MasTec Announces Fourth Quarter and Annual 2024 Financial Results With Record Backlog and Provides Initial 2025 Guidance

Core Viewpoint - MasTec, Inc. reported significant financial improvements for the fourth quarter and full year of 2024, with record revenues and a strong outlook for 2025, indicating robust growth potential in the infrastructure sector. Financial Performance Summary Fourth Quarter 2024 - Revenue reached $3.4 billion, a slight increase from$3.3 billion in Q4 2023 [2] - GAAP net income was $84.7 million, or 2.5$0.95, compared to a net income of $1.2 million or$0.01 per diluted share in Q4 2023 [2] - Adjusted net income was $124.0 million, with adjusted diluted earnings per share at$1.44, up from $48.0 million and$0.61 in Q4 2023 [3] - Adjusted EBITDA was $270.9 million, compared to$226.5 million in Q4 2023, with an adjusted EBITDA margin of 8.0%, reflecting a 110 basis point improvement [3] Full Year 2024 - Total revenue for the year was $12.3 billion, up from$12.0 billion in 2023 [5] - GAAP net income was $199.4 million, or 1.6$2.06, a significant recovery from a net loss of $47.3 million in 2023 [5] - Adjusted net income for the year was$348.3 million, with adjusted diluted earnings per share at $3.95, compared to$144.1 million and $1.81 in 2023 [6] - Adjusted EBITDA increased by 19$1.0 billion, with an adjusted EBITDA margin of 8.2%, up from 7.1% in the previous year [6] Backlog and Cash Flow - The 18-month backlog as of December 31, 2024, was a record $14.3 billion, an increase of$1.9 billion from 2023 and $440 million from Q3 2024 [4] - Cash flow from operations for Q4 2024 was strong at nearly$472 million, contributing to a reduction in net debt [4] 2025 Guidance - The company expects full year 2025 revenue to be $13.45 billion, representing a 9$327 million and $366 million, with diluted earnings per share expected to range from$3.75 to $4.24 [10] - Adjusted EBITDA for 2025 is anticipated to be between$1.10 billion and $1.15 billion, with adjusted diluted earnings per share expected to range from$5.35 to $5.84 [10] Management Commentary - CEO Jose Mas highlighted the substantial improvement in financial performance in the latter half of 2024, indicating strong growth opportunities ahead, supported by nearly$2 billion in backlog growth [8] - CFO Paul DiMarco noted continued balance sheet improvement, with $1.1 billion in cash flow generated from operations for the year and a net debt leverage ratio reduced to 1.8x [9]