MasTec (MTZ) Q4 2024 earnings summary

Executive summary

• Achieved record full-year 2024 revenue of $12.3 billion, with all non-pipeline segments reaching record levels and Q4 revenue of $3.4 billion.

• Adjusted EBITDA for 2024 was $1.06 billion, up nearly 20% year-over-year, and adjusted EPS was $3.95, more than double the prior year.

• Cash flow from operations reached a record $1.1 billion, exceeding guidance and up 63% year-over-year.

• Backlog reached a record $14.3 billion at year-end, up $1.9 billion year-over-year, providing strong visibility for 2025.

• Net debt was reduced by over $700 million in 2024, with year-end net leverage at 1.8x.

Financial highlights

• Q4 adjusted EBITDA was $271 million (8.0% margin), up 20% year-over-year; adjusted EPS was $1.44, more than double last year’s Q4.

• Full-year adjusted EBITDA margin improved to 8.2% from 7.1% in 2023.

• Cash flow from operations for 2024 was $1.1 billion, up from $687 million in 2023.

• DSO improved to 60 days at year-end 2024, down from 74 a year ago.

• Liquidity increased to $2.2 billion at year-end 2024.

Outlook and guidance

• 2025 guidance: revenue of $13.45 billion, adjusted EBITDA $1.1–$1.15 billion, adjusted EPS $5.35–$5.84.

• Q1 2025 guidance: revenue $2.7 billion, adjusted EBITDA $160 million, adjusted EPS $0.34.

• Non-pipeline businesses expected to grow revenue 14% and EBITDA over 25% in 2025.

• Pipeline segment revenue expected to decline in 2025 due to project completions, with 2026 revenues anticipated to exceed 2024 levels.

• Cash flow from operations for 2025 is anticipated to be $700 million, with leverage expected to remain below 2x.