MasTec(US:MTZ)2025-10-30 20:27Financial Performance - MasTec reported a record revenue of $4.0 billion for Q3 2025, representing a 22% year-over-year increase, with double-digit growth from all operating segments[5]. - The company achieved a GAAP net income of $166.5 million, a 58% increase compared to the previous year, and an Adjusted EBITDA of $373.5 million, up 20% year-over-year[5]. - Diluted EPS for Q3 2025 was $2.04, a 69% increase year-over-year, while Adjusted Diluted EPS was $2.48, up 48% year-over-year[5]. - For the full year 2025, MasTec expects a revenue growth of 14% and a 13% increase in Adjusted EBITDA, with a fourth-quarter revenue growth target of 9% and nearly 20% growth in Adjusted EBITDA[4]. - Consolidated revenue for the three months ended September 30, 2025, was $3.967 billion, representing a 21.9% increase from $3.252 billion in 2024[31]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $811.9 million, up 10.5% from $734.7 million in 2024[32]. - Net income for the three months ended September 30, 2025, was $166.5 million, a 57.9% increase compared to $105.4 million in 2024[35]. - The diluted earnings per share for the nine months ended September 30, 2025, was $3.26, compared to $1.12 in 2024, reflecting a significant increase[35]. - The company reported a net income of $399 million for the year ended December 31, 2025, compared to a net income of $199.4 million in 2024, marking a growth of 100.3%[39]. Segment Performance - The Communications segment saw a revenue increase of 32.9% to $914.6 million, driven by higher project activity in both wireless and wireline sectors[11]. - The Clean Energy and Infrastructure segment reported a revenue growth of 19.8% to $1.36 billion, attributed to increased project activity in renewable energy[13]. - Power Delivery segment revenue increased by 16.8% to $1.11 billion, primarily due to higher project activity levels[15]. - The Pipeline Infrastructure segment experienced a revenue growth of 20.1% to $597.8 million, driven by increased midstream pipeline project activity[17]. - The Power Delivery segment reported revenue of $1.111 billion for the three months ended September 30, 2025, a 16.9% increase from $950.6 million in 2024[31]. - The Clean Energy and Infrastructure segment achieved revenue of $1.364 billion for the three months ended September 30, 2025, up 19.8% from $1.138 billion in 2024[31]. Backlog and Future Guidance - The 18-month backlog reached a record $16.8 billion, reflecting a 21% year-over-year growth, driven by a significant 124% increase in the Pipeline Infrastructure segment[5][9]. - The estimated 18-month backlog as of September 30, 2025, was $16.780 billion, an increase of 21.0% from $13.858 billion in 2024[28]. - MasTec's financial guidance for FY 2025 includes a GAAP diluted EPS target of $4.80, reflecting a 133% year-over-year increase, and an Adjusted diluted EPS target of $6.40, a 62% increase year-over-year[20]. - Adjusted net income for 2025 is projected to be $524 million, up 50.3% from $348.3 million in 2024[39]. - Adjusted diluted earnings per share for 2025 is expected to be $6.40, a 62.3% increase from $3.95 in 2024[39]. Cash Flow and Capital Expenditures - For the nine months ended September 30, 2025, net cash provided by operating activities was $172.976 million, a decrease of 73.4% compared to $649.926 million in 2024[28]. - The company reported a net decrease in cash and cash equivalents of $168.485 million for the nine months ended September 30, 2025, compared to a decrease of $348.336 million in 2024[28]. - Free cash flow for the nine months ended September 30, 2025, was $35.6 million, a significant decrease of 94.1% from $598.4 million for the same period in 2024[37]. - Capital expenditures for the nine months ended September 30, 2025, were $179.8 million, compared to $100.5 million in 2024, indicating an increase of 78.6%[37]. Debt and Interest Expense - Net debt increased to $2,125.5 million as of September 30, 2025, compared to $1,824.2 million as of December 31, 2024, reflecting a rise of 16.6%[37]. - Interest expense for the year ended December 31, 2025, is estimated at $170 million, down 12.0% from $193.3 million in 2024[37]. Strategic Focus and Risks - The company plans to focus on market expansion and technological developments to enhance competitive positioning in the industry[44]. - The company anticipates potential risks from inflation, regulatory changes, and supply chain disruptions that could impact future performance[44].