Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 288

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 5
Chunk 288
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 included approximately $4 million of expense, net, from changes to estimated Earn-out accruals, offset by other miscellaneous income, net, including amounts from legal and other settlements.

29

Provision for income taxes.  For the three months ended June 30, 2025, our effective tax rate was 25.4% as compared with 30.7% for the same period in 2024.  Our effective tax rate for the three months ended June 30, 2025, included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by pre-tax income, whereas for the three months ended June 30, 2024, our effective tax rate included the effect of a higher percentage of non-deductible expenses relative to pre-tax income.

Net income attributable to non-controlling interests.  Net income attributable to non-controlling interests was $4 million for the three months ended June 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 Pipeline Infrastructure segment with minority interest holders.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Six Months Ended June 30, Change20252024$%Revenue$6,392.4 100.0 %$5,647.9 100.0 %$744.5 13.2 %Costs of revenue, excluding depreciation and amortization5,645.8 88.3 %4,920.1 87.1 %725.7 14.7 %Depreciation146.2 2.3 %209.6 3.7 %(63.4)(30.3)%Amortization of intangible assets65.3 1.0 %67.3 1.2 %(2.0)(2.9)%General and administrative expenses342.8 5.4 %332.6 5.9 %10.2 3.1 %Interest expense, net82.9 1.3 %102.6 1.8 %(19.7)(19.2)%Equity in earnings of unconsolidated affiliates, net(17.4)(0.3)%(15.1)(0.3)%(2