MasTec, Inc. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q3 revenue was just under $4 billion, up 22% year-over-year compared to Q3 2024.
  • Adjusted EBITDA grew 20% year-over-year to $374 million, the strongest since Q1 2024.
  • Adjusted EPS was $2.48, nearly $0.20 above consensus.
  • Record backlog of $16.8 billion, up 21% year-over-year and rising sequentially across all segments.
  • MasTec exceeded revenue, EBITDA, and EPS guidance across the board.

Segment Performance Highlights

Communications

  • Revenue grew 33% year-over-year; EBITDA up 38% year-over-year.
  • EBITDA margin improved 40 bps year-over-year and 140 bps sequentially to 11.3%.
  • Drivers include wireless and wireline expansion, strong fiber and broadband deployment, and hyperscaler-related fiber demand.
  • Lumen contract scaling into 2026; BEAD program expected to materially increase demand starting in 2026.

Power Delivery

  • Revenue up 17% year-over-year; EBITDA up 21% year-over-year.
  • Margins improved 30 bps year-over-year.
  • Results negatively affected by lack of storm restoration work and delays on the Greenlink project due to permitting.
  • Greenlink revenue for 2025 lowered from $375–$425 million to roughly $250 million.

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Operator: Hello, and thank you for standing by. Welcome to MasTec's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Chris Mecray. You may begin. Chris Mecray: Good morning, and thank you for joining us for MasTec's Third Quarter 2025 Financial Results Conference Call. Joining me today are Jose Mas, Chief Executive Officer; and Paul Dimarco, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on MasTec's website under the Investors tab and through the webcast link. There's also a companion document with information and analytics on the quarter and a guidance summary to assist in financial modeling. Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we'll make forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Our Form 10-K, as updated by current and periodic reports, includes a detailed discussion of risks and uncertainties that may cause such differences. In today's remarks, we'll be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. We may also use certain non-GAAP financial measures in this

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