1 2023.
Annual 2024 revenue guidance raised to $12.55 billion.
GAAP net income guidance of $121 million for 2024.
Adjusted EBITDA of $157.3 million in Q1 2024, showcasing growth.
Losses reported in Q1 2024.
Net debt reduction not as significant as expected.
Decline in Q1 2024 adjusted net loss and adjusted diluted loss per share compared to Q1 2023.
Insights
Upon reviewing MasTec's Q1 financial results, it's apparent that the company has managed to achieve a respectable turnaround from the previous year. The significant reduction in GAAP net loss from $80.5 million in Q1 2023 to $34.5 million in Q1 2024 illustrates an improved operational efficiency. This is a bullish signal for investors, indicating that management's strategies may be taking effect. Notably, beating consensus estimates on both revenue and adjusted EBITDA margins can generate positive sentiment in the market. However, the GAAP net loss positions the company in a delicate spot, as future performance must substantiate the positive outlook provided by the raised guidance.
The increase in revenue by 4% year-over-year is modest but points to steady growth. Incremental improvements in key performance metrics, such as EBITDA, suggest a better handling of operational costs. The 18-month backlog increasing to $12.8 billion provides a cushion of visibility into future revenues, which is a positive factor for longer-term investment considerations. The raised guidance for annual 2024 revenue and earnings reflects management's confidence in continued growth. Investors should, however, be cautious about the company's ability to sustain and translate backlog into actual earnings, considering the backdrop of economic uncertainties.
From a market perspective, MasTec's positioning in industries such as communications, clean energy and power delivery is strategically aligned with current trends towards infrastructure modernization and renewable energy. The CEO's comments on the company's diversification strategy resonate with the growing demand for infrastructure upgrades, especially in the context of increasing power demands and digitalization of the economy. These factors bode well for MasTec's growth trajectory in the medium to long term.
However, challenges such as supply chain disruptions, regulatory changes, or shifts in energy and infrastructure policies could affect MasTec's project execution and margins. As MasTec operates in a competitive and capital-intensive industry, its ability to manage costs and navigate global market fluctuations will be critical for its future performance. Investors with a keen interest in the infrastructure construction sector should monitor macroeconomic indicators and policy developments, as these could significantly impact the company's performance and stock price.
- Record First Quarter 2024 Revenue of
$2.7 Billion - First Quarter 2024 GAAP Net Loss of
$34.5 Million $46.0 Million $33.1 Million - First Quarter 2024 Adjusted EBITDA of
$157.3 Million $54.8 Million $28.7 Million - First Quarter 2024 Diluted Loss Per Share of
$0.53 $0.13 $0.33 $0.35 - 18-month Backlog as of March 31, 2024 of
$12.8 Billion $430 Million - Annual 2024 Guidance Increased to Revenue of
$12.55 Billion $121 Million $257 Million $975 Million $1.23 $2.95
First quarter 2024 revenue was up
First quarter 2024 adjusted net loss and adjusted diluted loss per share, both non-GAAP measures, were
18-month backlog as of March 31, 2024, was
Adjusted net (loss) income, adjusted diluted (loss) earnings per share, adjusted EBITDA, adjusted EBITDA margin and net debt, which are all non-GAAP measures, exclude certain items which 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 "Our first quarter results significantly exceeded our expectations, and I expect 2024 to begin the validation of our investment and diversification strategy over the last few years. I believe that the investments we have made in broadening our service line offerings have placed us at the forefront of the country's future infrastructure needs. The expected power demand growth will have a significant impact on our Power Delivery, Clean Energy and Infrastructure, and Oil and Gas segments; coupled with the increasing demand for data capacity and speed impacting Communications, position all of our segments for growth."
Paul DiMarco, MasTec's Executive Vice President and Chief Financial Officer, noted, "We are pleased to have exceeded our first quarter earnings guidance in each segment and reduced net debt leverage further than expected to 2.7x. We look forward to building on this momentum in subsequent quarters as we focus on executing for our clients and capitalizing on the numerous opportunities afforded by our end markets."
Based on the information available today, the Company is providing second quarter and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately
For the second quarter of 2024, the Company expects revenue of approximately
Management will hold a conference call to discuss these results on Friday, May 3, 2024 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 224-1005 with a pass code of 2706030. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed for 60 days through the Investors section of the Company's website at www.mastec.com.
The following tables set forth the financial results for the periods ended March 31, 2024 and 2023:
Consolidated Statements of Operations | ||||
(unaudited - in thousands, except per share information) | ||||
For the Three Months Ended | ||||
2024 | 2023 | |||
Revenue | $ 2,686,849 | $ 2,584,659 | ||
Costs of revenue, excluding depreciation and amortization | 2,379,672 | 2,359,494 | ||
Depreciation | 107,435 | 107,247 | ||
Amortization of intangible assets | 33,691 | 41,944 | ||
General and administrative expenses | 165,536 | 163,914 | ||
Interest expense, net | 52,059 | 52,693 | ||
Equity in earnings of unconsolidated affiliates, net | (9,219) | (9,152) | ||
Other expense (income), net | 3,213 | (6,201) | ||
Loss before income taxes | $ (45,538) | $ (125,280) | ||
Benefit from income taxes | 11,079 | 44,734 | ||
Net loss | $ (34,459) | $ (80,546) | ||
Net income (loss) attributable to non-controlling interests | 6,721 | (6) | ||
Net loss attributable to MasTec, Inc. | $ (41,180) | $ (80,540) | ||
Loss per share: | ||||
Basic and diluted loss per share | $ (0.53) | $ (1.05) | ||
Basic and diluted weighted average common shares outstanding | 77,942 | 76,984 | ||
Consolidated Balance Sheets | |||
(unaudited - in thousands) | |||
March 31, | December 31, | ||
Assets | |||
Current assets | $ 3,445,470 | $ 3,974,253 | |
Property and equipment, net | 1,572,766 | 1,651,462 | |
Operating lease right-of-use assets | 424,575 | 418,685 | |
Goodwill, net | 2,126,041 | 2,126,366 | |
Other intangible assets, net | 751,008 | 784,260 | |
Other long-term assets | 425,493 | 418,485 | |
Total assets | $ 8,745,353 | $ 9,373,511 | |
Liabilities and Equity | |||
Current liabilities | $ 2,633,371 | $ 2,837,219 | |
Long-term debt, including finance leases | 2,537,091 | 2,888,058 | |
Long-term operating lease liabilities | 291,707 | 292,873 | |
Deferred income taxes | 347,424 | 390,399 | |
Other long-term liabilities | 245,736 | 243,701 | |
Total equity | 2,690,024 | 2,721,261 | |
Total liabilities and equity | $ 8,745,353 | $ 9,373,511 | |
Consolidated Statements of Cash Flows | |||
(unaudited - in thousands) | |||
For the Three Months Ended | |||
2024 | 2023 | ||
Net cash provided by (used in) operating activities | $ 107,750 | $ (86,371) | |
Net cash used in investing activities | (13,031) | (89,486) | |
Net cash used in financing activities | (374,822) | (53,442) | |
Effect of currency translation on cash | (132) | 267 | |
Net decrease in cash and cash equivalents | $ (280,235) | $ (229,032) | |
Cash and cash equivalents - beginning of period | $ 529,561 | $ 370,592 | |
Cash and cash equivalents - end of period | $ 249,326 | $ 141,560 | |
Backlog by Reportable Segment (unaudited - in millions) | March 31, | December 31, | March 31, | ||
Communications | $ 5,797 | $ 5,627 | $ 5,602 | ||
Clean Energy and Infrastructure | 3,504 | 3,115 | 3,546 | ||
Power Delivery | 2,479 | 2,440 | 2,731 | ||
Oil and Gas | 1,057 | 1,225 | 2,013 | ||
Other | — | — | — | ||
Estimated 18-month backlog | $ 12,837 | $ 12,407 | $ 13,892 |
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 | ||||
Segment Information | 2024 | 2023 | ||
Revenue by Reportable Segment | ||||
Communications | $ 732.9 | $ 806.6 | ||
Clean Energy and Infrastructure | 753.5 | 824.9 | ||
Power Delivery | 571.0 | 709.4 | ||
Oil and Gas | 633.8 | 256.5 | ||
Other | — | — | ||
Eliminations | (4.4) | (12.7) | ||
Consolidated revenue | $ 2,686.8 | $ 2,584.7 | ||
For the Three Months Ended | ||||
2024 | 2023 | |||
Adjusted EBITDA by Segment | ||||
EBITDA | $ 147.6 | $ 76.6 | ||
Non-cash stock-based compensation expense (a) | 9.7 | 8.5 | ||
Acquisition and integration costs (b) | — | 17.1 | ||
Losses on fair value of investment (a) | — | 0.2 | ||
Adjusted EBITDA | $ 157.3 | $ 102.5 | ||
Segment: | ||||
Communications | $ 48.8 | $ 61.7 | ||
Clean Energy and Infrastructure | 20.4 | 10.5 | ||
Power Delivery | 27.4 | 49.1 | ||
Oil and Gas | 92.8 | 14.5 | ||
Other | 7.0 | 7.1 | ||
Segment Total | $ 196.4 | $ 142.9 | ||
Corporate | (39.1) | (40.4) | ||
Adjusted EBITDA | $ 157.3 | $ 102.5 | ||
(a) | Non-cash stock-based compensation expense and losses on the fair value of an investment are included within Corporate EBITDA. |
(b) | For the three month period ended March 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | ||||
(unaudited - in millions, except for percentages and per share information) | ||||
For the Three Months Ended | ||||
2024 | 2023 | |||
Adjusted EBITDA Margin by Segment | ||||
EBITDA Margin | 5.5 % | 3.0 % | ||
Non-cash stock-based compensation expense (a) | 0.4 % | 0.3 % | ||
Acquisition and integration costs (b) | — % | 0.7 % | ||
Losses on fair value of investment (a) | — % | 0.0 % | ||
Adjusted EBITDA margin | 5.9 % | 4.0 % | ||
Segment: | ||||
Communications | 6.7 % | 7.7 % | ||
Clean Energy and Infrastructure | 2.7 % | 1.3 % | ||
Power Delivery | 4.8 % | 6.9 % | ||
Oil and Gas | 14.6 % | 5.7 % | ||
Other | NM | NM | ||
Segment Total | 7.3 % | 5.5 % | ||
Corporate | — | — | ||
Adjusted EBITDA margin | 5.9 % | 4.0 % | ||
NM - Percentage is not meaningful | |
(a) | Non-cash stock-based compensation expense and losses on the fair value of an investment are included within Corporate EBITDA. |
(b) | For the three month period ended March 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | ||||
(unaudited - in millions, except for percentages and per share information) | ||||
For the Three Months Ended | ||||
2024 | 2023 | |||
EBITDA and Adjusted EBITDA Reconciliation | ||||
Net loss | $ (34.5) | $ (80.5) | ||
Interest expense, net | 52.1 | 52.7 | ||
Benefit from income taxes | (11.1) | (44.7) | ||
Depreciation | 107.4 | 107.2 | ||
Amortization of intangible assets | 33.7 | 41.9 | ||
EBITDA | $ 147.6 | $ 76.6 | ||
Non-cash stock-based compensation expense | 9.7 | 8.5 | ||
Acquisition and integration costs | — | 17.1 | ||
Losses on fair value of investment | — | 0.2 | ||
Adjusted EBITDA | $ 157.3 | $ 102.5 | ||
For the Three Months Ended | ||||
2024 | 2023 | |||
EBITDA and Adjusted EBITDA Margin Reconciliation | ||||
Net loss | (1.3) % | (3.1) % | ||
Interest expense, net | 1.9 % | 2.0 % | ||
Benefit from income taxes | (0.4) % | (1.7) % | ||
Depreciation | 4.0 % | 4.1 % | ||
Amortization of intangible assets | 1.3 % | 1.6 % | ||
EBITDA margin | 5.5 % | 3.0 % | ||
Non-cash stock-based compensation expense | 0.4 % | 0.3 % | ||
Acquisition and integration costs | — % | 0.7 % | ||
Losses on fair value of investment | — % | 0.0 % | ||
Adjusted EBITDA margin | 5.9 % | 4.0 % | ||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | ||||
(unaudited - in millions, except for percentages and per share information) | ||||
For the Three Months Ended | ||||
2024 | 2023 | |||
Adjusted Net Loss Reconciliation | ||||
Net loss | $ (34.5) | $ (80.5) | ||
Non-cash stock-based compensation expense | 9.7 | 8.5 | ||
Amortization of intangible assets | 33.7 | 41.9 | ||
Acquisition and integration costs | — | 17.1 | ||
Losses on fair value of investment | — | 0.2 | ||
Income tax effect of adjustments (a) | (12.2) | (29.2) | ||
Adjusted net loss | $ (3.3) | $ (41.9) | ||
For the Three Months Ended | ||||
2024 | 2023 | |||
Adjusted Diluted Loss per Share Reconciliation | ||||
Diluted loss per share | $ (0.53) | $ (1.05) | ||
Non-cash stock-based compensation expense | 0.12 | 0.11 | ||
Amortization of intangible assets | 0.43 | 0.54 | ||
Acquisition and integration costs | — | 0.22 | ||
Losses on fair value of investment | — | 0.00 | ||
Income tax effect of adjustments (a) | (0.16) | (0.38) | ||
Adjusted diluted loss per share | $ (0.13) | $ (0.54) | ||
(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. |
Calculation of Net Debt | March 31, | December 31, | |
Current portion of long-term debt, including finance leases | $ 180.6 | $ 177.2 | |
Long-term debt, including finance leases | 2,537.1 | 2,888.1 | |
Total Debt | $ 2,717.7 | $ 3,065.3 | |
Less: cash and cash equivalents | (249.3) | (529.6) | |
Net Debt | $ 2,468.4 | $ 2,535.7 |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||
(unaudited - in millions, except for percentages and per share information) | |||||
Guidance for the | For the Year | For the Year | |||
EBITDA and Adjusted EBITDA Reconciliation | |||||
Net income (loss) | $ 121 | $ (47.3) | $ 33.9 | ||
Interest expense, net | 213 | 234.4 | 112.3 | ||
Provision for (benefit from) income taxes | 45 | (35.4) | 9.2 | ||
Depreciation | 424 | 433.9 | 371.2 | ||
Amortization of intangible assets | 134 | 169.2 | 135.9 | ||
EBITDA | $ 937 | $ 754.9 | $ 662.5 | ||
Non-cash stock-based compensation expense | 38 | 33.3 | 27.4 | ||
Acquisition and integration costs | — | 71.9 | 86.0 | ||
Losses on fair value of investment | — | 0.2 | 7.7 | ||
Project results from non-controlled joint venture | — | — | (2.8) | ||
Bargain purchase gain | — | — | (0.2) | ||
Adjusted EBITDA | $ 975 | $ 860.3 | $ 780.6 | ||
Guidance for the | For the Year | For the Year | |||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||||
Net income (loss) | 1.0 % | (0.4) % | 0.3 % | ||
Interest expense, net | 1.7 % | 2.0 % | 1.1 % | ||
Provision for (benefit from) income taxes | 0.4 % | (0.3) % | 0.1 % | ||
Depreciation | 3.4 % | 3.6 % | 3.8 % | ||
Amortization of intangible assets | 1.1 % | 1.4 % | 1.4 % | ||
EBITDA margin | 7.5 % | 6.3 % | 6.8 % | ||
Non-cash stock-based compensation expense | 0.3 % | 0.3 % | 0.3 % | ||
Acquisition and integration costs | — % | 0.6 % | 0.9 % | ||
Losses on fair value of investment | — % | 0.0 % | 0.1 % | ||
Project results from non-controlled joint venture | — % | — % | (0.0) % | ||
Bargain purchase gain | — % | — % | (0.0) % | ||
Adjusted EBITDA margin | 7.8 % | 7.2 % | 8.0 % | ||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||
(unaudited - in millions, except for percentages and per share information) | |||||
Guidance for the | For the Year | For the Year | |||
Adjusted Net Income Reconciliation | |||||
Net income (loss) | $ 121 | $ (47.3) | $ 33.9 | ||
Non-cash stock-based compensation expense | 38 | 33.3 | 27.4 | ||
Amortization of intangible assets | 134 | 169.2 | 135.9 | ||
Acquisition and integration costs | — | 71.9 | 86.0 | ||
Losses on fair value of investment | — | 0.2 | 7.7 | ||
Project results from non-controlled joint venture | — | — | (2.8) | ||
Bargain purchase gain | — | — | (0.2) | ||
Income tax effect of adjustments (a) | (36) | (75.3) | (58.6) | ||
Statutory and other tax rate effects (b) | — | 4.6 | 5.5 | ||
Adjusted net income | $ 257 | $ 156.7 | $ 234.8 | ||
Guidance for the | For the Year | For the Year | |||
Adjusted Diluted Earnings per Share Reconciliation | |||||
Diluted earnings (loss) per share | $ 1.23 | $ (0.64) | $ 0.42 | ||
Non-cash stock-based compensation expense | 0.48 | 0.43 | 0.36 | ||
Amortization of intangible assets | 1.70 | 2.16 | 1.78 | ||
Acquisition and integration costs | — | 0.92 | 1.13 | ||
Losses on fair value of investment | — | 0.00 | 0.10 | ||
Project results from non-controlled joint venture | — | — | (0.04) | ||
Bargain purchase gain | — | — | (0.00) | ||
Income tax effect of adjustments (a) | (0.46) | (0.96) | (0.77) | ||
Statutory and other tax rate effects (b) | — | 0.06 | 0.07 | ||
Adjusted diluted earnings per share | $ 2.95 | $ 1.97 | $ 3.05 | ||
(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) | For the years ended December 31, 2023 and 2022, represents the effect of statutory and other tax rate changes. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||
(unaudited - in millions, except for percentages and per share information) | |||
Guidance for the | For the Three | ||
EBITDA and Adjusted EBITDA Reconciliation | |||
Net income | $ 40 | $ 16.8 | |
Interest expense, net | 54 | 59.4 | |
Provision for income taxes | 15 | 2.9 | |
Depreciation | 108 | 103.0 | |
Amortization of intangible assets | 34 | 42.0 | |
EBITDA | $ 250 | $ 224.2 | |
Non-cash stock-based compensation expense | 10 | 8.6 | |
Acquisition and integration costs | — | 22.7 | |
Adjusted EBITDA | $ 260 | $ 255.4 | |
Guidance for the | For the Three | ||
EBITDA and Adjusted EBITDA Margin Reconciliation | |||
Net income | 1.3 % | 0.6 % | |
Interest expense, net | 1.7 % | 2.1 % | |
Provision for income taxes | 0.5 % | 0.1 % | |
Depreciation | 3.5 % | 3.6 % | |
Amortization of intangible assets | 1.1 % | 1.5 % | |
EBITDA margin | 8.1 % | 7.8 % | |
Non-cash stock-based compensation expense | 0.3 % | 0.3 % | |
Acquisition and integration costs | — % | 0.8 % | |
Adjusted EBITDA margin | 8.4 % | 8.9 % | |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||
(unaudited - in millions, except for percentages and per share information) | |||
Guidance for the | For the Three | ||
Adjusted Net Income Reconciliation | |||
Net income | $ 40 | $ 16.8 | |
Non-cash stock-based compensation expense | 10 | 8.6 | |
Amortization of intangible assets | 34 | 42.0 | |
Acquisition and integration costs | — | 22.7 | |
Income tax effect of adjustments (a) | (8) | (19.3) | |
Adjusted net income | $ 75 | $ 70.7 | |
Guidance for the | For the Three | ||
Adjusted Diluted Earnings per Share Reconciliation | |||
Diluted earnings per share | $ 0.43 | $ 0.20 | |
Non-cash stock-based compensation expense | 0.12 | 0.11 | |
Amortization of intangible assets | 0.43 | 0.54 | |
Acquisition and integration costs | — | 0.29 | |
Income tax effect of adjustments (a) | (0.10) | (0.25) | |
Adjusted diluted earnings per share | $ 0.88 | $ 0.89 | |
(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. |
The tables may contain slight summation differences due to rounding.
MasTec uses EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin, as well as Adjusted Net (Loss) Income, Adjusted Diluted (Loss) Earnings Per Share and Net Debt, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these adjusted measures provide a baseline for analyzing trends in its underlying business. MasTec believes that these non-
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec's business or financial outlook; expectations regarding MasTec's plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec's costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: market conditions, including from rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers' industries, supply chain issues and technological developments; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of state and federal regulatory initiatives, including risks related to the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
View original content:https://www.prnewswire.com/news-releases/mastec-announces-first-quarter-2024-financial-results-and-raises-guidance-for-the-year-302135131.html
SOURCE MasTec, Inc.
FAQ
<p>What was MasTec's Q1 2024 revenue?</p>
MasTec reported a Q1 2024 revenue of $2.7 billion.
<p>What is MasTec's updated annual revenue guidance for 2024?</p>
MasTec raised its annual revenue guidance for 2024 to $12.55 billion.
<p>What was MasTec's adjusted EBITDA in Q1 2024?</p>
MasTec's adjusted EBITDA in Q1 2024 was $157.3 million.
