MasTec, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 revenue was $2.585 billion, up from $1.954 billion in Q1 2022.
  • Adjusted EBITDA was $102 million (4% margin), up from approximately $90 million in Q1 2022.
  • Adjusted EPS was negative $0.54, slightly better than expectations but down from Q1 2022 results.
  • Backlog reached a record $13.9 billion, up 31% year-over-year and $910 million sequentially.

Key Themes

  • MasTec continues transitioning away from Oil & Gas, with non-Oil & Gas revenues expected to exceed $11.5 billion in 2023—more than double 2021 levels.
  • The IEA acquisition significantly expanded Clean Energy and Infrastructure capabilities but continues to present integration challenges.
  • Strong demand across Communications, Power Delivery, and Clean Energy, with supply chain constraints delaying the pace of projects.
  • 2023 is positioned as a transition year toward stronger earnings visibility in 2024 and beyond.

Segment Performance

Communications

  • Revenue: $807 million, up 21% year-over-year.
  • Adjusted EBITDA margin: 7.7%, +150 bps vs. Q1 2022.
  • Backlog: $5.6 billion, a new record.
  • Drivers: fiber expansion, RDOF funding, ongoing 5G upgrades, growth in small cell infrastructure.

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Operator: Welcome to MasTec's First Quarter 2023 Earnings Conference Call initially broadcast on Friday May 5th, 2023. Let me remind participants that today's call is being recorded. At this time, I'd like to turn the call over to our host Marc Lewis MasTec's Vice President of Investor Relations. Marc? Marc Lewis: Thanks Ali and good morning everyone. Welcome to MasTec's first quarter 2023 conference 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. In 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 industries where we operate. These forward-looking statements are the company's expectations on the day of the initial broadcast of this conference call and the company does not undertake to update these expectations based on subsequent events or knowledge. Various risks, uncertainties, and assumptions are detailed in our press releases and SEC filings. 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'll be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. In addition we may use certain non

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