MasTec, Inc. MTZ reported impressive results for the fourth quarter of 2024, with earnings and revenues beating the Zacks Consensus Estimate. Both top and bottom lines increased on a year-over-year basis.

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MTZ posted nearly 2% higher revenues from its previously provided guidance of $3.325 billion. This upside was backed by strong contributions from across the segment. Furthermore, it delivered margin expansion that exceeded expectations, supported by strong execution. The company's backlog grew nearly $2 billion year over year, indicating solid growth opportunities. The strength of the diversified business model will drive MTZ’s performance in 2025 and beyond.

Inside the Headlines of MTZ’s Q4

Adjusted earnings per share (EPS) of $1.44 topped the Zacks Consensus Estimate of $1.28 by 12.5% and increased a whopping 136.1% year over year from 61 cents. Impressively, the company exceeded the previously provided EPS guidance of $1.29.

Revenues of $3.40 billion topped the consensus mark of $3.32 billion by 2.5%. The top line jumped 3.8% from $3.28 billion a year ago.

As of Dec. 31, 2024, the company had an 18-month backlog of $14.3 billion, up 15.2% year over year and 3.2% sequentially. This upside was driven by strong bookings of Clean Energy and Infrastructure projects.

Segment Update of MTZ

Revenues from Communications rose to $975.3 million from $759.9 million reported a year ago. Adjusted EBITDA margin expanded 230 basis points (bps) to 9.9%.

Clean Energy and Infrastructure’s revenues increased year over year to $1,257.8 million from $1,067.4 million. Adjusted EBITDA margin was 8.3%, up 350 bps from the year-ago quarter.

Revenues from the Power Delivery (formerly known as Electrical Transmission) segment increased to $762.1 million from the year-ago figure of $658 million. However, adjusted EBITDA margin contracted 90 bps to 7.1%.

The Pipeline Infrastructure (formerly known as Oil and Gas) segment’s revenues totaled $492.5 million, down from $802.2 million in the year-ago quarter. Adjusted EBITDA margin was 13.6%, up 170 bps year over year.

MTZ’s Operational Updates

MasTec reported an adjusted EBITDA of $270.9 million, up 19.6% from $226.5 million in the prior-year period. Adjusted EBITDA margin increased to 8% from 6.9% in the year-ago quarter. Earlier, the company expected an adjusted EBITDA of $259 million and adjusted EBITDA margin of 7.8%.

2024 Highlights of MTZ

Revenues for the year were $12 billion, down 2.6% from $12.3 billion in 2023. Adjusted earnings were $3.95 per share, up from $1.81 in 2023. Adjusted EBITDA was $1 billion, up from $846.4 million in 2023. Adjusted EBITDA margin was 8.2% for 2024, up from 7.1% in 2023.

MTZ’s Financial Details

As of Dec. 31, 2024, MasTec had cash and cash equivalents of $399.9 million, down from $529.6 million at 2023-end. Long-term debt (including finance leases) was $2.04 billion, down from $2.89 billion at 2023-end.

In 2024, the company provided $1.12 billion in cash from operating activities compared with $687.3 million a year ago.

MTZ’s Q1 2025 View

MasTec expects revenues of about $2.7 billion compared with $2.69 billion reported in the first quarter of 2024.

Adjusted EBITDA is estimated to be $160 million, up from $157.3 million a year ago. The adjusted net income is expected to be $30 million. The company reported an adjusted net loss of $3.3 million in the prior year quarter.

MTZ expects to report an adjusted EPS of 34 cents. In the year-ago quarter, the company reported an adjusted loss of 13 cents per share.

MTZ’s 2025 Guidance

The company expects to generate revenues of approximately $13.45 billion, up 9% year over year.

Adjusted EBITDA is expected to be in the range of $1,100-$1,150 million, with an adjusted EBITDA margin between 8.2% and 8.5%.

Adjusted earnings are anticipated to be between $5.35 and $5.84 per share. The Zacks Consensus Estimate for 2025 earnings is currently pegged at $5.53 per share.

MTZ’s Zacks Rank & Recent Construction Releases

MasTec currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Quanta Services Inc. PWR reported mixed results for the fourth quarter of 2024, wherein adjusted earnings beat the Zacks Consensus Estimate, but revenues missed the same. Yet both top and bottom lines grew year over year.

PWR is leading the industry's transformation amid rising demand for power and infrastructure solutions. The company’s strong portfolio, disciplined execution and customer focus drive consistent growth while expanding market reach. In 2025, it anticipates double-digit revenues, adjusted EBITDA and EPS growth, along with a record backlog.

Gibraltar Industries, Inc.’s ROCK fourth-quarter 2024 adjusted earnings topped the Zacks Consensus Estimate and grew year over year. On the other hand, net sales missed the consensus mark and tumbled year over year.

ROCK’s quarterly bottom-line performance was backed by a favorable mix shift and continued strong operating execution. Although the timing of a large project last year hampered the net sales growth during the quarter, the company is optimistic about the prospects given the robust public spending trends at the federal and state levels.

AECOM ACM reported impressive results for first-quarter fiscal 2025, where earnings surpassed the Zacks Consensus Estimate and grew on a year-over-year basis. Revenues also increased from the prior year, backed by solid organic net service revenue growth in its design business.

As of the fiscal quarter’s end, AECOM’s total backlog was $23.88 billion compared with $23.32 billion reported in the prior-year period. The current backlog level includes 55.2% contracted backlog growth.

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