MasTec Announces Third Quarter 2024 Financial Results and Increases Guidance for the Year
-
Third
Quarter 2024 Revenue of
$3.3 Billion with Significant Margin Expansion Over Last Year -
Third
Quarter 2024 Diluted Earnings
Per Share of
$1.21 and Adjusted Diluted Earnings Per Share of$1.63 , Above Expectations by$0.43 and$0.39 , Respectively -
Third
Quarter 2024 GAAP Net Income of
$105.4 Million and Adjusted EBITDA of$305.9 Million, Above Expectations by$33.4 Million and$10.9 Million , Respectively -
Record 18-month Backlog as of
September 30, 2024 of$13.9 Billion Increased$1.4 Billion from the Third Quarter of 2023 -
Year-to-Date Cash Flow Generated by Operating Activities of
$650 Million and DSO at 68 Days
Third quarter 2024 revenue was
Third quarter 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were
18-month backlog as of
Based on the information available today, the Company is providing fourth quarter 2024 and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately
For the fourth quarter of 2024, the Company expects revenue of approximately
Adjusted net income, adjusted net income attributable to
Management will hold a conference call to discuss these results on
The following tables set forth the financial results for the periods ended
Consolidated Statements of Operations (unaudited - in thousands, except per share information) |
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For the Three Months Ended |
|
For the Nine Months Ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue |
$ 3,252,427 |
|
$ 3,257,077 |
|
$ 8,900,362 |
|
$ 8,715,851 |
Costs of revenue, excluding depreciation and amortization |
2,789,274 |
|
2,857,118 |
|
7,709,393 |
|
7,701,392 |
Depreciation |
80,193 |
|
115,033 |
|
289,769 |
|
325,318 |
Amortization of intangible assets |
34,368 |
|
42,266 |
|
101,669 |
|
126,252 |
General and administrative expenses |
168,874 |
|
180,640 |
|
501,491 |
|
520,709 |
Interest expense, net |
47,048 |
|
62,556 |
|
149,678 |
|
174,664 |
Equity in earnings of unconsolidated affiliates, net |
(7,042) |
|
(6,787) |
|
(22,153) |
|
(23,434) |
Loss on extinguishment of debt |
— |
|
— |
|
11,344 |
|
— |
Other expense (income), net |
2,754 |
|
(16,623) |
|
4,639 |
|
(26,332) |
Income (loss) before income taxes |
$ 136,958 |
|
$ 22,874 |
|
$ 154,532 |
|
$ (82,718) |
(Provision for) benefit from income taxes |
(31,548) |
|
(7,569) |
|
(39,813) |
|
34,231 |
Net income (loss) |
$ 105,410 |
|
$ 15,305 |
|
$ 114,719 |
|
$ (48,487) |
Net income attributable to non-controlling interests |
10,170 |
|
1,009 |
|
26,671 |
|
2,215 |
Net income (loss) attributable to |
$ 95,240 |
|
$ 14,296 |
|
$ 88,048 |
|
$ (50,702) |
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
Basic earnings (loss) per share |
$ 1.22 |
|
$ 0.18 |
|
$ 1.13 |
|
$ (0.65) |
Basic weighted average common shares outstanding |
78,044 |
|
77,640 |
|
78,004 |
|
77,418 |
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
$ 1.21 |
|
$ 0.18 |
|
$ 1.12 |
|
$ (0.65) |
Diluted weighted average common shares outstanding |
78,913 |
|
78,455 |
|
78,801 |
|
77,418 |
Consolidated Balance Sheets (unaudited - in thousands) |
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|
|
|
Assets |
|
|
|
Current assets |
$ 3,572,895 |
|
$ 3,974,253 |
Property and equipment, net |
1,519,378 |
|
1,651,462 |
Operating lease right-of-use assets |
398,564 |
|
418,685 |
|
2,135,683 |
|
2,126,366 |
Other intangible assets, net |
718,230 |
|
784,260 |
Other long-term assets |
418,222 |
|
418,485 |
Total assets |
$ 8,762,972 |
|
$ 9,373,511 |
Liabilities and equity |
|
|
|
Current liabilities |
$ 2,887,751 |
|
$ 2,837,219 |
Long-term debt, including finance leases |
2,138,697 |
|
2,888,058 |
Long-term operating lease liabilities |
264,632 |
|
292,873 |
Deferred income taxes |
381,219 |
|
390,399 |
Other long-term liabilities |
261,961 |
|
243,701 |
Total liabilities |
$ 5,934,260 |
|
$ 6,652,250 |
Total equity |
$ 2,828,712 |
|
$ 2,721,261 |
Total liabilities and equity |
$ 8,762,972 |
|
$ 9,373,511 |
Consolidated Statements of Cash Flows (unaudited - in thousands) |
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For the Nine Months Ended |
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|
2024 |
|
2023 |
Net cash provided by operating activities |
$ 649,926 |
|
$ 196,572 |
Net cash used in investing activities |
(80,798) |
|
(171,683) |
Net cash used in financing activities |
(916,513) |
|
(181,587) |
Effect of currency translation on cash |
(951) |
|
280 |
Net decrease in cash and cash equivalents |
$ (348,336) |
|
$ (156,418) |
Cash and cash equivalents - beginning of period |
$ 529,561 |
|
$ 370,592 |
Cash and cash equivalents - end of period |
$ 181,225 |
|
$ 214,174 |
Backlog by Reportable Segment (unaudited - in millions) |
|
|
|
|
|
Communications |
$ 5,855 |
|
$ 5,898 |
|
$ 5,299 |
Clean Energy and Infrastructure |
4,141 |
|
3,666 |
|
3,073 |
Power Delivery |
3,160 |
|
2,974 |
|
2,437 |
Oil and Gas |
702 |
|
800 |
|
1,681 |
Other |
— |
|
— |
|
— |
Estimated 18-month backlog |
$ 13,858 |
|
$ 13,338 |
|
$ 12,490 |
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
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For the Three Months Ended |
|
For the Nine Months Ended |
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Segment Information |
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue by Reportable Segment |
|
|
|
|
|
|
|
Communications |
$ 927.2 |
|
$ 824.4 |
|
$ 2,484.7 |
|
$ 2,499.6 |
Clean Energy and Infrastructure |
1,138.4 |
|
1,099.9 |
|
2,834.2 |
|
2,894.5 |
Power Delivery |
712.5 |
|
665.0 |
|
1,920.1 |
|
2,077.1 |
Oil and Gas |
497.8 |
|
672.3 |
|
1,704.0 |
|
1,270.6 |
Other |
— |
|
— |
|
— |
|
— |
Eliminations |
(23.5) |
|
(4.5) |
|
(42.6) |
|
(25.9) |
Consolidated revenue |
$ 3,252.4 |
|
$ 3,257.1 |
|
$ 8,900.4 |
|
$ 8,715.9 |
|
For the Three Months Ended |
|
For the Nine Months Ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
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Adjusted EBITDA and EBITDA Margin by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$ 298.6 |
|
9.2 % |
|
$ 242.7 |
|
7.5 % |
|
$ 695.6 |
|
7.8 % |
|
$ 543.5 |
|
6.2 % |
Non-cash stock-based compensation expense (a) |
7.3 |
|
0.2 % |
|
7.2 |
|
0.2 % |
|
24.0 |
|
0.3 % |
|
24.3 |
|
0.3 % |
Loss on extinguishment of debt (a) |
— |
|
— % |
|
— |
|
— % |
|
11.3 |
|
0.1 % |
|
— |
|
— % |
Acquisition and integration costs (b) |
— |
|
— % |
|
21.1 |
|
0.6 % |
|
— |
|
— % |
|
60.9 |
|
0.7 % |
Losses on fair value of investment (a) |
— |
|
— % |
|
— |
|
— % |
|
— |
|
— % |
|
0.2 |
|
0.0 % |
Adjusted EBITDA |
$ 305.9 |
|
9.4 % |
|
$ 271.1 |
|
8.3 % |
|
$ 731.0 |
|
8.2 % |
|
$ 629.0 |
|
7.2 % |
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications |
$ 106.6 |
|
11.5 % |
|
$ 78.2 |
|
9.5 % |
|
$ 237.3 |
|
9.5 % |
|
$ 234.0 |
|
9.4 % |
Clean Energy and Infrastructure |
85.0 |
|
7.5 % |
|
57.6 |
|
5.2 % |
|
152.8 |
|
5.4 % |
|
117.8 |
|
4.1 % |
Power Delivery |
54.5 |
|
7.6 % |
|
57.0 |
|
8.6 % |
|
133.2 |
|
6.9 % |
|
163.5 |
|
7.9 % |
Oil and Gas |
103.1 |
|
20.7 % |
|
97.3 |
|
14.5 % |
|
330.9 |
|
19.4 % |
|
188.9 |
|
14.9 % |
Other |
7.4 |
|
NM |
|
4.4 |
|
NM |
|
17.2 |
|
NM |
|
18.2 |
|
NM |
Segment Total |
$ 356.6 |
|
11.0 % |
|
$ 294.5 |
|
9.0 % |
|
$ 871.4 |
|
9.8 % |
|
$ 722.4 |
|
8.3 % |
Corporate |
(50.7) |
|
— |
|
(23.4) |
|
— |
|
(140.4) |
|
— |
|
(93.4) |
|
— |
Adjusted EBITDA |
$ 305.9 |
|
9.4 % |
|
$ 271.1 |
|
8.3 % |
|
$ 731.0 |
|
8.2 % |
|
$ 629.0 |
|
7.2 % |
|
|
NM - Percentage is not meaningful |
|
(a) |
Non-cash stock-based compensation expense, loss on extinguishment of debt and losses on the fair value of an investment are included within Corporate EBITDA. |
(b) |
For the three month period ended |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
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For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
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EBITDA and Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ 105.4 |
|
3.2 % |
|
$ 15.3 |
|
0.5 % |
|
$ 114.7 |
|
1.3 % |
|
$ (48.5) |
|
(0.6) % |
Interest expense, net |
47.0 |
|
1.4 % |
|
62.6 |
|
1.9 % |
|
149.7 |
|
1.7 % |
|
174.7 |
|
2.0 % |
Provision for (benefit from) income taxes |
31.5 |
|
1.0 % |
|
7.6 |
|
0.2 % |
|
39.8 |
|
0.4 % |
|
(34.2) |
|
(0.4) % |
Depreciation |
80.2 |
|
2.5 % |
|
115.0 |
|
3.5 % |
|
289.8 |
|
3.3 % |
|
325.3 |
|
3.7 % |
Amortization of intangible assets |
34.4 |
|
1.1 % |
|
42.3 |
|
1.3 % |
|
101.7 |
|
1.1 % |
|
126.3 |
|
1.4 % |
EBITDA |
$ 298.6 |
|
9.2 % |
|
$ 242.7 |
|
7.5 % |
|
$ 695.6 |
|
7.8 % |
|
$ 543.5 |
|
6.2 % |
Non-cash stock-based compensation expense |
7.3 |
|
0.2 % |
|
7.2 |
|
0.2 % |
|
24.0 |
|
0.3 % |
|
24.3 |
|
0.3 % |
Loss on extinguishment of debt |
— |
|
— % |
|
— |
|
— % |
|
11.3 |
|
0.1 % |
|
— |
|
— % |
Acquisition and integration costs |
— |
|
— % |
|
21.1 |
|
0.6 % |
|
— |
|
— % |
|
60.9 |
|
0.7 % |
Losses on fair value of investment |
— |
|
— % |
|
— |
|
— % |
|
— |
|
— % |
|
0.2 |
|
0.0 % |
Adjusted EBITDA |
$ 305.9 |
|
9.4 % |
|
$ 271.1 |
|
8.3 % |
|
$ 731.0 |
|
8.2 % |
|
$ 629.0 |
|
7.2 % |
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||
Adjusted Net Income Reconciliation |
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income (loss) |
$ 105.4 |
|
$ 15.3 |
|
$ 114.7 |
|
$ (48.5) |
Adjustments: |
|
|
|
|
|
|
|
Non-cash stock-based compensation expense |
7.3 |
|
7.2 |
|
24.0 |
|
24.3 |
Amortization of intangible assets |
34.4 |
|
42.3 |
|
101.7 |
|
126.3 |
Loss on extinguishment of debt |
— |
|
— |
|
11.3 |
|
— |
Acquisition and integration costs |
— |
|
21.1 |
|
— |
|
60.9 |
Losses on fair value of investment |
— |
|
— |
|
— |
|
0.2 |
Total adjustments, pre-tax |
$ 41.7 |
|
$ 70.6 |
|
$ 137.1 |
|
$ 211.7 |
Income tax effect of adjustments (a) |
(8.4) |
|
(10.0) |
|
(30.7) |
|
(58.6) |
Adjusted net income |
$ 138.7 |
|
$ 75.9 |
|
$ 221.0 |
|
$ 104.7 |
Net income attributable to non-controlling interests |
10.2 |
|
1.0 |
|
26.7 |
|
2.2 |
Adjusted net income attributable to |
$ 128.5 |
|
$ 74.9 |
|
$ 194.3 |
|
$ 102.5 |
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||
Adjusted Diluted Earnings per Share Reconciliation |
2024 |
|
2023 |
|
2024 |
|
2023 |
Diluted earnings (loss) per share |
$ 1.21 |
|
$ 0.18 |
|
$ 1.12 |
|
$ (0.65) |
Adjustments: |
|
|
|
|
|
|
|
Non-cash stock-based compensation expense |
0.09 |
|
0.09 |
|
0.31 |
|
0.31 |
Amortization of intangible assets |
0.44 |
|
0.54 |
|
1.29 |
|
1.61 |
Loss on extinguishment of debt |
— |
|
— |
|
0.14 |
|
— |
Acquisition and integration costs |
— |
|
0.27 |
|
— |
|
0.78 |
Losses on fair value of investment |
— |
|
— |
|
— |
|
0.00 |
Total adjustments, pre-tax |
$ 0.53 |
|
$ 0.90 |
|
$ 1.74 |
|
$ 2.70 |
Income tax effect of adjustments (a) |
(0.11) |
|
(0.13) |
|
(0.39) |
|
(0.75) |
Adjusted diluted earnings per share |
$ 1.63 |
|
$ 0.95 |
|
$ 2.47 |
|
$ 1.31 |
|
|
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information)
|
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|
|||
Calculation of Net Debt |
|
|
|
Current portion of long-term debt, including finance leases |
$ 185.1 |
|
$ 177.2 |
Long-term debt, including finance leases |
2,138.7 |
|
2,888.1 |
Total Debt |
$ 2,323.8 |
|
$ 3,065.3 |
Less: cash and cash equivalents |
(181.2) |
|
(529.6) |
Net Debt |
$ 2,142.6 |
|
$ 2,535.7 |
|
Guidance for the |
|
For the Year |
|
For the Year |
||||||
EBITDA and Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ 187 |
|
1.5 % |
|
$ (47.3) |
|
(0.4) % |
|
$ 33.9 |
|
0.3 % |
Interest expense, net |
196 |
|
1.6 % |
|
234.4 |
|
2.0 % |
|
112.3 |
|
1.1 % |
Provision for (benefit from) income taxes |
57 |
|
0.5 % |
|
(35.4) |
|
(0.3) % |
|
9.2 |
|
0.1 % |
Depreciation |
371 |
|
3.0 % |
|
433.9 |
|
3.6 % |
|
371.2 |
|
3.8 % |
Amortization of intangible assets |
137 |
|
1.1 % |
|
169.2 |
|
1.4 % |
|
135.9 |
|
1.4 % |
EBITDA |
$ 947 |
|
7.7 % |
|
$ 754.9 |
|
6.3 % |
|
$ 662.5 |
|
6.8 % |
Non-cash stock-based compensation expense |
32 |
|
0.3 % |
|
33.3 |
|
0.3 % |
|
27.4 |
|
0.3 % |
Loss on extinguishment of debt |
11 |
|
0.1 % |
|
— |
|
— % |
|
— |
|
— % |
Acquisition and integration costs |
— |
|
— % |
|
71.9 |
|
0.6 % |
|
86.0 |
|
0.9 % |
Losses on fair value of investment |
— |
|
— % |
|
0.2 |
|
0.0 % |
|
7.7 |
|
0.1 % |
Project results from non-controlled joint venture |
— |
|
— % |
|
— |
|
— % |
|
(2.8) |
|
(0.0) % |
Bargain purchase gain |
— |
|
— % |
|
— |
|
— % |
|
(0.2) |
|
(0.0) % |
Adjusted EBITDA |
$ 990 |
|
8.1 % |
|
$ 860.3 |
|
7.2 % |
|
$ 780.6 |
|
8.0 % |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||||
|
|||||
|
Guidance for the |
|
For the Year |
|
For the Year |
Adjusted Net Income Reconciliation |
|
|
|
|
|
Net income (loss) |
$ 187 |
|
$ (47.3) |
|
$ 33.9 |
Adjustments: |
|
|
|
|
|
Non-cash stock-based compensation expense |
32 |
|
33.3 |
|
27.4 |
Amortization of intangible assets |
137 |
|
169.2 |
|
135.9 |
Loss on extinguishment of debt |
11 |
|
— |
|
— |
Acquisition and integration costs |
— |
|
71.9 |
|
86.0 |
Losses on fair value of investment |
— |
|
0.2 |
|
7.7 |
Project results from non-controlled joint venture |
— |
|
— |
|
(2.8) |
Bargain purchase gain |
— |
|
— |
|
(0.2) |
Total adjustments, pre-tax |
$ 180 |
|
$ 274.7 |
|
$ 254.1 |
Income tax effect of adjustments (a) |
(40) |
|
(75.3) |
|
(58.6) |
Statutory and other tax rate effects (b) |
— |
|
4.6 |
|
5.5 |
Adjusted net income |
$ 327 |
|
$ 156.7 |
|
$ 234.8 |
Net income attributable to non-controlling interests |
31 |
|
2.7 |
|
0.5 |
Adjusted net income attributable to |
$ 296 |
|
$ 154.0 |
|
$ 234.3 |
|
Guidance for the |
|
For the Year |
|
For the Year |
Adjusted Diluted Earnings per Share Reconciliation |
|
|
|
|
|
Diluted earnings (loss) per share |
$ 1.98 |
|
$ (0.64) |
|
$ 0.42 |
Adjustments: |
|
|
|
|
|
Non-cash stock-based compensation expense |
0.41 |
|
0.43 |
|
0.36 |
Amortization of intangible assets |
1.73 |
|
2.16 |
|
1.78 |
Loss on extinguishment of debt |
0.14 |
|
— |
|
— |
Acquisition and integration costs |
— |
|
0.92 |
|
1.13 |
Losses on fair value of investment |
— |
|
0.00 |
|
0.10 |
Project results from non-controlled joint venture |
— |
|
— |
|
(0.04) |
Bargain purchase gain |
— |
|
— |
|
(0.00) |
Total adjustments, pre-tax |
$ 2.28 |
|
$ 3.51 |
|
$ 3.34 |
Income tax effect of adjustments (a) |
(0.51) |
|
(0.96) |
|
(0.77) |
Statutory and other tax rate effects (b) |
— |
|
0.06 |
|
0.07 |
Adjusted diluted earnings per share |
$ 3.75 |
|
$ 1.97 |
|
$ 3.05 |
|
|
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
(b) |
For the years ended |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||||||
|
|||||||
|
Guidance for the Three |
|
For the Three Months |
||||
EBITDA and Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
Net income |
$ 72 |
|
2.2 % |
|
$ 1.2 |
|
0.0 % |
Interest expense, net |
46 |
|
1.4 % |
|
59.7 |
|
1.8 % |
Provision for (benefit from) income taxes |
17 |
|
0.5 % |
|
(1.2) |
|
(0.0) % |
Depreciation |
81 |
|
2.4 % |
|
108.6 |
|
3.3 % |
Amortization of intangible assets |
35 |
|
1.0 % |
|
43.0 |
|
1.3 % |
EBITDA |
$ 251 |
|
7.5 % |
|
$ 211.3 |
|
6.4 % |
Non-cash stock-based compensation expense |
8 |
|
0.2 % |
|
9.0 |
|
0.3 % |
Acquisition and integration costs |
— |
|
— % |
|
11.0 |
|
0.3 % |
Adjusted EBITDA |
$ 259 |
|
7.8 % |
|
$ 231.4 |
|
7.1 % |
|
Guidance for the |
|
For the Three |
Adjusted Net Income Reconciliation |
|
|
|
Net income |
$ 72 |
|
$ 1.2 |
Adjustments: |
|
|
|
Non-cash stock-based compensation expense |
8 |
|
9.0 |
Amortization of intangible assets |
35 |
|
43.0 |
Acquisition and integration costs |
— |
|
11.0 |
Total adjustments, pre-tax |
$ 43 |
|
$ 63.0 |
Income tax effect of adjustments (a) |
(10) |
|
(16.8) |
Statutory tax rate effects (b) |
— |
|
4.6 |
Adjusted net income |
$ 106 |
|
$ 52.0 |
Net income attributable to non-controlling interests |
4 |
|
0.4 |
Adjusted net income attributable to |
$ 102 |
|
$ 51.6 |
|
Guidance for the |
|
For the Three |
Adjusted Diluted Earnings per Share Reconciliation |
|
|
|
Diluted earnings per share |
$ 0.86 |
|
$ 0.01 |
Adjustments: |
|
|
|
Non-cash stock-based compensation expense |
0.10 |
|
0.11 |
Amortization of intangible assets |
0.44 |
|
0.55 |
Acquisition and integration costs |
— |
|
0.14 |
Total adjustments, pre-tax |
$ 0.54 |
|
$ 0.80 |
Income tax effect of adjustments (a) |
(0.12) |
|
(0.21) |
Statutory tax rate effects (b) |
— |
|
0.06 |
Adjusted diluted earnings per share |
$ 1.29 |
|
$ 0.66 |
|
|
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
|
|
(b) |
For the three month period ended |
The tables may contain slight summation differences due to rounding.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of
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