MasTec, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q4 2020 revenue was $1.6 billion. Full-year 2020 revenue reached $6.3 billion, flat year-over-year despite pandemic impacts.
  • Q4 adjusted EBITDA was $262 million (16% margin), up 370 basis points year-over-year.
  • Full-year adjusted EBITDA reached a record $810 million (12.8% margin), up 110 basis points versus 2019.
  • Adjusted EPS was $1.75 for Q4 and $5.11 for FY 2020.
  • Record cash flow from operations of $937 million; net debt reduced by $481 million.
  • Backlog ended at $7.9 billion, essentially flat year-over-year.

Strategic Highlights

  • Strong momentum in non-oil & gas segments: revenue up 12% and adjusted EBITDA up 43% versus 2019.
  • MasTec reiterates long-term target of $10 billion annual revenue with double‑digit margins, with improved visibility from recent market developments.
  • Closed two acquisitions in early 2021 totaling ~$300 million in expected 2021 revenue; more M&A anticipated in telecom, clean energy, infrastructure, and power grid services.

Segment Highlights

Communications
  • Q4 revenue: $569 million, down 16% year-over-year due to AT&T and Verizon slowdowns.
  • Q4 EBITDA margin: 11.1%, up 300+ bps year-over-year.
  • 2020 revenue: $2.5 billion; EBITDA margin 10.7% (+270 bps vs. 2019).

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Operator: Welcome to MasTec's Fourth Quarter and Annual 2020 Earnings Conference Call initially broadcast on Friday, February 26, 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 Kristina and good morning everyone. Welcome to MasTec's fourth quarter 2020 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 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 February 26, 2021 and the company does not undertake to update 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 these communications. In today's remarks by management, we will be discussing adjusted financial metrics reconciled in yesterday's press releases and supporting schedule. I

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