First Quarter 2025 Highlights

CORAL GABLES, Fla., May 1, 2025 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced first quarter 2025 financial results and updated full year 2025 financial guidance.

"We are pleased to report another strong quarter of financial performance, with key metrics showing strong year-over-year growth and also exceeding guidance," said Jose Mas, MasTec's Chief Executive Officer. "While mid-single digit growth in revenue and Adjusted EBITDA were both solid and EPS easily exceeded guidance, we are particularly encouraged by ongoing backlog development to record consolidated levels, including a more than doubling of backlog for the Pipeline Infrastructure segment since year-end." Mr. Mas added, "As always, I also want to thank all of MasTec's employees for their diligent efforts and dedication to delivering results for our customers every day."

"In addition to executing on growth during the first quarter, we generated another quarter of solid cash flow and ended the period with net debt leverage of 1.9x, steady versus the year end level," said Paul DiMarco, MasTec's Chief Financial Officer. "We also completed $37 million of share repurchases in the first quarter, with additional purchases in April exhausting the outstanding authorization and bringing the year-to-date total to $77 million at an average price of $110 per share. Our board also authorized an additional $250 million repurchase program today and we will continue to be opportunistic in repurchasing shares of MasTec stock."

First Quarter 2025 Results

Dollars in millions, unless noted

NM - Percentage is not meaningful

Revenue: Revenue increased by 6% in the period including double digit growth contributions from all non-pipeline segments, partially offset by a decrease in our Pipeline Infrastructure segment.

GAAP Net Income/GAAP Diluted EPS: Improved GAAP Net Income and EPS driven by increased year-over-year project volumes, lower depreciation expense and lower interest expense and tax rate versus the prior year.

Adjusted EBITDA: The increase was driven by volume gains and increased project productivity within Clean Energy and Infrastructure, partially offset by reduced project efficiencies primarily within the Power Delivery and Pipeline Infrastructure segments.

Backlog: Strong 24% growth from the prior year and 11% growth sequentially driven by increases in all four segments and most notably by Pipeline Infrastructure more than doubling backlog since year end.

First Quarter 2025 Segment Highlights

Communications

Dollars in millions, unless noted

(a) Recast to reflect segment changes.

Revenue: The revenue increase was driven primarily by higher levels of wireless and wireline project activity, partially offset by lower install-to-the-home project activity.

EBITDA: EBITDA margin increase of 180 basis points driven by improved efficiencies across both wireless and wireline businesses, coupled with volume improvement benefit.

Clean Energy and Infrastructure

Dollars in millions, unless noted

Revenue: Significant revenue increase driven by project activity volume improvement and mix primarily within renewables, heavy civil and other infrastructure projects.

EBITDA: EBITDA margin increased by a notable 350 basis points from project mix benefits, improved productivity and efficiencies across certain renewable and infrastructure project work, and the benefit of higher volume in the period.

Power Delivery

Dollars in millions, unless noted

(a) Recast to reflect segment changes.

Revenue: The increase in revenue was driven by project activity volume improvement principally within transmission and distribution-related projects and, to a lesser extent, increases in substation project work.

EBITDA: EBITDA margin decreased by 60 basis points year-over-year primarily from reduced productivity at certain project sites, partially offset by volume improvement in the period.

Pipeline Infrastructure

Dollars in millions, unless noted

Revenue: The decrease in revenue was driven primarily by expected lower volumes following the fourth quarter 2024 completion of a large midstream project, partly offset by an increase in other infrastructure-related pipeline work.

EBITDA: EBITDA margin decreased by 210 basis points from the prior year quarter due primarily to the reduced volume in the period as well as negative mix effects.

2025 Financial Guidance Update

Dollars in millions, unless noted

Conference Call

The Company will host a webcast of its quarterly earnings call to discuss these results on Friday, May 2, 2025 at 9:00 a.m. ET, and can be accessed through the Investors section of the Company's website at www.mastec.com. A replay of the webcast also will be available following the live event. The dial-in number for the conference call is (856) 344-9221 or (888) 256-1007 [conference ID: 6500226]. The slide presentation that accompanies the conference call will also be posted on the MasTec Investors page.

About MasTec

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec's customers are primarily in these industries. MasTec's corporate website can be accessed at www.mastec.com. MasTec's website should be considered as a recognized channel of distribution, and MasTec may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Investors tab of the website.

Consolidated Statements of Operations

(unaudited - in thousands, except per share information)

Consolidated Balance Sheets

(unaudited - in thousands)

Liabilities and equity

Consolidated Statements of Cash Flows

(unaudited - in thousands)

Backlog by Reportable Segment (unaudited - in millions)

(a) Recast to reflect segment changes.

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited - in millions, except for percentages and per share information)

Three Months Ended March 31,

Segment Information

Three Months Ended March 31,

(a) Recast to reflect segment changes.