MasTec, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • MasTec reported record financial results for Q1 2021, delivering a “beat-and-raise” quarter.
  • Strength was broad-based across segments, with continued diversification away from oil and gas and strong momentum in communications, clean energy, and infrastructure.
  • Management expressed strong confidence in the multiyear demand outlook across 5G, fiber, grid modernization, and clean energy.

Key Financial Highlights (Q1 2021 vs. Q1 2020)

  • Revenue: $1.775B, up 25% year-over-year.
  • Adjusted EBITDA: $204M, up 73% year-over-year.
  • Adjusted EPS: $1.10.
  • Cash flow from operations: $257M, up 27% year-over-year.
  • Backlog: $7.9B, flat versus year-end 2020.
  • Net debt reduced by $65M despite $90M of acquisition spending.

Updated Full-Year 2021 Guidance (raised)

  • Revenue: $8.2B (previously $7.8B).
  • Adjusted EBITDA: $930M (previously $875M).
  • Adjusted EPS: $5.40 (up $0.40 from previous guidance).
  • Free cash flow expected to exceed adjusted net income.

Acquisitions

  • INTREN acquired for ~$420M; trailing revenue $550M; expected to contribute $330M in 2021 revenue at double‑digit EBITDA margins.
  • Significantly expands electrical distribution capabilities and footprint, enhances recurring MSA revenue mix.

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Operator: Welcome to MasTec's First Quarter 2021 Earnings Conference Call, initially broadcast on Friday, May 7, 2021. Let me remind participants that today's call is being recorded. At this time, I'd like to turn the call over to Marc Lewis, MasTec's Vice President of Investor Relations. Marc. Marc Lewis: Thanks, Lauren. Good morning everyone and welcome to MasTec's first quarter call. The following statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. With these communications, we may make certain statements that are forward-looking, such as statements regarding MasTec's future results, plans, and anticipated trends in the industry who we operate. These forward-looking statements are the company's expectations on the day of initial broadcast of this conference call and the company does not undertake to update these expectations based on subsequent events or knowledge. Various uncertainties, risks, and assumptions are detailed in our press releases and filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in these communications. In today's remarks by management, we will be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. In addition, we may use certain non-GAAP financi

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