MasTec reported a strong third quarter with record revenue and net income, driven by broad-based double-digit growth across all segments and a significant increase in backlog. The company exceeded its own guidance expectations for revenue, EPS, and Adjusted EBITDA, reflecting robust execution and strong customer demand in its energy, power, and infrastructure markets.
Revenue increased 22% year-over-year to $4.0 billion, a quarterly record, with double-digit growth contribution from all segments.
positiveGAAP Net Income of $166.5 million and Adjusted EBITDA of $373.5 million were both quarterly records, increasing 58% and 20% year-over-year, respectively.
positiveDiluted EPS of $2.04 and Adjusted Diluted EPS of $2.48 increased 69% and 48% year-over-year, respectively, exceeding guidance expectations.
positive18-month backlog reached a record $16.8 billion, up 21% year-over-year, led by a 124% increase in Pipeline Infrastructure.
positiveCash provided by operating activities decreased 68.0% year-over-year to $89 million.
negativeFree cash flow decreased 85.7% year-over-year to $36 million.
negativeEBITDA margin in the Pipeline Infrastructure segment decreased by 530 basis points to 15.4% from 20.7% in the prior year, primarily due to reduced efficiencies and unfavorable project mix.
attentionDespite revenue growth, Power Delivery segment EBITDA margin increased only 30 basis points to 9.4%, partially offset by a reduction in emergency restoration services.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Clean Energy and Infrastructure | $1364100.0B | $1138400.0B | +19.8% | 34.2% |
Power Delivery | $1110700.0B | $950600.0B | +16.8% | 27.9% |
Communications | $914600.0B | $688000.0B | +32.9% | 22.9% |
Pipeline Infrastructure | $597800.0B | $497800.0B | +20.1% | 15.0% |
Other | $0.00M | $0.00M | — | — |
| Total Revenue | $3987200.0B | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Third quarter financial performance posted strong double-digit year-over-year growth across both revenue and profit metrics while also exceeding guidance in all respects.
MasTec continues to execute on notably strong customer demand across all end-markets we serve.
Reported 22% revenue growth, including double-digit increases from all operating segments, underscores the breadth and depth of the strong demand that MasTec is seeing across our energy, power and infrastructure markets.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.