Core Insights - The article discusses the journey of Rich Karlgaard, a late bloomer who eventually found success, and draws parallels to MasTec (MTZ), suggesting that late-blooming companies can also thrive despite past struggles [3][15]. Company Overview - MasTec is positioned within a growing industry that is essential for building the infrastructure of the digital world, including sectors like AI, climate change, digital healthcare, and electric vehicles [3][15]. - The company has a long history, with predecessor companies dating back to 1929, and it went public in 1998 [6]. Financial Performance - MasTec's revenue growth over the past three years has been 19.88%, significantly higher than the industry median of 11.14% [8]. - However, the company's EBITDA growth has been negative at -2.38% over three years, contrasting with the industry median of 11.73% [8]. - The company has faced challenges in translating sales growth into profitability, with core fundamentals showing weakness [8][9]. Recent Developments - MasTec has been actively acquiring companies, spending $1.2 billion in 2021 and $635.8 million in 2022, which has increased its long-term debt significantly [14]. - The company has encountered difficulties with its recent acquisition of Infrastructure and Energy Alternatives (IEA), leading to revenue challenges in its Clean Energy and Infrastructure segment [14][15]. Future Outlook - Despite recent setbacks, MasTec's management expresses confidence in future growth, particularly in the Clean Energy and Infrastructure segment, with expectations of significant revenue growth in the second half of 2023 [15][22]. - The company anticipates organic revenue growth of nearly 20% in 2024 compared to the previous year [23]. Industry Trends - The Communications segment is evolving from wireline to wireless, driven by the demand for 5G and Internet of Things (IoT) technologies [24]. - The Power Delivery segment is critical for addressing aging infrastructure and climate change, with increasing investments in grid hardening and maintenance [25][27]. - The Oil and Gas segment remains vital, focusing on gas pipeline transportation, which is essential for meeting current energy demands [29]. Valuation Metrics - MasTec's forward P/E ratio is 34.49, significantly higher than the industry median of 17.94, indicating that the market expects strong future growth [34]. - The projected 3-5 year EPS growth rate for MasTec is 20%, compared to the industry average of 14.59% [34]. Investment Sentiment - The article concludes with a "Buy" rating for MasTec, suggesting that despite its high valuation, the company's growth prospects justify the premium [40].

MasTec (MTZ) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Individual ...

| --- | --- | |-------------------------------------------------------------------------------------|-------| | MasTec Second Quarter 2024 Earnings Call Presentation August 2, 2024 NYSE: MTZ | | | | | | | | Safe Harbor Statement Intrastructure that Octivers This presentation 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 o ...

Core Insights - MasTec, Inc. reported mixed results for Q2 2024, with adjusted earnings per share (EPS) of 96 cents exceeding the Zacks Consensus Estimate of 88 cents, while revenues of $2.96 billion fell short of the consensus mark of $3.09 billion [4][11] - The company's performance was driven by strong contributions from the Oil and Gas segment, which saw a 67.5% year-over-year increase, while other segments experienced softer contributions [2][7] Financial Performance - Adjusted EPS increased from 89 cents in the year-ago quarter to 96 cents, marking a 7.9% year-over-year growth [4] - Revenues grew 3.1% from $2.87 billion a year ago, despite missing the consensus estimate by 4.2% [4] - Adjusted EBITDA rose to $267.8 million, up 4.9% from $255.4 million in the prior-year period, with an adjusted EBITDA margin increasing to 9% from 8.9% [9] Segment Performance - Oil and Gas segment revenues increased to $572.4 million, with an adjusted EBITDA margin expanding to 23.6% [7] - Communications segment revenues decreased to $824.6 million from $868.7 million, with a contraction in adjusted EBITDA margin to 9.9% [7] - Clean Energy and Infrastructure revenues fell to $942.3 million from $969.7 million, with an adjusted EBITDA margin of 5% [7] - Power Delivery segment revenues totaled $636.6 million, down from $702.6 million, with an adjusted EBITDA margin of 8.1% [8] Backlog and Future Outlook - As of June 30, 2024, MasTec had an 18-month backlog of $13.3 billion, down 0.7% year-over-year but up 3.9% sequentially, driven by strong bookings in the Clean Energy & Infrastructure segment [6] - The company expects Q3 2024 revenues of approximately $3.45 billion, an increase from $3.26 billion reported in Q3 2023, and adjusted EBITDA of around $295 million, up from $271 million a year ago [11] - For the full year 2024, MasTec revised its revenue guidance to approximately $12.4 billion, up from a prior estimate of $12.55 billion, while maintaining an adjusted EBITDA expectation of around $975 million [12][13]

For the quarter ended June 2024, MasTec (MTZ) reported revenue of $2.96 billion, up 3% over the same period last year. EPS came in at $0.96, compared to $0.89 in the year-ago quarter. The reported revenue represents a surprise of -4.19% over the Zacks Consensus Estimate of $3.09 billion. With the consensus EPS estimate being $0.88, the EPS surprise was +9.09%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations ...

MasTec (MTZ) came out with quarterly earnings of $0.96 per share, beating the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $0.89 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 9.09%. A quarter ago, it was expected that this utility contractor would post a loss of $0.47 per share when it actually produced a loss of $0.13, delivering a surprise of 72.34%. Over the last four quarters, the company has ...

Financial Performance - Revenue for Q2 2024 was $2,961,086, an increase of 3.0% compared to $2,874,115 in Q2 2023[6] - Net income for Q2 2024 was $43,768, compared to $16,754 in Q2 2023, representing a year-over-year increase of 161.5%[6] - Comprehensive income for Q2 2024 was $42,893, compared to $22,337 in Q2 2023, indicating a year-over-year increase of 92.5%[8] - The net loss for the six months ended June 30, 2024, was $9,309,000, compared to a net loss of $63,792,000 for the same period in 2023[19] - The Company recognized revenue of approximately $374.1 million for the six-month period ended June 30, 2024, compared to $342.2 million for the same period in 2023, representing an increase of about 9.5%[43] - Consolidated revenue for the six months ended June 30, 2024, was $5,648 million, an increase of approximately $189 million, or 3%, compared to $5,459 million for the same period in 2023[96] Assets and Liabilities - Total assets decreased to $8,678,986 as of June 30, 2024, down from $9,373,511 at the end of 2023, reflecting a decline of 7.4%[10] - Total liabilities decreased to $5,944,879 as of June 30, 2024, down from $6,652,250 at the end of 2023, a reduction of 10.6%[10] - As of June 30, 2024, MasTec, Inc. reported total equity of $2,734,107,000, a slight decrease from $2,741,187,000 as of December 31, 2023[15] - As of June 30, 2024, the total debt obligations amounted to $2,578.3 million, a decrease from $3,078.8 million as of December 31, 2023, reflecting a reduction of approximately 16.3%[44] Cash Flow and Capital Expenditures - Cash flows from operating activities for the six months ended June 30, 2024, provided $372,199,000, a significant improvement from cash used of $97,910,000 in the prior year[19] - The company incurred capital expenditures of $56,907,000 for the six months ended June 30, 2024, down from $119,067,000 in the same period of 2023[19] - Capital expenditures for the first half of 2024 were approximately $57 million, with an estimated total of $175 million planned for the full year[107] Expenses - General and administrative expenses decreased to $167,081 in Q2 2024, down from $176,155 in Q2 2023, a decrease of 5.1%[6] - Interest expense, net, for the three months ended June 30, 2024, was $50.6 million, down from $59.4 million in the same period in 2023[89] - General and administrative expenses totaled $333 million, or 5.9% of revenue, for the six months ended June 30, 2024, a decrease of approximately $7 million, or 2%, compared to the same period in 2023[98] Segment Performance - EBITDA for the Oil and Gas segment increased significantly to $135.1 million in Q2 2024, compared to $77.0 million in Q2 2023, reflecting a growth of 75.3%[67] - Oil and Gas segment revenue increased by approximately $608 million, or 102%, totaling $1,206 million for the six months ended June 30, 2024, driven by higher project activity[98] - Communications segment revenue decreased by approximately $118 million, or 7%, totaling $1,558 million for the six months ended June 30, 2024, attributed to lower wireless and wireline project activity[96] Backlog and Future Expectations - Estimated backlog as of June 30, 2024, is $13.338 billion, an increase from $12.837 billion as of March 31, 2024[85] - The company anticipates realizing approximately 45% of its estimated backlog in 2024[85] - The company expects continued challenges from elevated market interest rates and cost inflation for the remainder of 2024[82] Acquisitions and Investments - The company completed four acquisitions in 2023, with an aggregate purchase price of approximately $69 million in cash and an earn-out liability valued at approximately $1 million[34] - In July 2024, the company acquired a construction company for approximately $35 million in cash, focusing on underground utility infrastructure[34] - The company plans to continue evaluating opportunities for strategic acquisitions and investments, indicating a proactive approach to growth[107] Tax and Regulatory Matters - The Company’s effective tax rate for the six-month period ended June 30, 2024, was 47.0%, reflecting an increase in non-deductible expenses compared to the same period in 2023[63] - The effective tax rate for the three months ended June 30, 2024, was 30.7%, compared to 14.9% for the same period in 2023[94] - The SEC adopted final rules for climate-related disclosures, effective for fiscal years beginning on or after January 1, 2025, which the Company is currently monitoring[28] Shareholder Information - The company had $77.3 million available for future share repurchases under its March 2020 share repurchase program as of June 30, 2024[60] - During the three months ended June 30, 2024, the company repurchased a total of 25,291 shares of common stock at an average price of $98.61 per share[130] Risk Factors - There have been no material changes to risk factors disclosed in the 2023 Form 10-K, including those related to inflation and interest rates[129] - The company is subject to fluctuations in foreign currency exchange rates, which could increase with future expansion outside the United States[123] - Management actively monitors inflationary factors and their potential effects on business operations and financial condition[121]

Record Second Quarter 2024 Revenue of $3.0 Billion Second Quarter 2024 Diluted Earnings Per Share of $0.43 and Adjusted Diluted Earnings Per Share of $0.96, $0.08 Above Expectations Second Quarter 2024 GAAP Net Income of $43.8 Million and Adjusted EBITDA of $267.8 Million, $7.8 Million Above Expectations 18-month Backlog as of June 30, 2024 of $13.3 Billion Increased $501 Million Sequentially from the First Quarter of 2024 and Represents Record Levels for the Clean Energy and Infrastructure, Power Delivery ...

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. The collective assessment of analysts points to an estimated 'Revenue- Communications' of $825.00 million. The estimate indicates a year-over-year change of -5%. View all Key Company Metrics for MasTec here>>> While investors typically use consensus earnings and revenue estimate ...

CORAL GABLES, Fla., July 18, 2024 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it will release results of operations for the quarter ended June 30, 2024, after the market closes on Thursday, August 1, 2024. Senior Management will also hold a conference call to discuss these results on Friday, August 2, 2024, at 9:00 a.m. Eastern time. The call-in number for the live conference call is (856) 344-9221 or (888) 204-4368, with a confirmation code of 3980141. Additionally, the call will be broad ...