Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 324

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 7
Chunk 324
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 is incorporated by reference. 

Other than the update to the reporting unit structure of our Communications and Power Delivery operating segments as described above, there were no material changes in our critical accounting estimates or policies during the three month period ended March 31, 2025.

Results of Operations

Comparison of Quarterly 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, as appropriate, which are described in the comparison of results section below.  Unless otherwise stated, comparisons are for the quarters ended March 31, 2025 and 2024.  Historical financial information for our reportable segments has been recast to conform with the changes described in Note 11 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference.

Three Months Ended March 31, Change20252024$%Revenue$2,847.7 100.0 %$2,686.8 100.0 %$160.9 6.0 %Costs of revenue, excluding depreciation and amortization2,536.6 89.1 %2,379.7 88.6 %156.9 6.6 %Depreciation76.2 2.7 %107.4 4.0 %(31.2)(29.1)%Amortization of intangible assets32.6 1.1 %33.7 1.3 %(1.1)(3.1)%General and administrative expenses166.2 5.8 %165.5 6.2 %0.6 0.4 %Interest expense, net39.0 1.4 %52.1 1.9 %(13.0)(25.0)%Equity in earnings of unconsolidated affiliates, net(10.3)(0.4)%(9.2)(0.3)%(1.1)11.9 %Other (income) expense, net(1.6)(0.1)%3.2 0.1 %(4.8)NMIncome (loss) before income taxes$8.9 0.3 %$(45.5)(