MasTec Announces Third Quarter 2024 Financial Results and Increases Guidance for the Year

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]