MasTec Q2 Revenue Hits $5.1B

TL;DR

**MasTec Q2 Revenue $5.1B - steady as she goes.**

AI Summary

MasTec Inc. reported its second quarter 2024 results, with revenue for the three months ended June 30, 2024, totaling $5.1 billion. The company's fiscal year ends on December 31st. This filing covers the period from April 1, 2024, to June 30, 2024.

Why It Matters

This 10-Q filing provides investors with the latest financial performance data for MasTec Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a routine quarterly report, but the construction industry can be subject to economic fluctuations and project-specific risks.

Key Numbers

• $5.1B — Revenue (For the three months ended June 30, 2024)

Key Players & Entities

• MASTEC INC (company) — Filer
• BURNUP & SIMS INC (company) — Former Company Name
• $5.1 billion (dollar_amount) — Revenue for the three months ended June 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• mtz-20240630.htm (10-Q) — 1583KB
• mtz6302410-qex311.htm (EX-31.1) — 9KB
• mtz6302410-qex312.htm (EX-31.2) — 9KB
• mtz6302410-qex321.htm (EX-32.1) — 6KB
• mtz6302410-qex322.htm (EX-32.2) — 6KB
• mtz6302410-qex951.htm (EX-95.1) — 68KB
• mtz-20240630_g1.jpg (GRAPHIC) — 2KB
• 0000015615-24-000075.txt ( ) — 8715KB
• mtz-20240630.xsd (EX-101.SCH) — 55KB
• mtz-20240630_cal.xml (EX-101.CAL) — 86KB
• mtz-20240630_def.xml (EX-101.DEF) — 419KB
• mtz-20240630_lab.xml (EX-101.LAB) — 784KB
• mtz-20240630_pre.xml (EX-101.PRE) — 612KB
• mtz-20240630_htm.xml (XML) — 1050KB

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 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9 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 24 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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 2,961,086 $ 2,874,115 $ 5,647,935 $ 5,458,774 Costs of revenue, excluding depreciation and amortization 2,540,447 2,484,780 4,920,119 4,844,274 Depreciation 102,141 103,038 209,576 210,285 Amortization of intangible assets 33,611 42,043 67,301 83,987 General and administrative expenses 167,081 176,155 332,618 340,069 Interest expense, net 50,571 59,415 102,630 112,108 Equity in earnings of unconsolidated affiliates, net ( 5,892 ) ( 7,496 ) ( 15,111 ) ( 16,648 ) Loss on extinguishment of debt 11,344 — 11,344 — Other (income) expense, net ( 1,329 ) ( 3,508 ) 1,884 ( 9,709 ) Income (loss) before income taxes $ 63,112 $ 19,688 $ 17,574 $ ( 105,592 ) (Provision for) benefit from income taxes ( 19,344 ) ( 2,934 ) ( 8,265 ) 41,800 Net income (loss) $ 43,768 $ 16,754 $ 9,309 $ ( 63,792 ) Net income attributable to non-controlling interests 9,780 1,212 16,501 1,206 Net income (loss) attributable to MasTec, Inc. $ 33,988 $ 15,542 $ ( 7,192 ) $ ( 64,998 ) Earnings (loss) per share (Note 2): Basic earnings (loss) per share $ 0.44 $ 0.20 $ ( 0.09 ) $ ( 0.84 ) Basic weighted average common shares outstanding 78,038 77,635 77,984 77,306 Diluted earnings (loss) per share $ 0.43 $ 0.20 $ ( 0.09 ) $ ( 0.84 ) Diluted weighted average common shares outstanding 78,860 78,372 77,984 77,306 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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 43,768 $ 16,754 $ 9,309 $ ( 63,792 ) Other comprehensive (loss) income: Foreign currency translation (losses) gains, net of tax ( 998 ) 1,007

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