Mastec (MTZ) Q1 FY2024 earnings: revenue $2.7 billion, up 4.0% on the year

Mastec Inc. (MTZ) reported revenue of $2.7 billion for Q1 FY2024, the quarter ended 31 March 2024, up 4.0% on the same quarter a year earlier. Net income was -$41 million, and diluted earnings per share $-0.53. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$2.7 billionup 4.0%

Net income-$41 million

Diluted EPS$-0.53

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,687	3,280	n/a	n/a
Cost of revenue	2,380	2,912	n/a	n/a
Gross profit	307	368	n/a	n/a
Gross margin	11.4%	11.2%	n/a
Pre-tax income	-45.5	0.0	n/a	n/a
Income tax	-11.1	-1.2	n/a	n/a
Effective tax rate	n/a	-8407.1%	n/a
Net income	-41.2	0.8	n/a	n/a
Net margin	-1.5%	0.0%	n/a
Diluted EPS	-$0.53	$0.01	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	108	491	n/a	n/a
Capital expenditure	25.4	35.6	n/a	n/a
Free cash flow	82.3	455	n/a	n/a
Free cash flow margin	3.1%	13.9%	n/a
Cash from investing	-13.0	-6.4	n/a	n/a
Cash from financing	-375	-169	n/a	n/a
Depreciation and amortisation	141	152	n/a	n/a
Share-based compensation	9.7	9.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	78m	78m	n/a	n/a
Shares outstanding at period end	79m	79m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,674	2,706	n/a	n/a
Non-controlling interest	15.8	15.1	n/a	n/a
Debt	2,537	2,888	n/a	n/a
Operating lease liabilities	292	293	n/a	n/a
Finance lease liabilities	171	198	n/a	n/a
Other liabilities	3,055	3,274	n/a	n/a
Total liabilities and equity	8,745	9,374	n/a	n/a
Goodwill	2,126	2,126	n/a	n/a
Intangible assets	751	784	n/a	n/a
Cash and equivalents	249	530	n/a	n/a
Receivables	1,310	1,370	n/a	n/a
Inventory	112	108	n/a	n/a
Other assets	4,196	4,455	n/a	n/a
Total assets	8,745	9,374	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,257	3,280	2,687	2,961	3,252	3,403	2,848	3,545	3,967	3,940	3,829	4,374
Cost of revenue	2,857	2,912	2,380	2,540	2,789	2,967	2,537	3,109	3,429	3,431	3,351	3,817
Gross profit	400	368	307	421	463	437	311	436	538	508	478	556
Gross margin	12%	11%	11%	14%	14%	13%	11%	12%	14%	13%	12%	13%
Operating income	n/a	n/a	n/a	n/a	n/a	n/a	36.2	158	n/a	n/a	142	226
Operating margin	n/a	n/a	n/a	n/a	n/a	n/a	1%	4%	n/a	n/a	4%	5%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	39.0	43.9	n/a	n/a	43.5	47.2
Pre-tax income	22.9	0.0	-45.5	63.1	137	96.4	8.9	121	212	174	91.5	194
Tax rate	33%	-8407%	n/a	31%	23%	12%	-38%	25%	21%	12%	24%	25%
Net income	14.3	0.8	-41.2	34.0	95.2	74.7	9.9	85.8	161	143	60.8	130
Net margin	0%	0%	-2%	1%	3%	2%	0%	2%	4%	4%	2%	3%
Diluted EPS	$0.18	$0.01	-$0.53	$0.43	$1.21	$0.95	$0.13	$1.09	$2.04	$1.81	$0.77	$1.65
Operating cash flow	294	491	108	264	278	472	78.4	5.6	89.0	373	98.9	21.5
Capital expenditure	38.3	35.6	25.4	31.5	43.6	48.3	47.3	63.8	68.7	80.2	96.8	91.5
Free cash flow	256	455	82.3	233	234	423	31.1	-58.2	20.3	293	2.1	-70.1
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	26.8	50.5	0.0	0.0	0.0	0.0
Shares outstanding	79m	79m	79m	79m	79m	79m	79m	79m	79m	79m	79m	80m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000015615-24-000045: the filing on EDGAR. All of Mastec Inc.'s filings: EDGAR company page.

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