Mastec, Inc. (NYSE: MTZ) has reported its first quarter 2025 financial results, showing significant growth and exceeding expectations. The company's revenue for the first quarter of 2025 increased by 6% to $2.8 billion, with strong combined growth contributions from non-pipeline segments at 21%, partly offset by a 44% decrease from pipeline infrastructure due to a large contract close-out in the previous year.
The 18-month backlog as of March 31, 2025, increased by 24% year-over-year to $15.9 billion, with significant additions in the pipeline infrastructure segment. Mastec reported diluted earnings per share (EPS) of $0.13 and adjusted diluted EPS of $0.51, both above expectations by $0.18 and $0.17, respectively.
The company's GAAP net income was $12.3 million, while adjusted EBITDA stood at $163.7 million, exceeding expectations by $13.3 million and $3.7 million, respectively. Mastec also reported cash flow from operating activities of $78 million and free cash flow of $45 million for the first quarter of 2025.
In terms of segment highlights, the Communications segment saw a revenue increase of 34.7% to $680.9 million, while the Clean Energy and Infrastructure segment reported a 21.5% revenue increase to $915.8 million. The Power Delivery segment's revenue increased by 12.8% to $899.7 million, and the Pipeline Infrastructure segment's revenue decreased by 43.8% to $356.5 million.
Looking ahead, Mastec has raised its financial guidance for the full year 2025, with adjusted diluted EPS guidance increased by approximately 9% from the prior midpoint of guidance. The company now expects full-year revenue to reach $13,650 million.
In terms of its financial position, Mastec reported net debt leverage of 1.9x, steady versus the year-end level, and completed $37 million of share repurchases in the first quarter, with additional purchases in April bringing the year-to-date total to $77 million at an average price of $110 per share. The board also authorized an additional $250 million repurchase program.
Mastec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries, including communications, energy, utility, and other infrastructure. Following these announcements, the company's shares moved 6.8%, and are now trading at a price of $143.16. For more information, read the company's full 8-K submission here.
