MasTec Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>MasTec Inc. filed its Q1 2024 10-Q report on May 2, 2024, detailing its financial performance and operations in the water, sewer, pipeline, communications, and power line construction sectors.</b>

AI Summary

MASTEC INC (MTZ) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. MasTec Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Water, Sewer, Pipeline, Comm and Power Line Construction. MasTec Inc. is incorporated in Florida (FL). The filing was submitted on May 2, 2024.

Why It Matters

For investors and stakeholders tracking MASTEC INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of MasTec's financial health and operational performance for the first quarter of 2024, crucial for assessing recent business trends and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's position within the construction industry, particularly in infrastructure development for utilities and communications.

Risk Assessment

Risk Level: medium — MASTEC INC shows moderate risk based on this filing. The company operates in the construction industry, which is subject to economic cycles, regulatory changes, and project-specific risks, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-Q to understand MasTec's performance drivers and any emerging risks or opportunities.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-02 — Filing Date (Date the report was filed)
• 1623 — SIC Code (Standard Industrial Classification for the company's business)
• FL — State of Incorporation (State where MasTec Inc. is incorporated)

Key Players & Entities

• MASTEC INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filed as of date
• WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION (industry) — Standard Industrial Classification
• FL (location) — State of incorporation
• CORAL GABLES (location) — Business address city
• BURNUP & SIMS INC (company) — Former company name
• MTZ (ticker) — Ticker symbol

FAQ

Industry Context

MasTec Inc. operates in the construction sector, specifically focusing on infrastructure projects such as pipelines, power lines, and communication networks. This industry is vital for national development and requires significant capital investment and specialized labor.

Regulatory Implications

As a publicly traded company, MasTec Inc. is subject to SEC regulations and reporting requirements, including the timely filing of 10-Q reports to ensure transparency for investors.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Assess any disclosed risk factors or legal proceedings that could impact the company's future performance.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date MasTec Inc. submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update on the company's financial position and operational activities compared to previous periods within the year and prior fiscal years.

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 Par Value MTZ New York Stock Exchange

Filing Documents

• mtz-20240331.htm (10-Q) — 1252KB
• mtz3312410-qex311.htm (EX-31.1) — 9KB
• mtz3312410-qex312.htm (EX-31.2) — 9KB
• mtz3312410-qex321.htm (EX-32.1) — 6KB
• mtz3312410-qex322.htm (EX-32.2) — 6KB
• mtz3312410-qex951.htm (EX-95.1) — 52KB
• mtz-20240331_g1.jpg (GRAPHIC) — 2KB
• 0000015615-24-000045.txt (&nbsp;) — 8386KB
• mtz-20240331.xsd (EX-101.SCH) — 63KB
• mtz-20240331_cal.xml (EX-101.CAL) — 86KB
• mtz-20240331_def.xml (EX-101.DEF) — 459KB
• mtz-20240331_lab.xml (EX-101.LAB) — 817KB
• mtz-20240331_pre.xml (EX-101.PRE) — 642KB
• mtz-20240331_htm.xml (XML) — 963KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION 3 Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Statements of Operations 3 Consolidated Statements of Comprehensive Income (Loss) 4 Consolidated Balance Sheets 5 Consolidated Statements of Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4

Controls and Procedures

Controls and Procedures 36

OTHER INFORMATION

Part II. OTHER INFORMATION 37 Item 1

Legal Proceedings

Legal Proceedings 37 Item 1A

Risk Factors

Risk Factors 37 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 4 Mine Safety Disclosures 37 Item 5 Other Information 37 Item 6 Exhibits 38

SIGNATURES

SIGNATURES 39 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MASTEC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited - in thousands, except per share amounts) For the Three Months Ended March 31, 2024 2023 Revenue $ 2,686,849 $ 2,584,659 Costs of revenue, excluding depreciation and amortization 2,379,672 2,359,494 Depreciation 107,435 107,247 Amortization of intangible assets 33,691 41,944 General and administrative expenses 165,536 163,914 Interest expense, net 52,059 52,693 Equity in earnings of unconsolidated affiliates, net ( 9,219 ) ( 9,152 ) Other expense (income), net 3,213 ( 6,201 ) Loss before income taxes $ ( 45,538 ) $ ( 125,280 ) Benefit from income taxes 11,079 44,734 Net loss $ ( 34,459 ) $ ( 80,546 ) Net income (loss) attributable to non-controlling interests 6,721 ( 6 ) Net loss attributable to MasTec, Inc. $ ( 41,180 ) $ ( 80,540 ) Loss per share (Note 2): Basic and diluted loss per share $ ( 0.53 ) $ ( 1.05 ) Basic and diluted weighted average common shares outstanding 77,942 76,984 The accompanying notes are an integral part of these consolidated financial statements. 3 MASTEC, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited - in thousands) For the Three Months Ended March 31, 2024 2023 Net loss $ ( 34,459 ) $ ( 80,546 ) Other comprehensive income (loss): Foreign currency translation (losses) gains, net of tax ( 380 ) 672 Unrealized gains (losses) on investment activity, net of tax 2,723 ( 4,177 ) Comprehensive loss $ ( 32,116 ) $ ( 84,051 ) Comprehensive income (loss) attributable to non-controlling interests 6,721 ( 6 ) Comprehensive loss attributable to MasTec, Inc. $ ( 38,837 ) $ ( 84,045 ) The accompanying notes are an integral part of these consolidated financial statements. 4 MASTEC, INC. CONSOLIDATED BALANCE SHEETS (unaudited - in thousands, except share information) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 249,326 $ 529,561 Accounts receivable,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 – Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, "MasTec," or the "Company") 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, 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 reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Oil and Gas; and (5) Other. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2023 is derived from the Company's audited financial statements as of that date. Because certain information and footnote disclos