MasTec(US:MTZ)2025-10-30 20:14Financial Performance - Revenue for the three months ended September 30, 2025, was $3,966,948, representing a 22% increase from $3,252,427 in the same period of 2024[8] - Net income for the three months ended September 30, 2025, was $166,497, up 58% from $105,410 in the prior year[11] - Earnings per share (EPS) for the three months ended September 30, 2025, was $2.07, compared to $1.22 for the same period in 2024, reflecting a 70% increase[8] - The company reported a comprehensive income of $163,916 for the three months ended September 30, 2025, compared to $98,163 in the same period of 2024, indicating a 66.7% increase[11] - The company experienced a comprehensive loss of $4.69 million for the three months ended September 30, 2025, compared to a loss of $7.25 million in the same period of 2024, reflecting an improvement of 35.1%[16] - The total comprehensive income for the three months ended September 30, 2025, was $155.97 million, compared to $98.16 million for the same period in 2024, indicating a significant increase of 58.8%[16] - Net income for the nine months ended September 30, 2025, was $268,958 thousand, a significant increase from $114,719 thousand in the same period of 2024, representing a growth of 134%[21] Assets and Liabilities - Total assets as of September 30, 2025, were $9,693,450, an increase from $8,975,275 as of December 31, 2024[13] - Current assets increased to $4,307,006 as of September 30, 2025, from $3,652,530 at the end of 2024, marking a 17.9% growth[13] - Long-term debt, including finance leases, rose to $2,199,486 as of September 30, 2025, from $2,038,017 at the end of 2024[13] - Total liabilities increased to $6,514,117 thousand as of September 30, 2025, from $5,987,932 thousand at the end of 2024, an increase of about 9%[14] - The company’s treasury stock amounted to $734,133 thousand as of September 30, 2025, compared to $656,807 thousand at the end of 2024, reflecting an increase of approximately 12%[14] Equity and Retained Earnings - The company’s retained earnings increased to $2,564,910 as of September 30, 2025, up from $2,308,581 at the end of 2024[13] - The total equity of MasTec, Inc. increased to $3,179,333 as of September 30, 2025, compared to $2,987,343 at the end of 2024[13] - The total equity of MasTec, Inc. as of September 30, 2025, was $3,179.33 million, compared to $2,828.71 million as of September 30, 2024, indicating a year-over-year increase of 12.4%[16] Cash Flow and Capital Expenditures - Cash flows from operating activities decreased to $172,976 thousand in 2025 from $649,926 thousand in 2024, indicating a decline of approximately 73%[21] - Capital expenditures increased to $179,764 thousand in 2025 from $100,538 thousand in 2024, marking an increase of approximately 79%[21] - The company incurred a net cash used in investing activities of $155,327 thousand in 2025, compared to $80,798 thousand in 2024, representing an increase of 92%[21] Revenue Segmentation - The company operates under five reportable segments: Communications, Clean Energy and Infrastructure, Power Delivery, Pipeline Infrastructure, and Other, focusing on various infrastructure services[23] - For the three months ended September 30, 2025, revenue from projects under master service and other service agreements accounted for 43% of consolidated revenue, compared to 41% for the same period in 2024[30] - Revenue derived from projects under master service agreements totaled 45% of consolidated revenue for the nine months ended September 30, 2025, compared to 40% for the same period in 2024[30] Acquisitions and Goodwill - As of September 30, 2025, the total goodwill was $2.21 billion, an increase from $2.20 billion as of December 31, 2024, primarily due to new business combinations[49] - The company made acquisitions totaling approximately $19 million in cash during the nine months ended September 30, 2025, including a telecommunications construction company and a roadway infrastructure company[58] - The aggregate purchase price for the company's 2024 acquisitions was approximately $88 million in cash, net of cash acquired, plus a five-year earn-out liability valued at approximately $56 million[60] Stock and Share Repurchase - The company repurchased common stock amounting to $77,326 thousand during the nine months ended September 30, 2025[21] - The company completed a $150 million share repurchase program during the second quarter of 2025, repurchasing 0.7 million shares for an aggregate price of $77.3 million[98] - The company repurchased 702,533 shares of its common stock during the nine months ended September 30, 2025, reducing the weighted average shares outstanding by approximately 483,000 shares[48] Tax and Regulatory Impact - The effective tax rate for the nine months ended September 30, 2025, was 21.2%, down from 25.8% for the same period in 2024, indicating a reduction of 4.6 percentage points[103] - The Company expects no material impacts from the new tax legislation signed into law on July 4, 2025, known as the One Big Beautiful Bill Act (OBBBA)[104] Future Outlook - The company anticipates future revenue growth based on existing operations, excluding potential impacts from future acquisitions or strategic arrangements[148] - The Company expects to recognize the majority of its remaining performance obligations over the subsequent two-year period following 2025[34]