Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2190

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 2190
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 at the intersection of transformative trends and are well-positioned to benefit from significant market opportunities in each of our business segments.  Please see Item 1. “Business - Industry Trends” for additional information on the outlook for the industries we serve and a detailed discussion of our market opportunities.  Our future results could be adversely affected by the matters discussed in the “Cautionary Statement Regarding Forward-Looking Statements,” Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” of this Form 10-K.

Comparison of Fiscal Year Results 

The following table, which may contain slight summation differences due to rounding, reflects our consolidated results of operations in dollar and percentage of revenue terms for the periods indicated (dollar amounts in millions).  Our consolidated results of operations are not necessarily comparable from period to period due to the effect of recent acquisitions and certain other items, which are described in the comparison of results section below.  In this discussion, “acquisition” results are defined as results from acquired businesses for the first twelve months following the dates of the respective acquisitions, with the balance of results for a particular item attributed to “organic” activity.  Unless otherwise stated, comparisons are for the years ended December 31, 2024 and 2023. 

For the Years Ended December 31,Change20242023$%Revenue$12,303.5 100.0 %$11,995.9 100.0 %$307.5 2.6 %Costs of revenue, excluding depreciation and amortization10,676.0 86.8 %10,613.8 88.5 %62.2 0.6 %Depreciation 366.8 3.0 %433.9 3.6 %(67.2)(15.5)%Amortization of intangible assets139.9 1.1 %169.2 1.4 %(29.4)(17.4)%General and administrative expenses684.5 5.6 %698.9 5.8 %(14.4)(2.1)%Interest expense, net193.3 1.6 %234.4 2.0 %(41.1)(17.6)%Equity in earnings of unconsolidated affiliates, net(30.2)(0.2)%(30.7)(0.3)%0.5 (1.5)%