Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 1

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 1
---
ITEM 1.     FINANCIAL STATEMENTS

MASTEC, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited - in thousands, except per share amounts)

Three Months Ended March 31, 20252024Revenue$2,847,718 $2,686,849 Costs of revenue, excluding depreciation and amortization2,536,618 2,379,672 Depreciation76,225 107,435 Amortization of intangible assets32,636 33,691 General and administrative expenses166,171 165,536 Interest expense, net39,041 52,059 Equity in earnings of unconsolidated affiliates, net(10,313)(9,219)Other (income) expense, net(1,604)3,213 Income (loss) before income taxes$8,944 $(45,538)Benefit from income taxes3,383 11,079 Net income (loss)$12,327 $(34,459)Net income attributable to non-controlling interests2,424 6,721 Net income (loss) attributable to MasTec, Inc.$9,903 $(41,180)Earnings (loss) per share (Note 2):Basic earnings (loss) per share$0.13 $(0.53)Basic weighted average common shares outstanding78,192 77,942 Diluted earnings (loss) per share$0.13 $(0.53)Diluted weighted average common shares outstanding79,052 77,942 

The accompanying notes are an integral part of these consolidated financial statements.

3

MASTEC, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited - in thousands)

Three Months Ended March 31, 20252024Net income (loss)$12,327 $(34,459)Other comprehensive (loss) income, net of tax:Foreign currency translation gains (losses)46 (380)Unrealized (losses) gains on investment activity(3,102)2,723 Comprehensive income (loss)$9,271 $(32,116)Comprehensive income attributable to non-controlling interests:Net income2,424 6,721 Comprehensive income (loss) attributable to MasTec, Inc.$6,847 $(38,837)

The accompanying notes are an