Q3 2025 MasTec Inc Earnings Call Transcript
Key Points
- MasTec Inc (MTZ) reported a 22% year-over-year increase in revenue, reaching nearly $4 billion for the third quarter.
- The company's adjusted EBITDA grew by 20% year-over-year, reaching $374 million, marking the highest growth since Q1 2024.
- Adjusted earnings per share exceeded expectations, coming in at $2.48, which was $0.20 ahead of consensus.
- The backlog at the end of the quarter reached a record $16.8 billion, with every segment showing backlog growth.
- The Communications segment saw a 33% year-over-year revenue increase, with EBITDA growing 38%, all organically.
- The Power Delivery segment faced challenges due to a lack of storm-related restoration services and permitting delays on the Greenlink project.
- Despite strong growth, the Communications segment's EBITDA margin of 11.3% leaves room for improvement.
- The Clean Energy and Infrastructure segment's revenue guidance was slightly lowered due to timing issues.
- Pipeline Infrastructure segment's margins, while improved, are still down from the previous year due to challenging comparisons.
- Cash flow from operations and free cash flow were slightly below expectations due to higher working capital investment and capital expenditures.
Hello, and thank you for standing by. Welcome to MasTec's third quarter 2025 earnings conference call. (Operator Instructions)
I would now like to hand the conference over to Chris Mecray. You may begin.
Good morning, and thank you for joining us for MasTec's third quarter 2025 financial results conference call. Joining me today are Jose Mas, Chief Executive Officer; and Paul Dimarco, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on MasTec's website under the Investors tab and to the webcast link. There's also a companion document with information and analytics on the quarter and a guidance summary to assist in financial modeling.
Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we'll make forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and
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