Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 57

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 net.  For the three months ended September 30, 2025, other expense, net, included approximately $2 million of expense, net from the changes in the fair value of additional contingent payments to former owners of an acquired business.  For the three months ended September 30, 2024, other expense, net, included approximately $2 million of expense, net, from changes to estimated Earn-out accruals and approximately $2 million of expense, net, from the changes in the fair value of additional contingent payments to former owners of an acquired business, offset, in part, by other miscellaneous income, net, including amounts from legal and other settlements.

Provision for income taxes.  For the three months ended September 30, 2025, our effective tax rate was 21.3% as compared with 23.0% for the same period in 2024.  Our effective tax rate for the three months ended September 30, 2025, included income tax benefits primarily due to the reversal of uncertain tax position liabilities related to a state audit and the release of valuation allowances on certain deferred tax assets that were no longer necessary, offset, in part, by an increase in income tax expense due to higher pre-tax income, whereas for the three months ended September 30, 2024, our effective tax rate included the effect of a lower state income tax rate partially offset by a higher percentage of non-deductible expenses relative to pre-tax income.

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Net income attributable to non-controlling interests.  Net income attributable to non-controlling interests was $6 million for the three months ended September 30, 2025, as compared with $10 million for the same period in 2024.  The decrease was primarily attributable to the decrease in activity of certain entities within the Communications segment with minority interest holders.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Nine Months Ended September 30, Change20252024$%Revenue$10,359.4 100.0 %$8,900.4 100.0 %$1,459.0 16.4 %Costs of revenue, excluding depreciation and amortization9,075.0 87.6 %7,709.4 86.6 %1,365.6 17.7 %Depreciation218.0 2.1 %289.8 3.3