Connect with us

Technology

MasTec Announces Second Quarter 2024 Financial Results and Updates Guidance for the Year

Published

2 years ago

on

Record Second Quarter 2024 Revenue of $3.0 BillionSecond Quarter 2024 Diluted Earnings Per Share of $0.43 and Adjusted Diluted Earnings Per Share of $0.96, $0.08 Above ExpectationsSecond Quarter 2024 GAAP Net Income of $43.8 Million and Adjusted EBITDA of $267.8 Million, $7.8 Million Above Expectations18-month Backlog as of June 30, 2024 of $13.3 Billion Increased $501 Million Sequentially from the First Quarter of 2024 and Represents Record Levels for the Clean Energy and Infrastructure, Power Delivery and Communications SegmentsCash Flow Generated by Operating Activities of $264 Million and DSO at 69 days

CORAL GABLES, Fla., Aug. 1, 2024 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced second quarter 2024 financial results and updated its full year 2024 guidance expectations.

Second quarter 2024 revenue was up 3% to $2.96 billion, a second quarter record, compared to $2.87 billion for the second quarter of 2023. GAAP net income was up 161% to $43.8 million, or $0.43 per diluted share, compared to a net income of $16.8 million, or $0.20 per diluted share, in the second quarter of 2023.

Second quarter 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $85.6 million and $0.96, respectively, as compared to adjusted net income and adjusted diluted earnings per share of $70.7 million and $0.89, respectively, in the second quarter of 2023. Second quarter 2024 adjusted EBITDA, also a non-GAAP measure, was $267.8 million, compared to $255.4 million in the second quarter of 2023.

18-month backlog as of June 30, 2024, was $13.3 billion, up $501 million sequentially from the first quarter of 2024. Backlog growth was driven by a multi-year transmission and substation project and strong bookings in our Clean Energy & Infrastructure segment in the second quarter.

Jose Mas, MasTec’s Chief Executive Officer, commented “We are pleased with our solid second quarter performance, and expect to build on this momentum during the balance of 2024 and in 2025. Our record backlog in multiple segments illustrates the confidence our customers have in MasTec to partner on their strategic capital programs. I’d like to highlight that during the second quarter, MasTec was awarded an approximately 700-mile high voltage transmission project that is expected to start in early 2025. We are experiencing significant demand for our services and look forward to continue delivering best in class execution for our customers in a safe, timely and cost-effective manner through the hard work and dedication of the men and women of MasTec.”

Paul DiMarco, MasTec’s Executive Vice President and Chief Financial Officer, noted, “We exceeded our second quarter cash flow expectations, generating $264 million of cash flow from operations and driving net debt leverage below 2.5x. Our end markets provide us with exposure to a number of macrotrends that offer significant organic growth opportunities, and our improving capital structure will afford us more flexibility to complement these opportunities.”

Based on the information available today, the Company is providing third quarter and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately $12.4 billion. Full year 2024 GAAP net income is expected to approximate $131 million, representing 1.1% of revenue, with GAAP diluted earnings per share expected to be $1.25. Full year 2024 adjusted EBITDA is expected to be $975 million, representing 7.9% of revenue, with adjusted diluted earnings per share expected to be $3.03.

For the third quarter of 2024, the Company expects revenue of approximately $3.45 billion. Third quarter 2024 GAAP net income is expected to approximate $72 million, representing 2.1% of revenue, with GAAP diluted earnings per share expected to be $0.78. Third quarter 2024 adjusted EBITDA is expected to approximate $295 million, representing 8.6% of revenue, with adjusted diluted earnings per share expected to be $1.24.

Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and net debt, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.

Management will hold a conference call to discuss these results on Friday, August 2, 2024 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 204-4368 with a pass code of 3980141. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed for 60 days through the Investors section of the Company’s website at www.mastec.com.

The following tables set forth the financial results for the periods ended June 30, 2024 and 2023:

Consolidated Statements of Operations

(unaudited – in thousands, except per share information)

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

2024

2023

2024

2023

Revenue

$      2,961,086

$      2,874,115

$      5,647,935

$      5,458,774

Costs of revenue, excluding depreciation and amortization

2,540,447

2,484,780

4,920,119

4,844,274

Depreciation

102,141

103,038

209,576

210,285

Amortization of intangible assets

33,611

42,043

67,301

83,987

General and administrative expenses

167,081

176,155

332,618

340,069

Interest expense, net

50,571

59,415

102,630

112,108

Equity in earnings of unconsolidated affiliates, net

(5,892)

(7,496)

(15,111)

(16,648)

Loss on extinguishment of debt

11,344

—

11,344

—

Other (income) expense, net

(1,329)

(3,508)

1,884

(9,709)

   Income (loss) before income taxes

$           63,112

$           19,688

$           17,574

$       (105,592)

(Provision for) benefit from income taxes

(19,344)

(2,934)

(8,265)

41,800

        Net income (loss)

$           43,768

$           16,754

$             9,309

$         (63,792)

Net income attributable to non-controlling interests

9,780

1,212

16,501

1,206

   Net income (loss) attributable to MasTec, Inc.

$           33,988

$           15,542

$           (7,192)

$         (64,998)

Earnings (loss) per share:

   Basic earnings (loss) per share

$               0.44

$               0.20

$             (0.09)

$             (0.84)

   Basic weighted average common shares outstanding

78,038

77,635

77,984

77,306

   Diluted earnings (loss) per share

$               0.43

$               0.20

$             (0.09)

$             (0.84)

   Diluted weighted average common shares outstanding

78,860

78,372

77,984

77,306

 

Consolidated Balance Sheets

(unaudited – in thousands)

June 30,
2024

December 31,
2023

Assets

Current assets

$      3,477,064

$      3,974,253

Property and equipment, net

1,514,660

1,651,462

Operating lease right-of-use assets

418,893

418,685

Goodwill, net

2,125,893

2,126,366

Other intangible assets, net

717,232

784,260

Other long-term assets

425,244

418,485

Total assets

$      8,678,986

$      9,373,511

Liabilities and Equity

Current liabilities

$      2,747,909

$      2,837,219

Long-term debt, including finance leases

2,359,637

2,888,058

Long-term operating lease liabilities

283,117

292,873

Deferred income taxes

326,249

390,399

Other long-term liabilities

227,967

243,701

Total equity

2,734,107

2,721,261

Total liabilities and equity

$      8,678,986

$      9,373,511

 

Consolidated Statements of Cash Flows

(unaudited – in thousands)

For the Six Months Ended
June 30,

2024

2023

Net cash provided by (used in) operating activities

$          372,199

$         (97,910)

Net cash used in investing activities

(24,470)

(141,460)

Net cash used in financing activities

(579,078)

(12,155)

Effect of currency translation on cash

(626)

838

Net decrease in cash and cash equivalents

$         (231,975)

$        (250,687)

Cash and cash equivalents – beginning of period

$          529,561

$         370,592

Cash and cash equivalents – end of period

$          297,586

$         119,905

 

Backlog by Reportable Segment (unaudited – in millions)

June 30,
2024

March 31,
2024

June 30,
2023

Communications

$                 5,898

$                 5,797

$                 5,420

Clean Energy and Infrastructure

3,666

3,504

3,324

Power Delivery

2,974

2,479

2,656

Oil and Gas

800

1,057

2,042

Other

—

—

—

Estimated 18-month backlog

$               13,338

$               12,837

$               13,442

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

Segment Information

2024

2023

2024

2023

Revenue by Reportable Segment

Communications

$             824.6

$             868.7

$          1,557.5

$          1,675.2

Clean Energy and Infrastructure

942.3

969.7

1,695.8

1,794.6

Power Delivery

636.6

702.6

1,207.5

1,412.0

Oil and Gas

572.4

341.8

1,206.2

598.3

Other

—

—

—

—

Eliminations

(14.8)

(8.7)

(19.1)

(21.3)

Consolidated revenue

$          2,961.1

$          2,874.1

$          5,647.9

$          5,458.8

 

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted EBITDA by Segment

EBITDA

$             249.4

$             224.2

$             397.1

$             300.8

Non-cash stock-based compensation expense (a)

7.0

8.6

16.7

17.1

Loss on extinguishment of debt (a)

11.3

—

11.3

—

Acquisition and integration costs (b)

—

22.7

—

39.8

Losses on fair value of investment (a)

—

—

—

0.2

Adjusted EBITDA

$             267.8

$             255.4

$             425.1

$             357.9

Segment:

Communications

$               81.9

$               94.1

$             130.7

$             155.8

Clean Energy and Infrastructure

47.4

49.7

67.8

60.2

Power Delivery

51.4

57.4

78.7

106.5

Oil and Gas

135.1

77.0

227.8

91.6

Other

2.8

6.7

9.8

13.8

Segment Total

$             318.6

$             284.9

$             514.8

$             427.9

Corporate

(50.8)

(29.5)

(89.7)

(70.0)

Adjusted EBITDA

$             267.8

$             255.4

$             425.1

$             357.9

(a)

Non-cash stock-based compensation expense, loss on extinguishment of debt and losses on the fair value of an investment are included within Corporate EBITDA.

(b)

For the three month period ended June 30, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $4.6 million, $16.4 million and $0.3 million, respectively, of acquisition and integration costs related to certain acquisitions, and Corporate EBITDA included $1.4 million of such costs, and for the six month period ended June 30, 2023, $13.5 million, $21.7 million, $1.9 million and $2.7 million of such costs were included in EBITDA of the segments and Corporate, respectively.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted EBITDA Margin by Segment

EBITDA Margin

8.4 %

7.8 %

7.0 %

5.5 %

Non-cash stock-based compensation expense (a)

0.2 %

0.3 %

0.3 %

0.3 %

Loss on extinguishment of debt (a)

0.4 %

— %

0.2 %

— %

Acquisition and integration costs (b)

— %

0.8 %

— %

0.7 %

Losses on fair value of investment (a)

— %

— %

— %

0.0 %

Adjusted EBITDA margin

9.0 %

8.9 %

7.5 %

6.6 %

Segment:

Communications

9.9 %

10.8 %

8.4 %

9.3 %

Clean Energy and Infrastructure

5.0 %

5.1 %

4.0 %

3.4 %

Power Delivery

8.1 %

8.2 %

6.5 %

7.5 %

Oil and Gas

23.6 %

22.5 %

18.9 %

15.3 %

Other

NM

NM

NM

NM

Segment Total

10.8 %

9.9 %

9.1 %

7.8 %

Corporate

—

—

—

—

Adjusted EBITDA margin

9.0 %

8.9 %

7.5 %

6.6 %

NM – Percentage is not meaningful

(a)

Non-cash stock-based compensation expense, loss on extinguishment of debt and losses on the fair value of an investment are included within Corporate EBITDA.

(b)

For the three month period ended June 30, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $4.6 million, $16.4 million and $0.3 million, respectively, of acquisition and integration costs related to certain acquisitions, and Corporate EBITDA included $1.4 million of such costs, and for the six month period ended June 30, 2023, $13.5 million, $21.7 million, $1.9 million and $2.7 million of such costs were included in EBITDA of the segments and Corporate, respectively.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$               43.8

$               16.8

$                 9.3

$             (63.8)

Interest expense, net

50.6

59.4

102.6

112.1

Provision for (benefit from) income taxes

19.3

2.9

8.3

(41.8)

Depreciation

102.1

103.0

209.6

210.3

Amortization of intangible assets

33.6

42.0

67.3

84.0

EBITDA

$             249.4

$             224.2

$             397.1

$             300.8

Non-cash stock-based compensation expense

7.0

8.6

16.7

17.1

Loss on extinguishment of debt

11.3

—

11.3

—

Acquisition and integration costs

—

22.7

—

39.8

Losses on fair value of investment

—

—

—

0.2

Adjusted EBITDA

$             267.8

$             255.4

$             425.1

$             357.9

 

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

1.5 %

0.6 %

0.2 %

(1.2) %

Interest expense, net

1.7 %

2.1 %

1.8 %

2.1 %

Provision for (benefit from) income taxes

0.7 %

0.1 %

0.1 %

(0.8) %

Depreciation

3.4 %

3.6 %

3.7 %

3.9 %

Amortization of intangible assets

1.1 %

1.5 %

1.2 %

1.5 %

EBITDA margin

8.4 %

7.8 %

7.0 %

5.5 %

Non-cash stock-based compensation expense

0.2 %

0.3 %

0.3 %

0.3 %

Loss on extinguishment of debt

0.4 %

— %

0.2 %

— %

Acquisition and integration costs

— %

0.8 %

— %

0.7 %

Losses on fair value of investment

— %

— %

— %

0.0 %

Adjusted EBITDA margin

9.0 %

8.9 %

7.5 %

6.6 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted Net Income Reconciliation

Net income (loss)

$               43.8

$               16.8

$                 9.3

$             (63.8)

Non-cash stock-based compensation expense

7.0

8.6

16.7

17.1

Amortization of intangible assets

33.6

42.0

67.3

84.0

Loss on extinguishment of debt

11.3

—

11.3

—

Acquisition and integration costs

—

22.7

—

39.8

Losses on fair value of investment

—

—

—

0.2

Income tax effect of adjustments (a)

(10.1)

(19.3)

(22.3)

(48.5)

Adjusted net income

$               85.6

$               70.7

$               82.3

$               28.8

 

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$               0.43

$               0.20

$             (0.09)

$             (0.84)

Non-cash stock-based compensation expense

0.09

0.11

0.21

0.22

Amortization of intangible assets

0.43

0.54

0.85

1.07

Loss on extinguishment of debt

0.14

—

0.14

—

Acquisition and integration costs

—

0.29

—

0.51

Losses on fair value of investment

—

—

—

0.00

Income tax effect of adjustments (a)

(0.13)

(0.25)

(0.28)

(0.62)

Adjusted diluted earnings per share

$               0.96

$               0.89

$               0.84

$               0.35

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards.  Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. 

 

Calculation of Net Debt

June 30,
2024

December 31,
2023

Current portion of long-term debt, including finance leases

$              201.5

$             177.2

Long-term debt, including finance leases

2,359.6

2,888.1

Total Debt

$           2,561.1

$          3,065.3

Less: cash and cash equivalents

(297.6)

(529.6)

Net Debt

$           2,263.5

$          2,535.7

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$                      131

$                    (47.3)

$                      33.9

Interest expense, net

203

234.4

112.3

Provision for (benefit from) income taxes

46

(35.4)

9.2

Depreciation

415

433.9

371.2

Amortization of intangible assets

135

169.2

135.9

EBITDA

$                      930

$                    754.9

$                    662.5

Non-cash stock-based compensation expense

34

33.3

27.4

Loss on extinguishment of debt

11

—

—

Acquisition and integration costs

—

71.9

86.0

Losses on fair value of investment

—

0.2

7.7

Project results from non-controlled joint venture

—

—

(2.8)

Bargain purchase gain

—

—

(0.2)

Adjusted EBITDA

$                    975

$                    860.3

$                    780.6

 

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

1.1 %

(0.4) %

0.3 %

Interest expense, net

1.6 %

2.0 %

1.1 %

Provision for (benefit from) income taxes

0.4 %

(0.3) %

0.1 %

Depreciation

3.3 %

3.6 %

3.8 %

Amortization of intangible assets

1.1 %

1.4 %

1.4 %

EBITDA margin

7.5 %

6.3 %

6.8 %

Non-cash stock-based compensation expense

0.3 %

0.3 %

0.3 %

Loss on extinguishment of debt

0.1 %

— %

— %

Acquisition and integration costs

— %

0.6 %

0.9 %

Losses on fair value of investment

— %

0.0 %

0.1 %

Project results from non-controlled joint venture

— %

— %

(0.0) %

Bargain purchase gain

— %

— %

(0.0) %

Adjusted EBITDA margin

7.9 %

7.2 %

8.0 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Net Income Reconciliation

Net income (loss)

$                      131

$                    (47.3)

$                      33.9

Non-cash stock-based compensation expense

34

33.3

27.4

Amortization of intangible assets

135

169.2

135.9

Loss on extinguishment of debt

11

—

—

Acquisition and integration costs

—

71.9

86.0

Losses on fair value of investment

—

0.2

7.7

Project results from non-controlled joint venture

—

—

(2.8)

Bargain purchase gain

—

—

(0.2)

Income tax effect of adjustments (a)

(40)

(75.3)

(58.6)

Statutory and other tax rate effects (b)

—

4.6

5.5

Adjusted net income

$                      272

$                    156.7

$                    234.8

 

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$                     1.25

$                    (0.64)

$                      0.42

Non-cash stock-based compensation expense

0.42

0.43

0.36

Amortization of intangible assets

1.71

2.16

1.78

Loss on extinguishment of debt

0.14

—

—

Acquisition and integration costs

—

0.92

1.13

Losses on fair value of investment

—

0.00

0.10

Project results from non-controlled joint venture

—

—

(0.04)

Bargain purchase gain

—

—

(0.00)

Income tax effect of adjustments (a)

(0.50)

(0.96)

(0.77)

Statutory and other tax rate effects (b)

—

0.06

0.07

Adjusted diluted earnings per share

$                    3.03

$                      1.97

$                      3.05

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards.  Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. 

(b)

For the years ended December 31, 2023 and 2022, represents the effect of statutory and other tax rate changes.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

EBITDA and Adjusted EBITDA Reconciliation

Net income

$                        72

$                      15.3

Interest expense, net

51

62.6

Provision for income taxes

28

7.6

Depreciation

102

115.0

Amortization of intangible assets

34

42.3

EBITDA

$                      286

$                    242.7

Non-cash stock-based compensation expense

9

7.2

Acquisition and integration costs

—

21.1

Adjusted EBITDA

$                      295

$                    271.1

 

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income

2.1 %

0.5 %

Interest expense, net

1.5 %

1.9 %

Provision for income taxes

0.8 %

0.2 %

Depreciation

2.9 %

3.5 %

Amortization of intangible assets

1.0 %

1.3 %

EBITDA margin

8.3 %

7.5 %

Non-cash stock-based compensation expense

0.3 %

0.2 %

Acquisition and integration costs

— %

0.6 %

Adjusted EBITDA margin

8.6 %

8.3 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

Adjusted Net Income Reconciliation

Net income

$                      72

$                      15.3

Non-cash stock-based compensation expense

9

7.2

Amortization of intangible assets

34

42.3

Acquisition and integration costs

—

21.1

Income tax effect of adjustments (a)

(6)

(10.0)

Adjusted net income

$                      108

$                      75.9

 

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings per share

$                     0.78

$                      0.18

Non-cash stock-based compensation expense

0.11

0.09

Amortization of intangible assets

0.43

0.54

Acquisition and integration costs

—

0.27

Income tax effect of adjustments (a)

(0.08)

(0.13)

Adjusted diluted earnings per share

$                     1.24

$                      0.95

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards.  Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

The tables may contain slight summation differences due to rounding.

MasTec uses EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin, as well as Adjusted Net Income, Adjusted Diluted Earnings Per Share and Net Debt, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these adjusted measures provide a baseline for analyzing trends in its underlying business.  MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share or total debt, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review MasTec’s consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to:  market conditions, including from rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers’ industries, supply chain issues and technological developments; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, the availability and cost of financing, supply chain disruptions, climate-related matters,  customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of state and federal regulatory initiatives, including risks related to the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.

View original content:https://www.prnewswire.com/news-releases/mastec-announces-second-quarter-2024-financial-results-and-updates-guidance-for-the-year-302212936.html

SOURCE MasTec, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications

Published

54 minutes ago

on

July 18, 2026

By

SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.

More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.

Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.

At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.

As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.

Daniel Liu, CEO of Intedigo, said:

“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”

Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:

“As embodied AI enters real-world industrial environments, reliable connectivity will become the foundation for telemetry feedback, remote control and operational management. Fibocom’s 5G solutions, represented by FM160, provide the cellular connectivity required for continuous on-site data transmission and reliable control command delivery. Fibocom will continue collaborating with ecosystem partners such as Intedigo to bring cellular connectivity to more robots, autonomous machines and mobile intelligent terminals, enabling embodied AI systems to stay continuously connected and respond reliably in real-world applications.”

From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.
 

About Fibocom

Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.

Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.

View original content to download multimedia:https://www.prnewswire.com/news-releases/from-remote-racing-to-embodied-ai-fibocom-and-intedigo-bring-5g-bidirectional-data-transmission-into-real-world-applications-302828996.html

SOURCE Fibocom Wireless Inc.

Continue Reading

Technology

DR. PHONE FIX ANNOUNCES SECOND TRANCHE CLOSING OF NON-BROKERED CONVERTIBLE DEBENTURE UNIT FINANCING

Published

54 minutes ago

on

July 18, 2026

By

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

EDMONTON, AB, July 18, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) is pleased to announce that, further to its news release dated May 19, 2026 and June 24, 2026 (the “Prior News Releases”), it has closed the second tranche of its non-brokered private placement (the “Offering”) of convertible debenture units of the Company (each, a “Unit”). The Company issued 726 Units, at a price of $1,000 per Unit, for aggregate gross proceeds of $726,000. Each Unit is comprised of (i) one $1,000 principal amount unsecured convertible debenture of the Company (a “Convertible Debenture”) and (ii) 3,125 common share (“Common Share”) purchase warrants of the Company (each, a “Warrant”). Additional detail on the Offering, including terms of the Convertible Debentures and Warrants, is set out in the Prior News Releases.

In connection with the Offering, the Company paid a finder’s fee consisting of an aggregate cash fee of $50,820 and issued an aggregate of 317,625 common share purchase warrants of the Company (each, a “Finder’s Warrant”) to certain qualified arm’s length parties. Each Finder’s Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $0.22 prior to the date that is 24 months from the date of issuance.

All securities issued pursuant to the Offering, including any Common Shares issuable upon conversion of the Convertible Debentures or exercise of the Warrants and Finder’s Warrants, are subject to a statutory hold period of four months and one day from the closing of the Offering, in accordance with applicable securities laws and TSX Venture Exchange (the “TSXV”) policies. 

The Offering remains subject to final acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dr. Phone Fix

Dr. Phone Fix is a national, award-winning, eco-friendly, and customer-centric leader in Canada’s cell phone and electronics repair and certified pre-owned device industry. Founded in 2019, the Company now operates 44 retail locations nationwide through a standardized and scalable operating platform designed to support consistent execution across multiple markets, delivering fast, reliable, and environmentally conscious repair services alongside a curated selection of certified pre-owned devices and premium accessories. Dr. Phone Fix maintains strong partnerships with OEMs and certified suppliers, ensuring consistently high-quality standards across its national footprint. With a focus on responsible device lifecycle management, customer service, and operational discipline, Dr. Phone Fix continues to set the benchmark for device care and resale in Canada.

www.docphonefix.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the final acceptance of the Offering by the TSXV; and the expected use of proceeds following the closing of the Offering. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; the TSXV will provide its final acceptance of the Offering; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV final acceptance for the Offering; the potential failure to complete the balance of the Offering or to raise the full anticipated gross proceeds; market conditions and investor demand for the Company’s securities; the Company’s inability to deploy the proceeds as currently intended; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

 

SOURCE Dr. Phone Fix

Continue Reading

Technology

Football Tournament Season Sparks Global Social Connection Surge as 3Fun Reports Growth Across Key Markets

Published

2 hours ago

on

July 18, 2026

By

NEW YORK, July 18, 2026 /PRNewswire/ — As the World Cup enters its final stage and fans celebrate across the globe, new data from 3Fun, the leading dating app for open-minded singles and partners, reveals that the World Cup’s impact extends far beyond the stadium. The tournament has ignited a massive surge in global social activity, with users increasingly turning to the platform to translate sporting euphoria into personal connections.

The “Celebratory Intimacy” Effect: Why Winning Drives Matching

Psychological research has long suggested that major sports victories do more than just boost national pride; they influence human biology and intimacy. Studies indicate that watching a favorite team win can temporarily elevate testosterone levels in fans, leading to a surge in sexual desire and “celebratory intimacy”. This theory is vividly reflected in 3Fun’s latest performance metrics.

Compared with the previous 20-day period, 3Fun saw a 6.13% increase in Daily Active Users (DAU) during the peak of the World Cup season (June 23 – July 12), adding more than 275,000 active participants. The platform’s “heat” was further evidenced by an additional 446,491 messages sent, while the user match rate jumped by 5.71%, resulting in nearly 50,000 new connections.

Spain and Argentina Lead the “Lust for Victory”

The data shows a direct correlation between success on the pitch and activity on 3Fun. Nations with deep football cultures and strong tournament performances saw the highest growth:

Spain: Witnessed a staggering 37.56% surge in new users.Argentina: Followed with a 26.62% increase.France & Mexico: Saw growth rates of 25.44% and 21.42% respectively.

In the U.S., cities like Houston (+8.98%) and New York (+7.45%) led the way. This trend aligns with a broader cultural shift: recent 3Fun data reveals that 69% of Americans report a growing interest in non-traditional relationships, with 77% of seekers preferring dating apps to find compatible partners.

Digital Jet-Setting: 3Fun’s “Roaming” Feature Becomes a Fan Favorite

While millions traveled for the games, many more “traveled” virtually. 3Fun’s new Roaming feature, currently in gray-scale testing, allows users to explore connections beyond their current location by virtually discovering communities in other cities.

The top 10 “Roaming” destinations during the Football Tournament  season reveal where the world’s social interest was concentrated:

Sao Paulo, Brazil (17.35% of total roaming volume)New York, USA (14.82%)Las Vegas, USA (11.37%)Los Angeles, USA (11.19%)London, UK (9.89%)Rio de Janeiro, Brazil (7.40%)Houston, USA (7.36%)Dallas, USA (7.18%)Miami, USA (6.85%)Chicago, USA (6.60%).

The dominance of Brazilian cities like Sao Paulo and Rio de Janeiro highlights a “digital pilgrimage” to the spiritual home of football, where users sought to connect with the local energy and like-minded fans.

3Fun Insight: Connection Beyond the Game

“Major global events like the World Cup bring people together far beyond the borders of the pitch,” said Daniel Morgan, 3Fun’s Director of Social Trends. “Our data shows that users aren’t just looking for scores; they are looking for meaningful, shared experiences. Whether through virtual roaming or local matching, these events create unique windows for people to explore their desires in a safe, celebratory, and inclusive community”.

Daniel further noted, “With 72% of users noticing growing acceptance of diverse relationship styles, global sports events such as the World Cup represent a moment when people feel more open to meeting others and exploring new forms of connection”.

About 3Fun: With over 10 million downloads and 3 million verified active users worldwide, 3Fun is the leading dating app for open-minded singles and partners to meet like-minded people. The platform provides a safe and inclusive space to explore ethical open relationships and polyamory, fostering community and connection without judgment. 

Disclaimer: 3Fun is not affiliated with, endorsed by, or sponsored by FIFA, the World Cup, or any official World Cup organizing body. All references to the tournament are descriptive or for informational and topical context only.

View original content:https://www.prnewswire.com/news-releases/football-tournament-season-sparks-global-social-connection-surge-as-3fun-reports-growth-across-key-markets-302828995.html

SOURCE 3Fun

Continue Reading

Trending