[Second Quarter 2025 Performance Highlights](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Highlights) MasTec achieved record Q2 2025 results, with revenue up 20% to $3.5 billion and backlog up 23% to $16.5 billion Q2 2025 Performance Metrics | Metric | Q2 2025 Value | Year-over-Year Change | | :--- | :--- | :--- | | **Revenue** | $3.5 billion | +20% | | **18-Month Backlog** | $16.5 billion | +23% | | **GAAP Diluted EPS** | $1.09 | +153% | | **Adjusted Diluted EPS** | $1.49 | +49% | | **GAAP Net Income** | $90.1 million | +106% (calculated) | | **Adjusted EBITDA** | $274.8 million | +1.3% (calculated) | - Management attributes the strong performance to an exceptionally strong demand climate across all market segments and clean execution against these opportunities[4](index=4&type=chunk) - The company raised its full-year 2025 guidance, increasing the midpoint for Diluted EPS by ~6% to $4.71 and Adjusted Diluted EPS by ~4% to $6.33[5](index=5&type=chunk) [Consolidated Financial Results (Q2 2025)](index=2&type=section&id=Consolidated%20Financial%20Results%20%28Q2%202025%29) MasTec's Q2 2025 revenue increased 19.7% to $3,545 million, with GAAP Net Income doubling, offset by Adjusted EBITDA margin contraction and reduced cash flow Consolidated Financial Metrics | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $3,545M | $2,961M | +19.7% | | **GAAP Net Income** | $90M | $44M | +105.9% | | **Adjusted EBITDA** | $275M | $271M | +1.3% | | **Adjusted EBITDA Margin** | 7.8% | 9.2% | -141 bps | | **GAAP Diluted EPS** | $1.09 | $0.43 | +153.5% | | **Adjusted Diluted EPS** | $1.49 | $1.00 | +49.0% | | **Cash from Operations** | $6M | $264M | -97.9% | | **18-Month Backlog** | $16,452M | $13,338M | +23.3% | - The increase in GAAP Net Income was driven by higher project volumes, lower depreciation, and lower interest expense compared to the prior year[8](index=8&type=chunk) - Backlog growth of 23% was driven by increases across all four segments, with the Pipeline Infrastructure segment showing notable strength in new awards[9](index=9&type=chunk) [Segment Performance (Q2 2025)](index=2&type=section&id=Segment%20Performance%20%28Q2%202025%29) Non-pipeline segments showed strong Q2 2025 growth, with revenue up over 20%, while Pipeline Infrastructure revenue declined 5.7% with significant margin contraction [Communications](index=2&type=section&id=Communications) Communications segment revenue grew 41.6% to $836.9 million in Q2 2025, with EBITDA margin improving 90 basis points to 9.9% Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $836.9M | $591.1M | +41.6% | | **EBITDA** | $82.6M | $53.1M | +55.5% | | **EBITDA Margin** | 9.9% | 9.0% | +90 bps | - Revenue growth was primarily fueled by increased levels of wireless and wireline project activity, which was partially offset by lower install-to-the-home project work[11](index=11&type=chunk) [Clean Energy and Infrastructure](index=2&type=section&id=Clean%20Energy%20and%20Infrastructure) Clean Energy and Infrastructure revenue grew 20.1% to $1,131.4 million in Q2 2025, with EBITDA margin expanding 230 basis points to 7.4% Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,131.4M | $942.3M | +20.1% | | **EBITDA** | $83.3M | $47.4M | +75.7% | | **EBITDA Margin** | 7.4% | 5.0% | +230 bps | - The substantial increase in EBITDA margin was due to a combination of positive effects from certain renewable project close-outs and improved productivity on other projects[14](index=14&type=chunk) [Power Delivery](index=3&type=section&id=Power%20Delivery) Power Delivery revenue grew 20.4% to $1,045.6 million in Q2 2025, with EBITDA margin contracting 50 basis points to 8.7% due to reduced efficiencies Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,045.6M | $868.4M | +20.4% | | **EBITDA** | $91.3M | $80.1M | +14.0% | | **EBITDA Margin** | 8.7% | 9.2% | -50 bps | - The decrease in EBITDA margin was mainly caused by reduced efficiencies at certain project sites, which was partially offset by the positive impact of higher volume[16](index=16&type=chunk) [Pipeline Infrastructure](index=3&type=section&id=Pipeline%20Infrastructure) Pipeline Infrastructure revenue declined 5.7% to $539.7 million in Q2 2025 due to project completion, with EBITDA margin sharply decreasing 1,210 basis points to 11.5% Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $539.7M | $572.4M | -5.7% | | **EBITDA** | $62.1M | $135.1M | -54.0% | | **EBITDA Margin** | 11.5% | 23.6% | -1,210 bps | - The revenue decrease was primarily driven by the completion of the Mountain Valley Pipeline in the prior year period[17](index=17&type=chunk) - The sharp decline in EBITDA margin was attributed to reduced efficiencies and investments made to support future growth[18](index=18&type=chunk) [Updated 2025 Financial Guidance](index=3&type=section&id=Updated%202025%20Financial%20Guidance) MasTec raised its full-year 2025 guidance, projecting revenue of $13.9-$14.0 billion and Adjusted Diluted EPS of $6.23-$6.44, with Q3 2025 revenue anticipated at $3.9 billion Financial Guidance Estimates | Metric | 3Q'25 Estimate | Full Year 2025 Estimate | | :--- | :--- | :--- | | **Revenue** | $3,900M | $13,900M - $14,000M | | **GAAP Net Income** | $156M | $388M - $408M | | **Adjusted EBITDA** | $370M | $1,130M - $1,160M | | **Adjusted EBITDA Margin** | 9.5% | 8.1% - 8.3% | | **GAAP Diluted EPS** | $1.87 | $4.61 - $4.82 | | **Adjusted Diluted EPS** | $2.28 | $6.23 - $6.44 | - The updated full-year guidance represents a ~4% increase in the midpoint for Adjusted Diluted EPS and a 60% year-over-year increase[5](index=5&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) MasTec's unaudited consolidated financial statements as of June 30, 2025, are presented, covering operations, balance sheet, cash flows, and a detailed segment backlog [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 revenue increased to $3,544.7 million from $2,961.1 million, with net income attributable to MasTec, Inc. rising significantly to $85.8 million, or $1.09 per diluted share Consolidated Statements of Operations Key Figures | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Revenue** | $3,544,705 | $2,961,086 | | **Income before income taxes** | $120,793 | $63,112 | | **Net income** | $90,133 | $43,768 | | **Net income attributable to MasTec, Inc.** | $85,766 | $33,988 | | **Diluted earnings per share** | $1.09 | $0.43 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, MasTec's total assets were $9,132.2 million and total liabilities were $6,117.8 million, reflecting a slight increase from year-end 2024 Consolidated Balance Sheet Key Figures | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $3,746,999 | $3,652,530 | | **Total assets** | $9,132,156 | $8,975,275 | | **Total current liabilities** | $3,067,658 | $2,999,699 | | **Long-term debt** | $2,096,775 | $2,038,017 | | **Total liabilities** | $6,117,791 | $5,987,932 | | **Total equity** | $3,014,365 | $2,987,343 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for the six months ended June 30, 2025, was $84.0 million, a sharp decline from $372.2 million in 2024, with cash equivalents at $191.1 million Consolidated Statements of Cash Flows Key Figures | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $84,011 | $372,199 | | **Net cash used in investing activities** | ($86,653) | ($24,470) | | **Net cash used in financing activities** | ($207,274) | ($579,078) | | **Cash and cash equivalents - end of period** | $191,052 | $297,586 | [Backlog Details](index=5&type=section&id=Backlog%20Details) MasTec's 18-month backlog reached a record $16,452 million at Q2 2025, up 23.3% year-over-year, with all segments contributing to the growth Backlog Details by Segment | (In millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | **Communications** | $5,008 | $4,906 | $4,448 | | **Clean Energy and Infrastructure** | $4,922 | $4,416 | $3,666 | | **Power Delivery** | $5,062 | $5,024 | $4,424 | | **Pipeline Infrastructure** | $1,460 | $1,534 | $800 | | **Total 18-month backlog** | **$16,452** | **$15,880** | **$13,338** | [Non-GAAP Reconciliations and Supplemental Disclosures](index=6&type=section&id=Non-GAAP%20Reconciliations%20and%20Supplemental%20Disclosures) This section details reconciliations of non-GAAP financial measures to GAAP, including Adjusted EBITDA by segment and reconciliations for Adjusted Net Income, Adjusted Diluted EPS, Net Debt, and Free Cash Flow [Segment Revenue and Adjusted EBITDA (Q2 2025)](index=6&type=section&id=Segment%20Revenue%20and%20Adjusted%20EBITDA%20%28Q2%202025%29) Q2 2025 segment performance details revenue and Adjusted EBITDA, with Clean Energy and Infrastructure as the largest revenue segment at $1,131.4 million, and Power Delivery as the largest Adjusted EBITDA contributor Segment Revenue and Adjusted EBITDA Breakdown | Q2 2025 (In millions) | Revenue | Adjusted EBITDA | Adj. EBITDA Margin | | :--- | :--- | :--- | :--- | | **Communications** | $836.9 | $82.6 | 9.9% | | **Clean Energy and Infrastructure** | $1,131.4 | $83.3 | 7.4% | | **Power Delivery** | $1,045.6 | $91.3 | 8.7% | | **Pipeline Infrastructure** | $539.7 | $62.1 | 11.5% | | **Segment Total** | **$3,265.0** | **$326.5** | **9.2%** | [Reconciliation of Non-GAAP Measures (Q2 2025)](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures%20%28Q2%202025%29) Q2 2025 GAAP Net Income of $90.1 million is reconciled to non-GAAP measures, resulting in Adjusted EBITDA of $274.8 million and Adjusted Diluted EPS of $1.49 after adjustments Reconciliation of Non-GAAP Measures | Reconciliation (Q2 2025, in millions) | Amount | | :--- | :--- | | **Net income** | **$90.1** | | Interest expense, net | $43.9 | | Provision for income taxes | $30.7 | | Depreciation | $69.9 | | Amortization of intangible assets | $32.7 | | **EBITDA** | **$267.3** | | Non-cash stock-based compensation | $9.4 | | Other adjustments | ($1.8) | | **Adjusted EBITDA** | **$274.8** | [Reconciliation of Financial Guidance (Q3 & FY 2025)](index=8&type=section&id=Reconciliation%20of%20Financial%20Guidance%20%28Q3%20%26%20FY%202025%29) MasTec provides reconciliation for Q3 and full-year 2025 guidance, detailing how GAAP Net Income and Diluted EPS are adjusted to derive non-GAAP Adjusted EBITDA and Adjusted Diluted EPS Full Year 2025 Guidance Reconciliation | FY 2025 Guidance Reconciliation (In millions) | Low End | High End | | :--- | :--- | :--- | | **Net income** | **$388** | **$408** | | Interest, Taxes, D&A | ~$609 | ~$619 | | **EBITDA** | **$1,097** | **$1,127** | | Non-cash stock-based comp & other | ~$33 | ~$33 | | **Adjusted EBITDA** | **$1,130** | **$1,160** | Q3 2025 Guidance Reconciliation | Q3 2025 Guidance Reconciliation (In millions) | Amount | | :--- | :--- | | **Net income** | **$156** | | Interest, Taxes, D&A | ~$204 | | **EBITDA** | **$360** | | Non-cash stock-based comp & other | ~$10 | | **Adjusted EBITDA** | **$370** | [Company Information and Disclaimers](index=3&type=section&id=Company%20Information%20and%20Disclaimers) This section outlines MasTec's four primary business segments, provides investor call details, and includes legal disclaimers regarding non-GAAP measures and forward-looking statements - MasTec is a leading North American infrastructure engineering and construction company operating under four main segments: - **Communications:** Wireless and wireline/fiber infrastructure - **Power Delivery:** Utility transmission and distribution - **Pipeline Infrastructure:** Natural gas pipeline installation and maintenance - **Clean Energy and Infrastructure:** Renewable energy, heavy civil, and industrial markets[22](index=22&type=chunk) - The report contains forward-looking statements regarding future financial performance and business outlook, which are subject to significant risks and uncertainties detailed in the company's SEC filings[46](index=46&type=chunk) - The company uses non-GAAP measures like EBITDA, Adjusted EBITDA, and Free Cash Flow to evaluate performance, believing they provide a better understanding of underlying business trends. Reconciliations to GAAP measures are provided[44](index=44&type=chunk)

Part I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for the period ended June 30, 2025, reflect significant year-over-year growth in revenue and net income, an increase in total assets, and a notable decrease in operating cash flow due to working capital changes [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, MasTec reported substantial revenue growth to **$3.54 billion** and a significant increase in net income to **$85.8 million**, with diluted EPS rising to **$1.09** Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $3,544,705 | $2,961,086 | +19.7% | $6,392,423 | $5,647,935 | +13.2% | | **Income before income taxes** | $120,793 | $63,112 | +91.4% | $129,737 | $17,574 | +638.2% | | **Net income attributable to MasTec, Inc.** | $85,766 | $33,988 | +152.3% | $95,669 | $(7,192) | N/A | | **Diluted EPS** | $1.09 | $0.43 | +153.5% | $1.21 | $(0.09) | N/A | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$9.13 billion**, driven by contract assets, while cash and cash equivalents significantly decreased to **$191.1 million** Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $3,746,999 | $3,652,530 | | Cash and cash equivalents | $191,052 | $399,903 | | Contract assets | $1,797,190 | $1,555,807 | | **Total Assets** | **$9,132,156** | **$8,975,275** | | **Total Current Liabilities** | $3,067,658 | $2,999,699 | | Long-term debt, including finance leases | $2,096,775 | $2,038,017 | | **Total Liabilities** | **$6,117,791** | **$5,987,932** | | **Total Equity** | **$3,014,365** | **$2,987,343** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased to **$84.0 million** for H1 2025, primarily due to working capital changes, while financing activities saw lower net debt repayments Six Months Ended June 30, Cash Flow Summary (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $84,011 | $372,199 | | **Net cash used in investing activities** | $(86,653) | $(24,470) | | Capital expenditures | $(111,076) | $(56,907) | | **Net cash used in financing activities** | $(207,274) | $(579,078) | | Repurchases of common stock | $(77,326) | $— | | **Net decrease in cash and cash equivalents** | $(208,851) | $(231,975) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment realignment, **$11.4 billion** in remaining performance obligations, and significant debt refinancing activities including a new **$600 million** term loan - In **Q1 2025**, the company realigned its Communications and Power Delivery segments by moving a utility operations component from Communications to Power Delivery to better align with end markets and management structure[25](index=25&type=chunk)[99](index=99&type=chunk) - As of June 30, 2025, remaining performance obligations (backlog) totaled **$11.4 billion**. The company expects to recognize approximately **$5.4 billion** (**47.5%**) of this as revenue during the remainder of 2025[34](index=34&type=chunk) - In June 2025, the company entered into a new **$600 million** senior unsecured term loan facility maturing in 2028 and amended its credit facility, extending the maturity to 2030. Proceeds were used to repay existing term loans[72](index=72&type=chunk)[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **19.7%** YoY revenue growth in Q2 2025, driven by strong segment performance and a substantial increase in the **$16.5 billion** 18-month backlog, while addressing liquidity and working capital changes [Business Overview and Backlog](index=29&type=section&id=Business%20Overview%20and%20Backlog) MasTec's 18-month estimated backlog significantly increased to **$16.45 billion** as of June 30, 2025, driven by growth across all major segments 18-Month Estimated Backlog by Segment (in millions) | Reportable Segment | June 30, 2025 | June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Communications | $5,008 | $4,448 | +12.6% | | Clean Energy and Infrastructure | $4,922 | $3,666 | +34.2% | | Power Delivery | $5,062 | $4,424 | +14.4% | | Pipeline Infrastructure | $1,460 | $800 | +82.5% | | **Total Estimated Backlog** | **$16,452** | **$13,338** | **+23.4%** | - Approximately **48%** of the June 30, 2025 backlog is attributable to master service agreements, which are not contractually committed and can be canceled on short notice[150](index=150&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Consolidated revenue for Q2 2025 increased **19.7%** to **$3.5 billion**, driven by strong segment growth, while net income surged to **$85.8 million** despite gross margin impacts Q2 2025 vs Q2 2024 Segment Performance (Revenue in millions) | Segment | Q2 2025 Revenue | Q2 2024 Revenue | YoY Change | Q2 2025 EBITDA | Q2 2024 EBITDA | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Communications | $836.9 | $591.1 | +41.6% | $82.6 | $53.1 | +55.5% | | Clean Energy & Infra. | $1,131.4 | $942.3 | +20.1% | $83.3 | $47.4 | +75.7% | | Power Delivery | $1,045.6 | $868.4 | +20.4% | $91.3 | $80.1 | +14.0% | | Pipeline Infrastructure | $539.7 | $572.4 | -5.7% | $62.1 | $135.1 | -54.0% | - The Communications segment's revenue growth was driven by higher wireless and wireline project activity, while EBITDA margin improved by **90 basis points** due to better efficiencies[185](index=185&type=chunk)[186](index=186&type=chunk) - The Pipeline Infrastructure segment saw a significant decline in EBITDA margin by **1,210 basis points**, primarily due to reduced efficiencies from lower revenue on large-diameter pipeline projects and unfavorable project mix[191](index=191&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=37&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by its **$1.9 billion** credit facility, despite a decrease in H1 2025 operating cash flow to **$84 million** and an increase in DSO to **65 days** - Net cash provided by operating activities decreased by **$288 million** in H1 2025 compared to H1 2024, primarily due to negative timing-related changes in accounts receivable and contract liabilities[222](index=222&type=chunk)[223](index=223&type=chunk) - Days Sales Outstanding (DSO) increased to **65 days** as of June 30, 2025, from **60 days** as of December 31, 2024, due to the timing of ordinary course billing and collection activities[224](index=224&type=chunk) - In June 2025, the company amended its credit facility, extending maturity to 2030, and entered a new **$600 million** term loan to repay existing debt, enhancing its financial flexibility[227](index=227&type=chunk)[230](index=230&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from its variable-rate debt, where a **100 basis point** increase would raise H1 2025 interest expense by **$4 million**, while foreign currency risk remains minimal - As of June 30, 2025, the company had approximately **$647 million** in variable-rate debt outstanding. A **100 basis point** increase in interest rates would have increased interest expense by about **$4 million** for the first six months of 2025[236](index=236&type=chunk)[237](index=237&type=chunk) - Fixed-rate debt, including Senior Notes and finance leases, totaled approximately **$1.56 billion**, mitigating exposure to rising interest rates on that portion of the debt portfolio[238](index=238&type=chunk) - Foreign currency risk is limited as revenue from foreign operations, primarily in Canada, represented only about **1%** of total revenue for the first half of 2025[239](index=239&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during Q2 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[244](index=244&type=chunk) - No material changes were made to the company's internal control over financial reporting during the quarter ended June 30, 2025[245](index=245&type=chunk) Part II. OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 12 for legal proceedings, applying a **$1 million** disclosure threshold for environmental matters involving governmental authorities - For details on legal proceedings, the report incorporates by reference Note 12 – Commitments and Contingencies[246](index=246&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) The company highlights the risk of recent tariff and trade actions potentially increasing construction material costs and reducing customer capital expenditures, adversely affecting business - A key risk identified is the potential adverse effect of recent U.S. and international tariff and trade actions on the business[249](index=249&type=chunk) - These trade actions could increase costs for essential construction materials (steel, concrete, solar panels), potentially leading customers to reduce capital spending and demand for MasTec's services[249](index=249&type=chunk)[250](index=250&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, MasTec repurchased **391,892** shares, completing its March 2020 program, and authorized a new **$250 million** share repurchase program Q2 2025 Share Repurchases | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Program | | :--- | :--- | :--- | :--- | | April 2025 | 380,574 | $109.06 | 369,968 | | May 2025 | 6,157 | $143.98 | — | | June 2025 | 5,161 | $159.68 | — | | **Total Q2** | **391,892** | **N/A** | **369,968** | - The company completed its **$150 million** March 2020 share repurchase program in April 2025[252](index=252&type=chunk) - A new **$250 million** share repurchase program was authorized in May 2025, with the full amount remaining available as of June 30, 2025[252](index=252&type=chunk) [Item 4. Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are provided in Exhibit 95.1 of the Form 10-Q - Mine safety disclosures are provided in Exhibit 95.1 to the report[253](index=253&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading plans or other trading arrangements during Q2 2025 - No directors or officers made changes to their Rule 10b5-1 trading plans during the quarter[254](index=254&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists key exhibits filed with the Form 10-Q, including the amended credit agreement, new term loan agreement, and CEO/CFO certifications - Key exhibits filed include the Amended and Restated Credit Agreement and the new Term Loan Agreement, both dated June 26, 2025[258](index=258&type=chunk)

Core Insights - The Zacks Building Products - Heavy Construction industry is experiencing strong growth driven by favorable long-term trends, despite facing near-term challenges such as inflation and elevated interest rates [1][8]. Industry Overview - The industry encompasses mechanical and electrical construction, industrial and energy infrastructure, and building service providers, focusing on heavy civil construction projects like highways, bridges, and ports [3]. - Companies in this sector are engaged in engineering, construction, and maintenance of communications infrastructure, oil and gas pipelines, and energy processing facilities [3]. Growth Drivers - A robust federal infrastructure agenda is unlocking significant investments in transportation, broadband, and energy networks, leading to increased demand in high-growth sectors [2]. - The data center market's expansion is creating new opportunities for heavy construction firms, driven by the need for large-scale infrastructure solutions [2][5]. - The ramp-up of 5G projects is benefiting industry players, with increased demand for wireline and wireless networks [6]. Trends Impacting the Industry - The U.S. administration's infrastructure plan aims to create sustainable infrastructure, which is expected to significantly impact the construction industry over the next five years [4]. - Acquisitions are being utilized by companies to solidify product portfolios and leverage new business opportunities, particularly in renewable energy projects [7]. Financial Performance - The Zacks Building Products - Heavy Construction industry has outperformed the broader Zacks Construction sector and the S&P 500, with a collective gain of 49.8% over the past year compared to 0.3% for the sector and 16.1% for the S&P 500 [13]. - The industry's forward 12-month price-to-earnings ratio is currently at 22.94, slightly above the S&P 500's 22.87 [17]. Company Highlights - **MasTec, Inc. (MTZ)**: Reports an 18-month backlog of $15.88 billion, a 23.7% year-over-year increase, with a growth outlook supported by diversified operations and strategic focus on clean energy [20][21]. - **Orion Group Holdings, Inc. (ORN)**: Positioned to benefit from rising demand for specialized marine and concrete services, with a focus on operational efficiency and debt reduction [25][26]. - **Primoris Services Corporation (PRIM)**: Gaining from increased activity in power delivery and renewable energy projects, with a robust backlog of $11.4 billion [29][30]. - **Dycom Industries, Inc. (DY)**: Leveraging demand for telecommunications infrastructure, particularly in 5G and fiber-optic deployment, with a strong financial performance reflected in recent earnings [34][35].

Group 1 - Wall Street analysts expect MasTec (MTZ) to report quarterly earnings of $1.41 per share, reflecting a year-over-year increase of 46.9% [1] - Revenues for the upcoming quarter are projected to be $3.39 billion, which represents a 14.5% increase from the same quarter last year [1] - There has been a 0.6% upward revision in the consensus EPS estimate over the last 30 days, indicating analysts' reassessment of their forecasts [1] Group 2 - Analysts estimate 'Revenue- Communications' to reach $770.03 million, a decrease of 6.6% from the prior-year quarter [4] - 'Revenue- Oil & Gas' is expected to be $473.06 million, indicating a decline of 17.4% year-over-year [4] - 'Revenue- Power Delivery' is forecasted to be $999.78 million, showing a significant increase of 57.1% compared to the previous year [4] Group 3 - The consensus estimate for 'Revenue- Clean Energy and Infrastructure' stands at $1.15 billion, reflecting a year-over-year increase of 22% [5] - 'Adjusted EBITDA- Communications' is projected to reach $85.09 million, up from $81.90 million in the same quarter last year [5] - 'Adjusted EBITDA- Oil and Gas' is expected to be $66.56 million, down from $135.10 million reported in the same quarter last year [6] Group 4 - 'Adjusted EBITDA- Power Delivery' is estimated at $82.60 million, compared to $51.40 million in the previous year [6] - 'Adjusted EBITDA- Clean Energy and Infrastructure' is projected to be $81.45 million, up from $47.40 million year-over-year [7] - MasTec shares have increased by 11.9% in the past month, outperforming the Zacks S&P 500 composite's 3.4% increase [7]

Core Insights - MasTec, Inc. (MTZ) is set to report its second-quarter 2025 results on July 31, with expectations of strong earnings and revenue growth driven by infrastructure spending and clean energy investments [1][3][9] Group 1: Earnings and Revenue Expectations - The Zacks Consensus Estimate for MTZ's second-quarter earnings is stable at $1.41 per share, reflecting a 46.9% year-over-year increase [2] - The estimated revenue for the second quarter is $3.39 billion, indicating a 14.5% rise compared to the previous year [2] - MasTec expects adjusted EBITDA to be between $270 million and $280 million, up from $267.8 million reported a year ago [7] Group 2: Segment Performance - The Clean Energy and Infrastructure segment is projected to generate revenues of $1.15 billion, an increase from $942 million in the prior quarter [5] - The Power Delivery segment is expected to report revenues of $1 billion, up from $637 million a year ago, supported by the Greenlink transmission project [6] - The Communications segment's revenues are estimated at $770 million, down from $825 million reported last year [10] Group 3: Market Trends and Backlog - MasTec's diversified business model and strong market demand position it well for growth, particularly in Clean Energy, Power Delivery, and Communications [4] - The company's backlog is currently pegged at $15.88 billion, an increase from $13.34 billion reported a year ago, indicating strong customer demand [6] Group 4: Challenges and Risks - Adverse weather conditions, productivity issues in Power Delivery, and higher hiring costs in Communications may have negatively impacted performance [8] - Project delays in Clean Energy and unfavorable project mix in Pipeline Infrastructure are also expected to affect results [8]

Market Overview - The U.S. markets have shown an upward trend, with the S&P 500 and Nasdaq Composite reaching all-time highs, increasing by 1.32% and 0.64% respectively last week [1] - Positive corporate earnings and expectations of easing tariffs and trade policies have bolstered investor confidence [1] - Concerns over inflation and signs of a potential economic slowdown are influencing the Federal Reserve's cautious stance on interest rates [1] Economic Indicators - The Conference Board's Leading Economic Indicator fell by 0.3% in June, indicating early signs of a slowdown, with weakened consumer expectations and fewer manufacturing orders [2] - The S&P Global's U.S. flash PMI data for July indicated an acceleration in business activity driven by the services sector, while the manufacturing PMI dropped to 49.5 [2] - Initial jobless claims decreased by 4,000 to 217,000 for the week ending July 19, suggesting a resilient labor market with limited layoffs [2] Stock Performance - AngloGold Ashanti plc's shares increased by 23.1% since its upgrade to Zacks Rank 1 on May 19, outperforming the S&P 500's 7.2% increase [3][4] - NN Group N.V. saw a return of 12.1% since its upgrade to Zacks Rank 1 on May 29, compared to the S&P 500's 8.4% increase [4] - Zacks Rank 1 stocks returned +6.51% in May 2025, outperforming the S&P 500's +4.47% [5] Portfolio Performance - A hypothetical portfolio of Zacks Rank 1 stocks has outperformed the S&P 500 index by more than 12 percentage points since 1988 [6] - The Zacks Focus List portfolio returned +8.84% in 2025 (through June 30) compared to +6.21% for the S&P 500 [14] - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, outperforming the S&P 500's -4.30% decline [18] Notable Stocks - Intellia Therapeutics, Inc. gained 60.3% over the past 12 weeks, while Caterpillar Inc. returned 41.3% in the same period [13][14] - OptimizeRx Corporation and Artisan Partners Asset Management saw increases of 18.2% and 14.6% respectively since their upgrades to Outperform [10] - Hershey Company returned 17.8% over the past 12 weeks, benefiting from investor interest in quality dividend stocks [20]

Core Viewpoint - MasTec (MTZ) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4]. MasTec's Earnings Outlook - MasTec is projected to earn $6.07 per share for the fiscal year ending December 2025, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for MasTec has increased by 10.1%, reflecting a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [9][10].

Group 1 - Janus International Group, Inc. (JBI) has shown strong year-to-date performance, returning about 22.3% since the start of the calendar year, significantly outperforming the average gain of 2.5% in the Construction sector [4] - The Zacks Consensus Estimate for JBI's full-year earnings has increased by 35.4% over the past quarter, indicating improved analyst sentiment and earnings outlook [4] - JBI currently holds a Zacks Rank of 2 (Buy), suggesting it has characteristics that may lead to outperformance in the market over the next one to three months [3][4] Group 2 - Janus International Group, Inc. is part of the Building Products - Miscellaneous industry, which has seen an average loss of 3.7% this year, highlighting JBI's relative strength in performance [6] - In comparison, MasTec (MTZ), another Construction stock, has also outperformed the sector with a year-to-date increase of 26.3% and holds a Zacks Rank of 2 (Buy) [5][7] - The Building Products - Heavy Construction industry, to which MasTec belongs, is currently ranked 2 and has gained 17.2% year to date, indicating a strong performance within that segment [7]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: MasTec (MTZ) - MasTec currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance in the market [3] Price Performance - Over the past week, MasTec shares increased by 5.06%, outperforming the Zacks Building Products - Heavy Construction industry, which rose by 4.72% [5] - In a longer timeframe, MasTec shares have risen by 57.49% over the last three months and 66.56% over the past year, significantly outperforming the S&P 500, which increased by 10.42% and 14.64% respectively [6] Trading Volume - The average 20-day trading volume for MasTec is 780,297 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the last two months, four earnings estimates for MasTec have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from $5.76 to $6.07 [9] - For the next fiscal year, three estimates have also moved upwards with no downward revisions [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, MasTec is identified as a promising stock to consider for near-term investment [11]

Core Insights - The article emphasizes the importance of investing in growth and momentum stocks that are reasonably priced and have the potential to outperform the market over the long term [1] - It highlights a successful investment strategy where the S&P 500 increased by 367% and the Nasdaq by 685% from 2009 to 2019, following a recommendation to buy at the financial crisis's bottom in March 2009 [1] Investment Strategy - The focus is on long-term investment in high-quality growth stocks, utilizing options as part of the strategy [1] - The goal is to assist investors in making money through strategic investments in quality stocks [1]