MasTec, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q3 2021 revenue was 2.404 billion dollars, up 42 percent from Q3 2020, marking the highest third quarter revenue in company history.
  • Adjusted EBITDA was 278 million dollars, with an 11.6 percent margin.
  • Adjusted EPS reached 1.81 dollars.
  • Total backlog ended at 8.5 billion dollars, up 821 million dollars year-over-year.
  • The company reiterated expectations for 8 billion dollars in full-year 2021 revenue.

CEO Commentary and Strategic Outlook

  • MasTec is ahead of schedule toward its long-term goal of surpassing 10 billion dollars in annual revenue, compared to 6 billion dollars in 2020.
  • Demand across Communications, Transmission, and Clean Energy markets is the strongest management has seen in over a decade.
  • Non-Oil and Gas segment margins underperformed in 2021 but management remains confident in reaching long-term margin targets.

Segment Performance

Communications

  • Revenue was 670 million dollars, growing 4 percent year-over-year but slightly below expectations due to project delays and slower wireless build-outs, especially at AT&T and Verizon.
  • Segment margins were 10.7 percent, impacted by lower wireless revenue and fiber project closeouts.

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Operator: Welcome to MasTec's Third Quarter 2021 Earnings Conference Call initially broadcast on Friday, November 5, 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, David. And good morning, everyone. Welcome to MasTec's Third Quarter 2021 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 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 addition, we may use certain non-GAAP fi

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