MasTec Inc. reported a net income of $199.4 million for the fiscal year ended December 31, 2024, a significant increase compared to a net loss of $47.3 million in the previous year. Revenue for 2024 reached $12.3 billion, a 2.6% increase from $11.99 billion in 2023. This growth was driven primarily by increases in the Communications and Pipeline Infrastructure segments, partially offset by a decrease in the Power Delivery segment. The company's EBITDA increased to $950.8 million in 2024 from $754.9 million in 2023.
The increase in revenue was attributed to higher project activity in several segments, including wireless, wireline, and utility projects in the Communications segment, heavy civil projects in the Clean Energy and Infrastructure segment, and midstream projects in the Pipeline Infrastructure segment. Conversely, the Power Delivery segment experienced a revenue decrease due to lower project activity in transmission and distribution, and certain facilities and infrastructure projects. Acquisitions contributed $43 million to the overall revenue increase in 2024. The company completed three acquisitions during 2024, expanding its capabilities in underground utility infrastructure, heavy civil contracting, and pipeline infrastructure.
MasTec's financial performance was also influenced by several factors. Improved project efficiencies and a favorable project mix contributed to a decrease in costs of revenue as a percentage of revenue. However, the company also noted the impact of overhead costs incurred to maintain operating capacity for anticipated future projects. The company's effective tax rate was 20.5% in 2024, compared to a benefit of 42.8% in 2023, primarily due to lower state income tax rates and tax credits. The company also highlighted the impact of inflationary pressures and labor shortages on costs, noting that it may not be able to fully offset these increases through contract pricing.
The company's backlog, a key indicator of future revenue, totaled $14.3 billion as of December 31, 2024, representing a significant increase from $12.4 billion at the end of 2023. Approximately 54% of this backlog is attributed to master service agreements, which are subject to cancellation on short notice. MasTec employs approximately 32,000 employees, with about 7,000 represented by unions. The company emphasized its commitment to safety and its proactive safety culture, noting that it is self-insured for a significant portion of its potential liabilities.
Looking ahead, MasTec anticipates continued demand for its services across all segments, driven by industry trends such as the expansion of 5G networks, the growth of renewable energy infrastructure, and the need for grid modernization and pipeline maintenance. The company acknowledges several risks, including market volatility, regulatory changes, and the potential for project delays or cancellations. However, MasTec believes its strong financial position, operational expertise, and diverse customer base will enable it to navigate these challenges and capitalize on future growth opportunities.
About MASTEC INC
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