MasTec, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter & Full-Year Financial Highlights

  • Q4 2022 revenue was approximately $3 billion, up 66% year-over-year.
  • Q4 adjusted EBITDA was $258 million; adjusted EPS was $1.03.
  • Full-year 2022 revenue reached $9.8 billion, up 23% from 2021.
  • 2022 adjusted EBITDA was $781 million; adjusted EPS was $3.05.
  • Record backlog of ~$13 billion, up more than 30% year-over-year.

Key Business Developments & Strategic Progress

  • Significant diversification over the last two years. Oil & Gas revenue has declined from 30% of total revenue in 2020 to 12% in 2022.
  • Non–Oil & Gas businesses are expected to represent ~88% of 2023 revenue.
  • Electric power delivery revenue increased from $500 million in 2020 to $2.7 billion in 2022.
  • Acquisition of IEA expanded renewable energy capabilities. Clean Energy segment is expected to reach $5 billion revenue in 2023 (up from $1.5B in 2020).
  • Communications segment revenue grew 27% in 2022 and is expected to grow another 10% in 2023.

2023 Outlook (as provided in the call)

  • Revenue expected to reach $13 billion, up 33% from 2022.
  • Adjusted EBITDA expected between $1.1 billion and $1.15 billion.
  • Adjusted EPS expected between $4.64 and $4.91.

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Operator: Welcome to MasTec's Fourth Quarter 2022 Earnings Conference Call initially broadcast on Friday, February 24, 2023. Let me remind participants that today's call is being recorded. And 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. Good morning, everyone. Welcome to MasTec's fourth quarter 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 make certain statements that are forward-looking such as statements regarding MasTec 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 materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in this communication. In today's remarks from 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 this conference call. A reconciliation of the non-GAAP financial measure not reconciled in these

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