The following is a summary of the MasTec, Inc. (MTZ) Q1 2024 Earnings Call Transcript:

Financial Performance:

• MasTec reported Q1 2024 revenue of $2.687 billion, 4% organic growth year-over-year.

• The company achieved an Adjusted EBITDA of $157 million, a impressive 54% increase compared to the previous year.

• Despite an Adjusted earnings per share of negative $0.13, this was $0.35 better than expected.

• Revenue of $2.7 billion in Q1 2024 exceeded guidance by approximately $60 million.

• By the end of Q1, MasTec's backlog was at $12.8 billion, showing a sequential increase of $430 million.

Business Progress:

• MasTec predicts a significant rise in their wireless business due to expanded work scope with AT&T and a forthcoming transition of networking equipment.

• The company holds a positive outlook for wireline services, expecting strong demand alongside forthcoming BEAD funding.

• In Q1, MasTec reached record levels in the Communications backlog, pointing towards a successful start to the year.

• Full year expectations for both revenue and EBITDA in the Oil and Gas pipeline segment have increased.

• In the Power Delivery segment, increased activity is anticipated due to industrial and manufacturing growth.

• The Clean Energy and Infrastructure segment has strong renewable demand with improved yearly visibility.

• Plans to capitalize on inorganic growth opportunities are underway as MasTec positions its strong balance sheet and effective leverage profile.

More details: MasTec IR

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