MasTec, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • MasTec delivered solid Q3 2022 results, demonstrating strong momentum in non-Oil & Gas businesses and early benefits from recent acquisitions.
  • Revenue for 2022 is expected to reach approximately $9.7B (up 22% year-over-year).
  • 2023 revenue is expected to approach or exceed $13B, exceeding MasTec’s 2020 long-term goal of $10B.
  • Non-Oil & Gas businesses represented 85% of Q3 revenue and 80% of operational EBITDA, demonstrating successful portfolio transformation.

Key Financial Highlights (Q3 2022)

  • Total revenue: $2.5B (generally in line with expectations).
  • Adjusted EBITDA: $246M, slightly above expectations.
  • Adjusted diluted EPS: $1.34 versus expected $1.29.
  • Consolidated EBITDA margin improved 200 basis points sequentially to approximately 10%.
  • Backlog reached a record $11.2B (excluding IEA), up $220M sequentially and $2.7B year-over-year. All non-Oil & Gas segments posted record backlogs.

Segment Performance

Communications
  • Q3 revenue: $889M (up 33% year-over-year).
  • EBITDA margin: 12.4% (+170 bps vs. last year; +200 bps sequentially).
  • Growth driven by major carriers: AT&T +33%, Comcast +21%, T‑Mobile +50%, Verizon +42%.
  • 2022 full-year revenue expected to be ~$3.2B, with EBITDA margins in the low–mid 10% range.

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Operator: Welcome to MasTec's Third Quarter 2022 Earnings Conference Call, initially broadcast on Friday, November 4, 2022. Let me remind participants that today's call is being recorded. [Operator Instructions] 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, Elena, and good morning, everyone. Welcome to MasTec's third 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. 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 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. 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

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