Executive Summary

Q4 revenue $3.40B, adjusted EBITDA $270.9M (8.0%), adjusted EPS $1.44; record 18‑month backlog $14.3B; results ran ahead of the company’s guidance and extended H2 momentum .
FY 2025 initial guide: revenue $13.45B (+~9% y/y), adjusted EBITDA $1.10–$1.15B (8.2–8.5%), GAAP EPS $3.75–$4.24, adjusted EPS $5.35–$5.84; Q1 2025 guide: revenue ~$2.7B, adj. EBITDA $160M (5.9%), adj. EPS $0.34 .
Balance sheet/cash: Q4 cash from operations ≈$470M; FY 2024 CFFO $1.12B; year-end net debt $1.82B (leverage 1.8x) after a Q4 net debt reduction of $318M, underpinning return-focused capital allocation in 2025 .
2025 setup/catalysts: secular grid investment (Greenlink ramp), strong telecom demand with new contracts, and improving pipeline outlook (management expects pipeline revenue in 2026 and beyond to exceed 2024) can drive estimate/guide revisions as awards convert to backlog and production ramps .
Estimates context: S&P Global consensus was unavailable at query time; management stated Q4 revenue/EBITDA/EPS exceeded guidance. Where “vs. estimates” would appear below, data are not shown due to unavailability from S&P Global at the time of analysis .

What Went Well and What Went Wrong

What Went Well
- Execution-led margin gains: Q4 adjusted EBITDA margin expanded +110 bps y/y to 8.0% with adjusted EPS more than doubling y/y; Clean Energy margin outperformance was execution-driven and above internal conservatism .
- Broad-based backlog growth: 18‑month backlog reached a record $14.3B, up $440M q/q and ~$1.9B y/y; backlog grew sequentially in every segment in Q4, supporting 2025 visibility .
- Working capital discipline and balance sheet: Q4 CFFO ≈$470M; FY CFFO $1.12B; DSO improved to 60 days (vs. 68 in Q3); net leverage fell to 1.8x, positioning MTZ for balanced, returns-focused capital allocation .
- Communications and Clean Energy strength: Q4 Communications revenue +28% y/y with EBITDA +67% y/y; Clean Energy delivered record revenue and >100% y/y EBITDA growth in Q4 .
What Went Wrong
- Pipeline deceleration as expected: Q4 pipeline revenue declined y/y and q/q; 2025 pipeline revenue guided down to ~$1.8B due to MVP completion and timing of new awards, with margin guide mid-teens (still solid) .
- Weather impacts: Q4 pipeline margins were lower than some expectations due to weather-related costs and revenue push-outs; management still confident in segment margin capabilities .
- Early 2025 production/seasonality: Power Delivery starts 2025 with slower production due to severe winter weather; Q1 expected to be the lowest-margin quarter of the year .

Financial Results

Overall metrics (all dollars USD):

Metric	Q4 2023	Q3 2024	Q4 2024
Revenue ($B)	$3.28	$3.25	$3.40
GAAP Diluted EPS ($)	$0.01	$1.21	$0.95
Adjusted Diluted EPS ($)	$0.61	$1.63	$1.44
Adjusted EBITDA ($M)	$226.5	$305.9	$270.9
Adjusted EBITDA Margin (%)	6.9%	9.4%	8.0%
Net Income Margin (%)	0.0%	3.2%	2.5%
vs. Estimates	N/A (unavailable)	N/A (unavailable)	N/A (unavailable)

Non-GAAP bridge (Q4 2024): GAAP EPS $0.95 to adjusted EPS $1.44 adds back, among others, amortization of intangibles $0.48, stock-based comp $0.11, fair value changes $0.09, with tax effects −$0.17 and other −$0.01 .

Segment revenue and profit:

Segment	Q4 2023 Revenue ($M)	Q4 2024 Revenue ($M)	Q4 2023 Adj. EBITDA ($M, %)	Q4 2024 Adj. EBITDA ($M, %)
Communications	759.9	975.3	57.7 (7.6%)	96.5 (9.9%)
Clean Energy & Infrastructure	1,067.4	1,257.8	51.7 (4.8%)	104.3 (8.3%)
Power Delivery	658.0	762.1	52.8 (8.0%)	54.4 (7.1%)
Pipeline Infrastructure (Oil & Gas in 2023)	802.2	429.5	95.5 (11.9%)	58.5 (13.6%)
Eliminations/Other	(7.4)	(21.6)	Other: 6.8 (NM)	Other: 9.0 (NM)
Consolidated	3,280.1	3,403.1	226.5 (6.9%)	270.9 (8.0%)

KPIs and balance sheet:

KPI	Dec 31, 2023	Sep 30, 2024	Dec 31, 2024
18‑Month Backlog – Communications ($M)	5,627	5,855	6,010
18‑Month Backlog – Clean Energy & Infrastructure ($M)	3,115	4,141	4,244
18‑Month Backlog – Power Delivery ($M)	2,440	3,160	3,309
18‑Month Backlog – Pipeline Infrastructure ($M)	1,225	702	735
Total 18‑Month Backlog ($M)	12,407	13,858	14,298

Cash/Leverage	FY 2023	FY 2024	Q4 2024 Detail
Cash from Operations ($M)	687.3	1,121.6	≈$470M in Q4 (company: “approximately $470M”)
Net Debt ($M)	2,535.7	1,824.2	Q4 net debt reduction $318M; net leverage 1.8x

Guidance Changes

Initial 2025 guidance introduced; segment-level outlook also provided on the call.

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($B)	FY 2025	N/A	$13.45	Initiated
GAAP EPS ($)	FY 2025	N/A	$3.75–$4.24	Initiated
Adjusted EBITDA ($B)	FY 2025	N/A	$1.10–$1.15 (8.2–8.5%)	Initiated
Adjusted EPS ($)	FY 2025	N/A	$5.35–$5.84	Initiated
Revenue ($B)	Q1 2025	N/A	~$2.70	Initiated
GAAP Diluted EPS ($)	Q1 2025	N/A	(0.05)	Initiated
Adjusted EBITDA ($M)	Q1 2025	N/A	160 (5.9%)	Initiated
Adjusted EPS ($)	Q1 2025	N/A	0.34	Initiated
Communications revenue ($B)	FY 2025 (segment)	N/A	~$2.8; low double‑digit adj. EBITDA margin	Initiated
Clean Energy revenue ($B)	FY 2025 (segment)	N/A	~4.75; ~7% adj. EBITDA margin	Initiated
Pipeline revenue ($B)	FY 2025 (segment)	N/A	~1.8; mid‑teens adj. EBITDA margin	Initiated
Power Delivery revenue ($B)	FY 2025 (segment)	N/A	~4.15; high single‑digit adj. EBITDA margin	Initiated

2024 guidance vs actual (context):

As of Oct 31, 2024, MTZ guided FY 2024 revenue ~$12.225B, adjusted EBITDA ~$990M, adjusted EPS ~$3.75; actuals came in at revenue $12.303B, adjusted EBITDA $1,005.6M, adjusted EPS $3.95 (beat) .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
Grid transmission buildout	Awarded ~700‑mile HV transmission project expected to start early 2025 (Q2) ; record backlog build (Q3)	Greenlink contracting underway; management ready for a second large transmission project; sees decade‑long transmission opportunity; aims to run 2+ mega‑projects by 2026	Improving
Communications demand & BEAD	Record backlog in segment (Q2/Q3)	Strong y/y growth; new contracts ramping; BEAD negligible in 2025 but supportive from 2026; wireless cycle likely post‑2025 (AT&T swap multi‑year; expect VZ/TMUS to increase later)	Improving
Clean Energy execution & policy	Backlog growth; bookings strength (Q2/Q3)	Record revenue and EBITDA in Q4; margins driven by execution; 2025 modeled conservatively; IRA/policy noise acknowledged but 2026 outlook very strong	Improving
Pipeline outlook	Oil & Gas backlog declined through Q3 (Q3 table)	2025 down vs 2024 due to MVP completion; backlog turned up in Q4; mgmt expects 2026+ revenues to exceed 2024 on larger projects	Inflecting upward (beyond 2025)
Working capital/DSO & cash	CFFO $264M; leverage <2.5x (Q2); CFFO $278M; leverage 2.2x (Q3)	Q4 CFFO ≈$470M; FY CFFO $1.1B; DSO improved to 60 days; net leverage 1.8x	Improving
Data center/AI exposure	Not highlighted in detail	~$200M data center revenue in 2024; targeting ~$300M in 2025; broader power/fiber demand from AI/data centers to lift multiple businesses	Increasing

Management Commentary

CEO framing momentum and demand: “Fourth quarter performance was strong… revenue, EBITDA and EPS were all above guidance and backlog grew sequentially in every segment… For 2025, we expect our nonpipeline revenues to increase 14% and nonpipeline EBITDA to grow over 25%” .
Communications outlook: “We continue to enjoy strong demand in virtually every aspect of telecom infrastructure… broadband infrastructure is growing… hyperscalers are creating a new wave of long‑haul build‑out” .
Grid opportunity: “Our transmission grid in this country is severely under‑invested in… one of the biggest opportunities for MasTec over the next decade… we’re capable of doing any project in America” .
Pipeline trajectory: “There is more optimism today than there’s been in years… We expect 2026 revenues to exceed 2024 revenues in our pipeline segment” .
CFO on financial discipline: “Q4 adjusted EBITDA was $271 million, exceeding guidance by ~$12 million… DSO ended at 60 days… Net debt at year‑end is $1.8 billion… net leverage now at 1.8x” .

Q&A Highlights

Pipeline beyond 2025: Management confirmed expectation that 2026 pipeline revenues will exceed 2024, citing a significant shift in customer mindset and project pipeline; 2025 is a base‑business year post‑MVP .
Clean Energy margins: Upside driven by execution; 2025 modeled conservatively with potential to exceed on both top and bottom line .
Data center exposure: ~$200M revenue in 2024; aiming for ~$300M in 2025; not the main driver of Q4 backlog growth; AI/data center power/fiber needs a multi‑segment tailwind .
Communications mix and BEAD: BEAD contribution negligible in 2025; multiple new wireline/wireless contracts ramping; wireless cycle expected to re‑accelerate post‑2025 (AT&T swap a multi‑year opportunity) .
Greenlink sizing: $()500M annual revenue contribution with ~1.5 years in 18‑month backlog; about half of the ~$900M y/y Power Delivery backlog increase tied to this project .
Cash flow mechanics: AR program had a negligible effect on cash generation; CFFO driven by WIP/DSO reduction and mobilization payments .

Estimates Context

Wall Street consensus from S&P Global (revenue, EPS, EBITDA) was unavailable at the time of this analysis due to provider limits; therefore, “vs. estimates” comparisons are not shown. Management stated Q4 revenue, EBITDA, and EPS were above company guidance .
Where relevant in tables, “N/A – consensus unavailable” indicates missing S&P Global values at query time.

Key Takeaways for Investors

Setup into 2025 is constructive: Initial guide embeds robust non‑pipeline growth (+14% revenue, >25% EBITDA) with conservative assumptions, leaving room for upward revisions if execution and awards track .
Multi‑year grid cycle is accelerating: Greenlink ramp, potential second mega‑project in 2025, and broad transmission opportunities position MTZ for sustained growth and margin scale in Power Delivery .
Telecom tailwinds broaden: New wireline/wireless awards, minimal near‑term BEAD reliance, and a likely post‑2025 wireless cycle should support growth and mix shift to higher‑margin work .
Pipeline is a 2026+ call option: 2025 is a digestion year post‑MVP; management expects 2026 revenues to surpass 2024 as larger gas projects move forward (potential upside if awards pull forward) .
Cash generation and leverage provide flexibility: FY CFFO $1.1B and 1.8x net leverage allow MTZ to prioritize organic growth and selective tuck‑ins; rating outlook could improve with sustained performance .
Margin trajectory still has room: H2 execution validates improvement; management sees “meaningful” further margin gains over time as scale and project selection improve, a key driver of earnings power toward double‑digit margins longer term .
Trading implications: Near‑term catalysts include backlog conversion (Greenlink, telecom awards), Q1 seasonal trough followed by sequential improvement, and any pipeline award announcements; medium‑term re‑rating case rests on sustained non‑pipeline margin expansion and transmission mega‑project wins .

Appendix: Additional Tables

Backlog detail (for reference):

Backlog ($M)	Dec 31, 2023	Sep 30, 2024	Dec 31, 2024
Communications	5,627	5,855	6,010
Clean Energy & Infrastructure	3,115	4,141	4,244
Power Delivery	2,440	3,160	3,309
Pipeline Infrastructure	1,225	702	735
Estimated 18‑Month Backlog	12,407	13,858	14,298

Sources: Q4 2024 8‑K and press release; Q4 2024 earnings call transcript; Q3 and Q2 2024 8‑Ks and press releases .

MASTEC INC (MTZ)·Q4 2024 Earnings Summary