Q2 2024 MasTec Inc Earnings Call Transcript
Key Points
- Revenue for the quarter was $3 billion, with adjusted EBITDA of $268 million and adjusted earnings per share of $0.96.
- Backlog at quarter end was $13.3 billion, a $500 million sequential increase.
- Margins were about 65 basis points better than expected, with solid performance in communication and pipeline segments.
- MasTec was awarded a 700-mile high-voltage transmission and substation project, expected to generate annual revenues of $300 million to $500 million.
- Strong demand and growth opportunities in the clean energy and infrastructure segment, with revenue up 25% sequentially and a 1.2 times book-to-bill ratio.
- Revenues were slightly below expectations, coming in about 4% below guidance.
- Continued pressure in the power delivery segment, with certain customers deferring spending.
- Oil and gas pipeline segment revenues were slightly lower than expected due to project shifts to the second half.
- Clean energy and infrastructure segment revenue was $80 million below guidance due to timing of project starts.
- Challenges in the distribution market impacted margins for the power delivery segment in 2024.
Welcome to MasTec's second quarter 2024 earnings conference call, initially broadcast on Friday, August 2, 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.
Thanks, Samara, and good morning, everyone. Welcome to MasTec's second 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 make certain statements that are forward-looking, such as statements regarding MasTec's future results, plans and anticipated trends in industries where we operate.
These forward-looking statements are the company's expectations on the date 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
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