Core Insights - MasTec, Inc. (MTZ) is set to report its third-quarter 2025 results on October 30, 2025, after market close [1] Financial Performance - In the last reported quarter, MasTec achieved adjusted earnings per share (EPS) of $1.49, surpassing consensus estimates and reflecting a year-over-year increase of 49.1% [2] - Adjusted EBITDA rose by 1.3% to $275 million, driven by strong performance in Communications, Power Delivery, and Clean Energy and Infrastructure segments [2] - Revenues for the last quarter were $3.55 billion, marking a 7% increase from the previous year, supported by heightened project activity in broadband expansion, grid modernization, and renewable energy markets [2] Earnings Estimates - The Zacks Consensus Estimate for the upcoming third-quarter EPS remains at $2.31, indicating a 41.7% growth compared to the same quarter last year [5] - Revenue estimates for the third quarter are projected at $3.9 billion, reflecting a 20% year-over-year growth [5] - For the full year 2025, MasTec is expected to register a 60% EPS growth compared to the previous year [5] Growth Drivers - The Communications segment is anticipated to be a key growth driver, bolstered by expanding fiber networks and wireless projects, as well as rising investments in data center connectivity and AI-related infrastructure [11] - The Clean Energy and Infrastructure segment is expected to positively impact third-quarter performance, supported by ongoing investments in renewables and favorable legislation [12] - The Power Delivery segment is projected to benefit from increased utility spending on grid modernization, with revenues estimated at $1.13 billion, up from $713 million reported a year ago [13] Operational Efficiency - MasTec is expected to benefit from operational efficiencies and improved project execution, with higher volumes in communications and clean energy supporting better absorption [14] - The company anticipates adjusted EBITDA of $370 million for the third quarter, an increase from $305.9 million reported in the previous year [15] Backlog and Market Position - MasTec's backlog is currently at a record $16.45 billion, compared to $13.86 billion reported a year ago, providing strong visibility for future growth [16] - The company has outperformed the Zacks Building Products - Heavy Construction industry and the S&P 500, with shares gaining 55.7% year-to-date [17] Valuation - MasTec's shares are trading at a forward 12-month price-to-earnings (P/E) ratio of 28.18, which is a 15.8% premium to the industry average of 24.33 [19] - Compared to peers like AECOM, Fluor, and KBR, MasTec appears overvalued, with their forward P/E ratios at 23.26, 22.09, and 10.65, respectively [22]