MasTec, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 2022 revenue was $2.3 billion, up approximately 17% year-over-year, driven by strong growth in Communications, Power Delivery, and Clean Energy & Infrastructure.
  • Adjusted EBITDA was $179 million, pressured by inflation (fuel, labor, materials), execution issues, and delays in several businesses.
  • Adjusted EPS was $0.73.
  • Backlog reached a record $11 billion, up $360 million sequentially and $1.8 billion year-over-year.

Key Business Segment Highlights

Communications
  • Q2 revenue: $822 million, up 30% year-over-year and 24% sequentially.
  • EBITDA margin improved to 10.4%, up 420 bps from Q1.
  • Strong activity from major carriers: AT&T (+28% sequential), Comcast (+26%), Verizon (+36%), T-Mobile (+34%), and multiple RDOF-funded projects.
  • FY 2022 revenue expected to be ~$3.2 billion, up 25%+ from 2021.
  • Inflation and RDOF startup costs still weighing on margins, but expected to decline into 2023.
Clean Energy & Infrastructure
  • Q2 revenue: $494 million, up 3% year-over-year.
  • Adjusted EBITDA loss of $5 million due to solar investigation delays, cost inflation, and two problematic industrial projects.

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Operator: Good morning and welcome to MasTec's Second Quarter 2022 Earnings Conference Call initially broadcast on Friday, August 5, 2022. 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 Christina and good morning everyone. Welcome to MasTec's second quarter 2022 earnings 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 today's 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 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 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 today's call. In today's remarks by management we'll be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. In additio

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