Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 400

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 7
Chunk 400
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1 %16.5 0.3 %(9.7)(58.8)%Net income (loss) attributable to MasTec, Inc.$95.7 1.5 %$(7.2)(0.1)%$102.9 NM

NM - Percentage is not meaningful

Revenue.  On a consolidated basis, revenue increased by $744 million driven by our segment results as follows: revenue increased in our Communications segment by approximately $421 million, or 38%, in our Clean Energy and Infrastructure segment by approximately $351 million, or 21%, and in our Power Delivery segment by approximately $279 million, or 17%, and decreased in our Pipeline Infrastructure segment by approximately $310 million, or 26%.  See below for details of revenue by segment.

Costs of revenue, excluding depreciation and amortization.  Higher levels of revenue contributed an increase of $649 million in costs of revenue, excluding depreciation and amortization, and reduced productivity contributed an increase of approximately $77 million.  Costs of revenue, excluding depreciation and amortization, as a percentage of revenue increased by approximately 120 basis points to 88.3% of revenue for the six months ended June 30, 2025 from 87.1% of revenue for the same period in 2024.  The basis point increase was due to a combination of project mix and reduced project efficiencies, primarily within our Power Delivery and Pipeline Infrastructure segments, offset, in part, by improved productivity and efficiencies within our Clean Energy and Infrastructure segment.  

Depreciation.  As a percentage of revenue, depreciation decreased by approximately 140 basis points, due primarily to a net reduction related to a change in the depreciable lives of certain machinery and equipment during 2024 to better align the respective assets’ lives with their expected useful lives, offset, in part, by higher capital expenditures and the replacement of older machinery and equipment.

Amortization of intangible assets.  The decrease in amortization of intangible assets was due to a combination of the effects of timing of amortization for certain assets and the completion of amortization for certain intangible assets associated with prior year acquisitions.  As a percentage of revenue, amortization of intangible assets decreased by approximately 20 basis points as compared with the same period in 2024 due, in part, to higher levels of revenue.

General and administrative expenses.  The increase in general and administrative expenses was primarily due to the effects of timing of ordinary course legal matters,