Mastec, Inc. has reported its third-quarter 2024 financial results, showing a revenue of $3.3 billion, which is unchanged from the same period last year. However, the company saw significant margin expansion over last year.
In terms of net income, the company reported a GAAP net income of $105.4 million, a substantial increase compared to the net income of $15.3 million in the third quarter of 2023. Adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $138.7 million and $1.63, respectively, up 83% and 71% from the third quarter of 2023. Additionally, the adjusted EBITDA, another non-GAAP measure, was up 13% to $305.9 million from $271.1 million in the third quarter of 2023.
The company also reported a record 18-month backlog as of September 30, 2024, of $13.9 billion, representing an increase of $1.4 billion from the third quarter of 2023.
Year-to-date cash flow generated by operating activities was $650 million, and the days sales outstanding (DSO) stood at 68 days.
Looking forward, Mastec, Inc. has increased its full-year bottom-line 2024 guidance expectations. The company now expects full-year 2024 revenue of approximately $12.225 billion, with full-year 2024 GAAP net income expected to approximate $187 million, and GAAP diluted earnings per share expected to be $1.98. Full-year 2024 adjusted EBITDA is expected to be $990 million, with adjusted diluted earnings per share expected to be $3.75.
The company also provided guidance for the fourth quarter of 2024, expecting revenue of approximately $3.325 billion, with GAAP net income expected to approximate $72 million, and GAAP diluted earnings per share expected to be $0.86. Fourth quarter 2024 adjusted EBITDA is expected to approximate $259 million, with adjusted diluted earnings per share expected to be $1.29.
As a result of these announcements, the company's shares have moved 2.4% on the market, and are now trading at a price of $122.89. Check out the company's full 8-K submission here.
