Q1 2024 MasTec Inc Earnings Call Transcript
Key Points
- MasTec Inc (MTZ) reported a record revenue of $2.7 billion for Q1, surpassing guidance by approximately $60 million.
- Adjusted EBITDA of $157 million exceeded expectations by $27 million, with margins 90 basis points ahead of forecasts.
- Backlog increased by $430 million from year-end to $12.8 billion, despite significant revenue earned on MVP in Q1.
- Clean energy backlog grew by almost $400 million in the quarter, while Communications backlog increased by $170 million to a new record level.
- MasTec Inc (MTZ) raised its full-year outlook, reflecting confidence in continued strong performance across its segments.
- Adjusted earnings per share was negative $0.13, although it exceeded guidance by $0.35.
- While year-over-year backlog decreased, it was impacted by the current pipeline project mix and reduced emphasis on industrial projects.
- First quarter Clean Energy and Infrastructure segment revenue was slightly below guidance, with adjusted EBITDA margins of 2.7%.
- Power Delivery revenue and adjusted EBITDA margins for the full year are now expected to be roughly in line with the prior year but slightly lower than previous forecasts.
- The company anticipates some project deferrals from utility customers in Illinois, affecting revenue projections for Power Delivery.
Welcome to MasTec's First Quarter 2024 Earnings Conference Call, initially broadcast on Friday, May 3, 2024. Let me remind participants that today's call is being recorded.
At this time, I'd like to turn the call over to our host, Marc Lewis, MasTec's Vice President of Investor Relations. Marc?
Thanks, Maddie, and good morning, everyone. Welcome to MasTec's first quarter call.
The following statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In these communications, we may make certain statements that are forward-looking, such as statements regarding MasTec's future results, plans and anticipated trends in the industries where we operate. These forward-looking statements are the company's expectations on the day of initial broadcast of this conference call, and the company does not undertake to update these expectations based on subsequent events or knowledge.
Various risks, uncertainties and assumptions
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