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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