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MasTec, Inc. (MTZ) is a leading infrastructure construction company operating primarily in North America. The company specializes in engineering, building, installation, maintenance, and upgrading of various types of infrastructure. MTZ provides services across multiple industries, focusing on communications, energy, and utility infrastructure, with an emphasis on clean energy and renewable sources.
- Clean Energy and Infrastructure - Installs and constructs power generation facilities from clean energy and renewable sources, including wind, solar, biomass, natural gas, and hydrogen, along with battery storage systems and heavy civil infrastructure services.
- Communications - Engages in engineering, construction, maintenance, and customer fulfillment activities related to communications infrastructure, including wireless and wireline/fiber communications, wireless integration, and install-to-the-home services.
- Power Delivery - Provides engineering, construction, and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, substations, and grid modernization, along with emergency restoration services.
- Pipeline Infrastructure - Offers engineering, construction, maintenance, and other services for pipeline infrastructure, including natural gas, water, and carbon capture sequestration pipelines, and pipeline integrity services.
- Other Services - Includes activities from certain equity investees and small business units in international end-markets, providing varied services.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alberto de Cardenas ExecutiveBoard | Executive Vice President, General Counsel, and Secretary | United Way of Miami-Dade County; Easter Seals of South Florida; Orange Bowl Committee | Alberto de Cardenas has served as Executive Vice President, General Counsel, and Secretary at MTZ since November 2005. Previously, he held senior legal roles at Perry Ellis International, Broad and Cassel, and Deloitte & Touche LLP. | |
Jose R. Mas ExecutiveBoard | Chief Executive Officer (CEO) | Member of the Board of Directors at Helmerich & Payne, Inc. | Jose R. Mas has been the CEO of MasTec, Inc. since April 2007 and serves as a Director on the Board since August 2001. Previously, he served as President from April 2007 to January 2010 and held various executive roles prior to his current appointment. | View Report → |
Paul DiMarco Executive | Executive Vice President (EVP) and Chief Financial Officer (CFO) | Paul DiMarco is the Executive Vice President and Chief Financial Officer (CFO) of MasTec, Inc. since April 1, 2023. Previously, he served as the CFO of the Power Delivery Segment from February 2022 and as Treasurer since 2011. | ||
Robert Apple Executive | Chief Operating Officer (COO) | Member of the Board of Directors at Domtar Corporation since October 2012; Chairman of the Board at Domtar Corporation; Chair of the Nominating and Governance Committee at Domtar Corporation | Robert Apple has served as the Chief Operating Officer (COO) of MasTec since December 2006 and was previously the group president for its energy service operations starting in 2005. | |
C. Robert Campbell Board | Director | C. Robert Campbell is an independent Director at MasTec since 2016. He previously served as the Executive Vice President and Chief Financial Officer of MasTec from October 2004 to December 2013. | ||
Ernst N. Csiszar Board | Director | Private Investor; Board of Directors of American Integrity Insurance Company | Ernst N. Csiszar has been an independent Director at MasTec since 2005. He also serves on the Audit and Compensation Committees, leveraging his extensive background in insurance, risk management, and financial advisory. | |
Javier Palomarez Board | Director | President and Chief Executive Officer of the United States Hispanic Business Council | Javier Palomarez has served as a Director at MasTec since 2015, acting as an independent board member and participating in key committees. He is also the President and Chief Executive Officer of the United States Hispanic Business Council since September 15, 2021, and previously led the United States Hispanic Chamber of Commerce from 2000 to February 2018. | |
Julia L. Johnson Board | Director | President of Net Communications, LLC; Board Member of American Water Works Co., Inc. | Julia L. Johnson has been a Director at MasTec, Inc. since 2002. She serves as the Chair of the Nominating, Sustainability and Corporate Governance Committee and has extensive experience in regulatory analysis, public policy, and corporate governance. | |
Robert J. Dwyer Board | Lead Independent Director | Private Investor; Director at Bimini Capital Management, Inc. | Robert J. Dwyer has served as the Lead Independent Director at MasTec (MTZ) since 2004. He has an extensive background in executive roles, having held positions at Morgan Stanley and Dean Witter Reynolds, and currently acts as a private investor and director at other companies. |
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In your pipeline business, you mentioned that 2026 revenue could potentially reach or exceed 2024 levels despite a significant decline in Q1 revenue due to the MVP wind down—what specific strategies are in place to secure such a turnaround, and how do you plan to offset these lower current contributions?
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Given that your Clean Energy and Infrastructure segment achieved a 350 basis point margin improvement amid a challenging federal policy environment, can you detail what measures you are implementing to sustain these margins if tariff impacts or policy shifts intensify?
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Your Power Delivery segment experienced margin pressures due to weather-related issues and productivity headwinds—what targeted initiatives are being rolled out to improve operational efficiency, and how confident are you that these issues will not recur in future quarters?
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While Communications revenue beat expectations and guidance was raised, you noted a conservative outlook for the second half of the year with largely flat revenue growth—could you elaborate on the factors limiting growth despite a strong customer pipeline and what strategic adjustments might unlock additional value?
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You highlighted the increased reliance on framework agreements to secure long-term backlog visibility, yet regulatory uncertainties and project delays remain a concern—how do these agreements concretely mitigate the risk of deferred project starts, and is this approach sufficient to stabilize forecasting across volatile market conditions?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Construction company focused on underground utility infrastructure (data center utility systems) | 2024 | MasTec acquired all equity interests in July 2024 for approximately $33 million in cash (net of cash acquired) along with a five‐year earn‑out liability (~$30 million, with potential additional up to ~$41 million) to enhance its Power Delivery segment and address growing data center infrastructure demand. |
Telecom construction company specializing in broadband and fiber‑to‑the‑home initiatives (New England) | 2023 | MasTec acquired all equity interests in July 2023 to bolster its Communications segment, with preliminary fair value determinations as of September 30, 2023. |
Equipment companies in the Oil & Gas segment (68% and 42% equity interests) | 2023 | In May 2023, MasTec acquired two equipment companies as asset acquisitions under ASC 805 for its Oil and Gas segment, with an aggregate purchase price of approximately $69 million in cash (net of cash acquired) plus an earn‑out liability of ~$1 million and potential liabilities up to ~$3 million, consolidating them with non‑controlling interests. |
Telecommunications company specializing in wireless services | 2023 | Effective January 2023, this acquisition—accounted for as a business combination under ASC 805 and included in the Communications segment—was acquired for approximately $45 million in cash for the initial period, contributing significant revenue across successive reporting periods with preliminary fair value measurements as of September 30, 2023. |
Infrastructure and Energy Alternatives, Inc. (IEA) | 2022 | Completed on October 7, 2022, this cash and stock transaction (75% cash at $10.50 and 25% stock at $3.50 per share) valued at an estimated $1.1 billion expanded MasTec’s Clean Energy & Infrastructure segment, funded partly by assuming $300 million of IEA’s debt. |
Company specializing in concrete and aggregate products production | 2022 | Acquired in August 2022 and included in the Clean Energy and Infrastructure segment, the deal involved an aggregate purchase price of approximately $50.2 million in cash (net of cash acquired) plus $3.9 million in earn‑out liabilities, with preliminary fair value determinations as of September 30, 2022. |
Company specializing in the construction of overhead high‑voltage transmission lines | 2022 | Acquired in July 2022 for inclusion in the Power Delivery segment, this transaction was part of a broader deal valued at approximately $50.2 million in cash (net of cash acquired) along with $3.9 million in earn‑out liabilities, subject to further adjustments as of September 30, 2022. |
Telecommunications company specializing in wireline services | 2022 | Effective at the end of May 2022 and part of the Communications segment strategy, this business combination was executed with an aggregate purchase price (shared with other 2022 deals) of approximately $50.2 million in cash (net of cash acquired) plus $3.9 million in earn‑out liabilities, with fair value measurements being preliminary. |
Infrastructure construction company focusing on water, sewer, and utility projects (excavation and site work) | 2022 | Acquired in January 2022 for MasTec’s Oil and Gas segment, this acquisition was completed for an aggregate price of around $15.8 million in cash (net of cash acquired) with $1.8 million in earn‑out liabilities, with fair value estimates preliminarily determined as of June 30, 2022. |
Recent press releases and 8-K filings for MTZ.
- Achieved $2.8B in Q1 2025 revenue, up 6% YoY driven by strong non-pipeline performance, despite a decline in Pipeline Infrastructure due to a major contract close-out .
- Raised full-year 2025 guidance to $13.65B in revenue, with Adjusted EBITDA forecast between $1.12B and $1.16B and improved EPS expectations; executed $77M in share repurchases with an additional $250M authorization .
- Reported Adjusted diluted EPS of $0.51, outperforming expectations by $0.17, alongside GAAP diluted EPS of $0.13 and GAAP net income of $12.3M .
- Delivered robust operating results with Adjusted EBITDA of $163.7M (up 7% YoY) and non-pipeline EBITDA growth of 60% YoY .
- Maintained an 18-month backlog of $15.9B, up 24% YoY, underscoring strong future project demand .
- Announced a leadership transition, thanking outgoing leader Marc and welcoming his successor Chris .
- Q4 Performance: Delivered $3.4B in revenue with strong operational metrics including adjusted EBITDA of $271M and EPS of $1.44, alongside significant net debt reduction (over $700M) .
- Full-Year 2024 Results: Achieved $12.3B in revenue and GAAP net income of $199.4M—exceeding guidance by $79M—with record non-Pipeline performance and an 18-month backlog of $14.3B (15% YoY increase) .
- 2025 Guidance & Projections: Forecasts include full-year revenue of $13.45B, GAAP net income between $327–$366M, adjusted EBITDA of $1.10–$1.15B, plus Q1 revenue of $2.7B and estimated operating cash flow of $700M; revenue growth is anticipated at 9% with leverage remaining below 2x .
- Growth Drivers: Strong demand in communications, power delivery, and clean energy sectors is driving these robust forecasts .