Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 309

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 6
Chunk 309
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 before income taxes$251.0 2.0 %$(82.7)(0.7)%$333.7 (403.4)%(Provision for) benefit from income taxes(51.5)(0.4)%35.4 0.3 %(87.0)(245.6)%Net income (loss)$199.4 1.6 %$(47.3)(0.4)%$246.7 NMNet income attributable to non-controlling interests36.6 0.3 %2.7 0.0 %34.0 NMNet income (loss) attributable to MasTec, Inc.$162.8 1.3 %$(49.9)(0.4)%$212.7 (425.9)%

NM - Percentage is not meaningful

39

Comparison of Years Ended December 31, 2024 and 2023

Revenue.  On a consolidated basis, revenue increased by $308 million driven by our segment results as follows: revenue increased in our Communications segment by approximately $201 million, or 6%, in our Clean Energy and Infrastructure segment by approximately $130 million, or 3%, in our Pipeline Infrastructure segment by approximately $61 million, or 3%, and decreased in our Power Delivery segment by approximately $53 million or 2%.  Acquisitions contributed $43 million of increased revenue for the year ended December 31, 2024 and organic revenue increased by approximately $265 million, or 2% as compared with 2023.  See “Analysis of Revenue and EBITDA by Segment” below for additional information and discussion related to segment revenues.

Costs of revenue, excluding depreciation and amortization.  Higher levels of revenue contributed an increase of $272 million in costs of revenue, excluding depreciation and amortization, and improved productivity contributed a decrease of approximately $210 million.  Costs of revenue, excluding depreciation and amortization, as a percentage of revenue decreased by approximately 170 basis points to 86.8% of revenue in 2024 from 88.5% of revenue in 2023.  The basis point decrease was due to a combination of improved project efficiencies and project mix, primarily within our Clean Energy and Infrastructure and Pipeline Infrastructure segments, as well as an $8 million decrease in certain acquisition and integration costs offset, in part, by reduced productivity from the effects of certain overhead costs incurred to maintain operating capacity in support of expected future project work.