Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 402

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 7
Chunk 402
---
0% as compared with 47.0% for the same period in 2024.  Our effective tax rate for the six 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 six 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 $7 million for the six months ended June 30, 2025, as compared with $17 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.

Analysis of Revenue and EBITDA by Segment

We review our operating results by reportable segment.  See Note 11 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference.  Our reportable segments are: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other.  Management’s review of segment results includes analyses of trends in revenue, EBITDA and EBITDA margin.  EBITDA for segment reporting purposes is calculated consistently with our consolidated EBITDA calculation.  EBITDA margin is calculated by dividing EBITDA by revenue for the same period.  See the discussion of our non-U.S. GAAP financial measures, including certain adjusted non-U.S. GAAP measures, as described below, following the comparison of results discussion.  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.  The following tables, which may contain slight summation differences due to rounding, present revenue, EBITDA and EBITDA margin by segment for the periods indicated (dollar amounts in millions).

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

RevenueEBITDA and EBITDA MarginThree Months EndedJune 30, ChangeThree Months EndedJune 30, ChangeSegment:20252024 (a)$%20252024 (a)$%Communications$836