MasTec, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue: $1.963 billion, up 25% from Q2 2020.
  • Adjusted EBITDA: $230 million, up 39% year-over-year.
  • Adjusted EBITDA margin: 11.7%, up 120 basis points from Q2 2020.
  • Adjusted EPS: $1.30.
  • Backlog: Record $9.2 billion, up $1.4 billion sequentially and $1 billion year-over-year.
  • Non-oil & gas backlog increased $1.6 billion sequentially, reflecting strong demand across Communications, Clean Energy, and Electrical Transmission.
  • Company headcount grew from 18,000 to 26,500 year-over-year, and up 6,000 sequentially.

Segment Performance

Communications

  • Q2 revenue: $630 million (flat to slightly down year-over-year due to wireless project delays).
  • Sequential margin improvement: +290 basis points to 11.5%.
  • Customer performance:
    • T-Mobile revenue up 4x vs. Q2 2020.
    • Comcast up 30% year-over-year.
    • AT&T and Verizon both down over 25% year-over-year due to spectrum auction timing.
  • Backlog: Up $489 million sequentially — largest increase in company history.
  • Expected acceleration in Q4 with mid-to-high 20% revenue growth.
  • 2021 revenue guidance: $2.6B–$2.7B; margin to improve 90–110 bps vs. 2020.

Clean Energy & Infrastructure

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Operator: Welcome to MasTec's Second Quarter 2021 Earnings Conference Call, initially broadcast on Friday, August 6, 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: Thank you Jennifer, and good morning everyone. Welcome to MasTec's 2021 second 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 risks, uncertainties, 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 n

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