Mastec Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.24%.
Did MTZ Beat Earnings? Q1 2025 Results
MasTec posted a notably strong first quarter for 2025, with adjusted diluted EPS of $0.51 clearing the $0.34 consensus estimate by 51.20% and revenue of $2.85 billion beating expectations by 4.99% while advancing 6.0% year over year. The headline numbers were underpinned by a record 18-month backlog of $15.88 billion, up 24% year over year, which underscored robust demand across the company's diversified infrastructure platform despite a 44% decline in Pipeline Infrastructure revenue following the completion of a large midstream project late last year. Non-pipeline segments collectively drove 21% combined growth, with Clean Energy and Infrastructure standing out through 350 basis points of EBITDA margin expansion to 6.2%. GAAP net income swung to $12.30 million from a loss of $34.50 million in the prior-year period, aided by lower depreciation, reduced interest costs, and a favorable tax rate. Management lifted full-year 2025 guidance to approximately $13.65 billion in revenue and adjusted diluted EPS of $5.90 to $6.25, roughly a 9% increase from the prior midpoint.
- 21% combined revenue growth from non-pipeline segments (Communications, Clean Energy and Infrastructure, Power Delivery)
- Record 18-month backlog of $15.9 billion, up 24% year-over-year and 11% sequentially
- Pipeline Infrastructure backlog more than doubled since year-end to $1.534 billion
- Clean Energy and Infrastructure EBITDA margin expanded 350 bps driven by project mix benefits, improved productivity and higher volume
- Communications EBITDA margin expanded 180 bps on improved wireless and wireline efficiencies
- Lower depreciation expense, lower interest expense and lower tax rate contributed to improved EPS
- Volume gains and increased project productivity within Clean Energy and Infrastructure drove Adjusted EBITDA growth
“We are pleased to report another strong quarter of financial performance, with key metrics showing strong year-over-year growth and also exceeding guidance. While mid-single digit growth in revenue and Adjusted EBITDA were both solid and EPS easily exceeded guidance, we are particularly encouraged by ongoing backlog development to record consolidated levels, including a more than doubling of backlog for the Pipeline Infrastructure segment since year-end.”
MasTec CEO, on the earnings call
Forward Guidance & Outlook
MasTec raised full-year 2025 guidance: revenue of approximately $13.65 billion; GAAP net income of $366-$397 million; Adjusted net income of $493-$524 million; Adjusted EBITDA of $1,120-$1,160 million with margins of 8.2%-8.5%; GAAP diluted EPS of $4.28-$4.63; Adjusted diluted EPS of $5.90-$6.25 (approximately 9% increase from prior midpoint). For Q2 2025, the company guides revenue of approximately $3.4 billion; GAAP net income of $81-$88 million; Adjusted EBITDA of $270-$280 million with margins of 7.9%-8.2%; GAAP diluted EPS of $0.95-$1.05; Adjusted diluted EPS of $1.36-$1.46.
MTZ YoY Financials
MTZ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.