MasTec Inc. Files Q3 2024 10-Q Report

Ticker: MTZ · Form: 10-Q · Filed: 2024-10-31T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, reporting

TL;DR

MasTec's Q3 2024 10-Q is in - check financials for latest performance.

AI Summary

MasTec Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the quarter and the first nine months of 2024 is detailed in this 10-Q filing. Specific financial figures and operational highlights are provided within the document.

Why It Matters

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

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational information that can impact stock price.

Key Players & Entities

FAQ

What is MasTec Inc.'s fiscal year end?

MasTec Inc.'s fiscal year ends on December 31.

What is the SEC file number for MasTec Inc.?

The SEC file number for MasTec Inc. is 001-08106.

What was the reporting period for this 10-Q filing?

The conformed period of report for this 10-Q filing was September 30, 2024.

When was MasTec Inc. formerly known as?

MasTec Inc. was formerly known as BURNUP & SIMS INC.

What is MasTec Inc.'s business address?

MasTec Inc.'s business address is 800 S. DOUGLAS ROAD, 12TH FLOOR, CORAL GABLES, FL 33134.

Filing Stats: 4,528 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-10-31 16:38:48

Key Financial Figures

Filing Documents

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 25 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

Part II. OTHER INFORMATION 39 Item 1

Legal Proceedings

Legal Proceedings 39 Item 1A

Risk Factors

Risk Factors 39 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 4 Mine Safety Disclosures 39 Item 5 Other Information 39 Item 6 Exhibits 40

SIGNATURES

SIGNATURES 41 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 3,252,427 $ 3,257,077 $ 8,900,362 $ 8,715,851 Costs of revenue, excluding depreciation and amortization 2,789,274 2,857,118 7,709,393 7,701,392 Depreciation 80,193 115,033 289,769 325,318 Amortization of intangible assets 34,368 42,266 101,669 126,252 General and administrative expenses 168,874 180,640 501,491 520,709 Interest expense, net 47,048 62,556 149,678 174,664 Equity in earnings of unconsolidated affiliates, net ( 7,042 ) ( 6,787 ) ( 22,153 ) ( 23,434 ) Loss on extinguishment of debt — — 11,344 — Other expense (income), net 2,754 ( 16,623 ) 4,639 ( 26,332 ) Income (loss) before income taxes $ 136,958 $ 22,874 $ 154,532 $ ( 82,718 ) (Provision for) benefit from income taxes ( 31,548 ) ( 7,569 ) ( 39,813 ) 34,231 Net income (loss) $ 105,410 $ 15,305 $ 114,719 $ ( 48,487 ) Net income attributable to non-controlling interests 10,170 1,009 26,671 2,215 Net income (loss) attributable to MasTec, Inc. $ 95,240 $ 14,296 $ 88,048 $ ( 50,702 ) Earnings (loss) per share (Note 2): Basic earnings (loss) per share $ 1.22 $ 0.18 $ 1.13 $ ( 0.65 ) Basic weighted average common shares outstanding 78,044 77,640 78,004 77,418 Diluted earnings (loss) per share $ 1.21 $ 0.18 $ 1.12 $ ( 0.65 ) Diluted weighted average common shares outstanding 78,913 78,455 78,801 77,418 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 105,410 $ 15,305 $ 114,719 $ ( 48,487 ) Other comprehensive (loss) income: Foreign currency translation (losses) gains, net of tax

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

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