MasTec, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q3 revenue was 3.3 billion dollars, slightly below expectations.
  • Adjusted EBITDA was 306 million dollars, beating guidance by 11 million dollars and reaching a record level.
  • Adjusted earnings per share were 1.63 dollars, exceeding guidance by 0.39 dollars.
  • Total backlog ended the quarter at 13.9 billion dollars, up 520 million dollars sequentially and 1.4 billion dollars year over year.
  • Margins improved across every segment, outperforming internal guidance.
  • The company highlighted sequential non-oil and gas revenue growth of 15 percent and EBITDA growth of 36 percent.

Segment Performance

Communications

  • Revenue was 927 million dollars. This was record revenue and up more than 12 percent both year over year and sequentially.
  • EBITDA margin was 11.5 percent, the highest in two years.
  • Full-year revenue guidance was reduced by 50 million dollars due to wireline delays, but margins are expected to stay in the high single digits.
  • Fourth quarter revenue is expected to be 915 million dollars with low double‑digit margins.
  • New large multi‑state fiber award from Lumen Technologies, representing more than 8,000 miles of fiber, not yet included in backlog.

Power Delivery

  • Revenue was 713 million dollars, above expectations due to improving distribution spending and restoration work.

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Operator: Welcome to MasTec’s Third Quarter 2024 Earnings Conference Call initially broadcast on Friday, November 1, 2024. 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, Manny and good morning everyone. 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 initial broadcast of this call and the company does not undertake to update these expectations based on subsequent investor knowledge. Various risks, uncertainties and assumptions are detailed in the press release 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 this communications today. 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 financial measures in today’s call. A reconci

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