Core Insights - MasTec, Inc. (MTZ) reported strong third-quarter earnings for 2024, exceeding Zacks Consensus Estimate and showing significant year-over-year growth [1][4] - Despite the strong earnings, revenues fell short of analysts' expectations and experienced a slight decline compared to the previous year [2][4] Financial Performance - Adjusted earnings per share (EPS) reached $1.63, surpassing the Zacks Consensus Estimate of $1.23 by 32.5% and increasing 71.6% year-over-year from $0.95 [4] - Revenues totaled $3.25 billion, missing the consensus mark of $3.45 billion by 5.3%, and slightly down from $3.26 billion reported in the same quarter last year [4] Operational Highlights - The company reported an adjusted EBITDA of $305.9 million, up 13% from $271.1 million in the prior-year period, with an adjusted EBITDA margin increasing to 9.4% from 8.3% [8] - As of September 30, 2024, MasTec had a backlog of $13.86 billion, reflecting an 11% year-over-year increase, driven by strong bookings in renewable energy projects [5] Segment Performance - Communications segment revenues rose to $927.2 million from $824.4 million year-over-year, with an adjusted EBITDA margin expanding by 200 basis points to 11.5% [6] - Clean Energy and Infrastructure revenues increased to $1,138.4 million from $1,099.9 million, though the adjusted EBITDA margin decreased to 7.5%, down 230 basis points [6] - Power Delivery segment revenues grew to $712.5 million from $665 million, but the adjusted EBITDA margin contracted by 100 basis points to 7.6% [7] - Oil and Gas segment revenues fell to $497.8 million from $672.3 million, while the adjusted EBITDA margin improved to 20.7%, up 620 basis points year-over-year [7] Future Guidance - For Q4 2024, MasTec expects revenues of approximately $3.325 billion, an increase from $3.28 billion reported in Q4 2023, with adjusted EBITDA estimated at $259 million [11] - The company revised its 2024 revenue guidance to approximately $12.225 billion, down from the previous expectation of $12.4 billion, while raising adjusted EBITDA expectations to around $990 million [12] - Adjusted EPS for 2024 is now anticipated to be $3.75, significantly up from $1.97 reported in the prior year [13]

Core Insights - MasTec reported a profit beat for the third quarter, driven by tight cost controls, leading to an 8.5% increase in share price [1] - The company earned $1.63 per share on revenue of $3.3 billion, surpassing Wall Street's expectations of $1.23 per share on $3.4 billion in sales [2] - MasTec's backlog increased to $13.9 billion, up $1.4 billion year-over-year, indicating strong future business prospects [3] Financial Performance - The third-quarter earnings of $1.63 per share reflect a significant improvement in profitability, aided by reductions in overhead, interest expenses, and depreciation [2] - The company anticipates fourth-quarter earnings of $1.29 per share, exceeding Wall Street's estimate of $0.94 per share, and expects full-year earnings of $3.75 per share, which is $0.71 better than expected [3] Market Position and Outlook - MasTec focuses on large-scale government, communications, and energy projects, with a strong demand outlook, although the conversion of demand into revenue remains uncertain [4] - Despite a nearly 80% increase in stock price year-to-date, the company is managing expenses carefully, suggesting a cautious approach for potential investors [4]

Core Insights - MasTec reported revenue of $3.25 billion for the quarter ended September 2024, a slight decrease of 0.1% year-over-year, with an EPS of $1.63, up from $0.95 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $3.43 billion, resulting in a surprise of -5.31%, while the EPS exceeded expectations by 32.52% compared to the consensus estimate of $1.23 [1] Revenue Breakdown - Communications revenue was $927.20 million, compared to an estimated $972.90 million, reflecting a year-over-year increase of 12.5% [3] - Oil & Gas revenue reached $497.80 million, surpassing the average estimate of $468.90 million, but showed a significant decline of 26% year-over-year [3] - Eliminations revenue was reported at -$23.50 million, worse than the estimated -$5 million, marking a drastic increase of 422.2% compared to the previous year [3] - Clean Energy and Infrastructure revenue was $1.14 billion, below the estimated $1.36 billion, with a year-over-year growth of 3.5% [3] - Power Delivery revenue was $712.50 million, exceeding the average estimate of $632 million, indicating a year-over-year increase of 7.1% [3] Stock Performance - Over the past month, MasTec's shares have declined by 4.1%, contrasting with a 1% increase in the Zacks S&P 500 composite [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

MasTec (MTZ) came out with quarterly earnings of $1.63 per share, beating the Zacks Consensus Estimate of $1.23 per share. This compares to earnings of $0.95 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 32.52%. A quarter ago, it was expected that this utility contractor would post earnings of $0.88 per share when it actually produced earnings of $0.96, delivering a surprise of 9.09%.Over the last four quarters, the company ...

Financial Performance - Third quarter 2024 revenue was $3.3 billion, consistent with the same period in 2023 [2] - GAAP net income for the third quarter 2024 was $105.4 million, or $1.21 per diluted share, compared to $15.3 million, or $0.18 per diluted share in the third quarter of 2023 [2] - Adjusted net income for the third quarter 2024 was $138.7 million, with adjusted diluted earnings per share of $1.63, reflecting increases of 83% and 71% respectively compared to the same quarter in 2023 [3] - Adjusted EBITDA for the third quarter 2024 was $305.9 million, up 13% from $271.1 million in the third quarter of 2023 [3] Backlog and Cash Flow - The 18-month backlog as of September 30, 2024, was $13.9 billion, an increase of $1.4 billion from the third quarter of 2023 [4] - Year-to-date cash flow generated by operating activities was $650 million, with days sales outstanding (DSO) at 68 days [5] Guidance and Expectations - The company expects full year 2024 revenue to be approximately $12.225 billion, with GAAP net income projected at $187 million, representing 1.5% of revenue [5] - For the fourth quarter of 2024, revenue is expected to be approximately $3.325 billion, with GAAP net income anticipated at $72 million [6] Management Commentary - The CEO highlighted margin expansion that exceeded guidance and emphasized the strength of the diversified business model, which provides visibility for future performance [5] - The CFO noted significant cash flow generation, with $278 million from operations in the quarter, and a reduction in net debt leverage to 2.2x [5]

Wall Street expects a year-over-year increase in earnings on higher revenues when MasTec (MTZ) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 31, 2024, might help the stock move higher if these key numbers are better than expec ...

MasTec, Inc.'s (MTZ) business has been witnessing strong growth over the past few quarters. This infrastructure construction company is banking on increasing demand for power, data capacity and network speed. In the past six months, MasTec's stock has gained 35% comparing favorably with the Zacks Building Products - Heavy Construction industry, the broader Construction sector and the S&P 500 index's growth of 27.3%, 7.7% and 10.8%, respectively. MTZ stock also outpaced its competitors like EMCOR Group, Inc. ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time. Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phas ...

The Construction group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has MasTec (MTZ) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Construction sector should help us answer this question. MasTec is a member of our Construction group, which includes 91 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 di ...

Core Viewpoint - MasTec, Inc. (MTZ) has demonstrated strong stock performance, gaining nearly 31% over the past six months, significantly outperforming its industry and broader market indices [1][3]. Company Performance - MTZ's stock has outperformed competitors such as EMCOR Group, Quanta Services, and AECOM, which saw gains of 18.9%, 10.8%, and 6.3% respectively during the same period [3]. - The stock is currently trading at $110.40, above its 50-day moving average of $106.62, indicating strong technical support [3]. Growth Outlook - The company is optimistic about growth opportunities, with a robust 18-month backlog of $13.3 billion providing visibility into 2024 [4]. - Full-year revenue guidance has been raised to $12.4 billion, up from a previous estimate of $12.55 billion, reflecting a year-over-year increase from $12 billion [4]. - Adjusted EBITDA is projected to reach $975 million, an increase from $860.3 million in 2023, with an improved margin of 7.9% [4]. Segment Performance - The Clean Energy and Infrastructure segment is expected to grow by 10% in 2024, reaching $4.4 billion in revenues [5]. - The backlog for the Clean Energy and Infrastructure segment increased by 10.3% year-over-year, with a 1.2x book-to-bill ratio, indicating strong future project visibility [6]. - The Power Delivery segment backlog saw a 12% year-over-year increase, supported by a major high-voltage transmission project starting in 2025, projected to generate $300-$500 million annually through 2028 [6]. Strategic Initiatives - MasTec has strengthened its relationship with AT&T, its largest wireless client, which is expected to significantly boost its wireless business starting in the second half of 2024 [9]. - The company is positioned for nearly 20% organic revenue growth in the second half of 2024, driven by demand for wireline services and anticipated funding from the Broadband Equity, Access, and Deployment (BEAD) program [10]. Investment Strategy - MasTec remains focused on strategic acquisitions, completing four in 2023 and five in 2022, while also holding equity stakes in telecommunications entities [11]. - Analysts have shown confidence in MTZ, with upward revisions in earnings estimates for 2024 and 2025 [13]. - The company has a solid earnings surprise history, surpassing consensus estimates in three of the last four quarters, with an average surprise of 19.4% [14]. Market Position - MasTec, with an $8.75 billion market cap, is well-positioned to capitalize on converging trends in the infrastructure construction sector, making it an attractive investment option [16]. - Upward revisions in earnings estimates support its Zacks Rank 2 (Buy) rating, reinforcing its appeal to investors [17].