MasTec(US:MTZ) Prnewswire·2025-02-27 22:01Core 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% of revenue, with diluted earnings per share at $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% of revenue, with diluted earnings per share at $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% to $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% increase over 2024 [10] - Projected GAAP net income for 2025 is between $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]