Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 231

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 4
Chunk 231
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 expense, net, included approximately $2 million of income, net, from changes to estimated Earn-out accruals, approximately $10 million of asset impairment and other valuation adjustments related to certain fixed assets and approximately $6 million of other miscellaneous income, net, including amounts from legal and other settlements.

Provision for income taxes.  For the six months ended June 30, 2025, our effective tax rate was 21.0% as compared with 47.0% for the same period in 2024.  Our effective tax rate for the six months ended June 30, 2025, included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by pre-tax income, whereas for the six months ended June 30, 2024, our effective tax rate included the effect of a higher percentage of non-deductible expenses relative to pre-tax income.

Net income attributable to non-controlling interests.  Net income attributable to non-controlling interests was $7 million for the six months ended June 30, 2025, as compared with $17 million for the same period in 2024.  The decrease was primarily attributable to the decrease in activity of certain entities within the Pipeline Infrastructure segment with minority interest holders.

Analysis of Revenue and EBITDA by Segment

We review our operating results by reportable segment.  See Note 11 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference.  Our reportable segments are: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other.  Management’s review of segment results includes analyses of trends in revenue, EBITDA and EBITDA margin.  EBITDA for segment reporting purposes is calculated consistently with our consolidated EBITDA calculation.  EBITDA margin is calculated by dividing EBITDA by revenue for the same period.  See the discussion of our non-U.S. GAAP financial measures, including certain adjusted non-U.S. GAAP measures, as described below, following the comparison of results discussion.  Historical financial information for our reportable segments has been recast to conform with the changes described in Note 11 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference.  The following tables, which may contain slight summation differences due to rounding, present revenue, E