MasTec Reports Q1 Loss, Revenue Declines
Ticker: MTZ · Form: 8-K · Filed: 2024-05-03T00:00:00.000Z
Sentiment: bearish
Topics: earnings, financial-results, loss
TL;DR
MasTec Q1 loss of $10M vs profit last year, revenue down to $1.5B. Uh oh.
AI Summary
On May 2, 2024, MasTec, Inc. reported its first quarter 2024 financial results. The company announced a net loss of $10 million for the quarter, compared to a net income of $31 million in the same period last year. Revenue for the quarter was $1.5 billion, a decrease from $1.7 billion in the first quarter of 2023.
Why It Matters
The company's shift to a net loss and decreased revenue in Q1 2024 indicates potential challenges in its operational performance and market conditions.
Risk Assessment
Risk Level: medium — The reported net loss and revenue decline suggest potential headwinds for the company, warranting closer monitoring.
Key Numbers
- $1.5B — Q1 2024 Revenue (Represents a decrease from the prior year's Q1 revenue.)
- $10M — Q1 2024 Net Loss (Shift from a net income in the prior year's Q1.)
Key Players & Entities
- MasTec, Inc. (company) — Registrant
- May 2, 2024 (date) — Date of earliest event reported
- $10 million (dollar_amount) — Net loss for Q1 2024
- $31 million (dollar_amount) — Net income for Q1 2023
- $1.5 billion (dollar_amount) — Revenue for Q1 2024
- $1.7 billion (dollar_amount) — Revenue for Q1 2023
FAQ
What were MasTec's total revenues for the first quarter of 2024?
MasTec's total revenues for the first quarter of 2024 were $1.5 billion.
What was MasTec's net income or loss for the first quarter of 2024?
MasTec reported a net loss of $10 million for the first quarter of 2024.
How does the Q1 2024 net result compare to Q1 2023?
In Q1 2023, MasTec reported a net income of $31 million, whereas in Q1 2024, it reported a net loss of $10 million.
What was the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported in this 8-K filing is May 2, 2024.
What was MasTec's revenue in the first quarter of 2023?
MasTec's revenue in the first quarter of 2023 was $1.7 billion.
Filing Stats: 545 words · 2 min read · ~2 pages · Grade level 10.2 · Accepted 2024-05-03 06:07:02
Key Financial Figures
- $0.10 — ange on which registered Common Stock, $0.10 Par Value MTZ New York Stock Exchan
Filing Documents
- d815394d8k.htm (8-K) — 24KB
- d815394dex991.htm (EX-99.1) — 248KB
- g815394g0503022336126.jpg (GRAPHIC) — 2KB
- 0001193125-24-129870.txt ( ) — 417KB
- mtz-20240502.xsd (EX-101.SCH) — 3KB
- mtz-20240502_lab.xml (EX-101.LAB) — 18KB
- mtz-20240502_pre.xml (EX-101.PRE) — 11KB
- d815394d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release, May 2, 2024 104 The cover page of MasTec, Inc.'s Current Report on Form 8-K, formatted in Inline XBRL (included with the Exhibit 101 attachments). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MASTEC, INC. Date: May 2, 2024 By: /s/ Alberto de Cardenas Alberto de Cardenas Executive Vice President, General Counsel and Secretary 3