MasTec Stock Price, News & Analysis

MasTec, Inc. (NYSE: MTZ) announced an amendment to its private exchange offer for $300 million of 6.625% Senior Notes due 2029. The amendment extends the consent solicitation deadline and early tender date. The exchange offer supports the merger with IEA Energy Services, expected to close in Q4 2022, pending regulatory approvals. Eligible holders of existing notes will receive a consent payment of $2.50 in cash or a potential success fee, depending on the consents obtained. This strategic move aims to optimize MasTec's capital structure and enhance financial flexibility.

MasTec (NYSE: MTZ) announced a private exchange offer for its 6.625% Senior Notes due August 15, 2029, totaling up to $300 million. This offer is contingent on the merger with IEA Energy Services, expected to close in Q4 2022. Eligible holders of existing notes can receive $950 per $1,000 principal amount in new MasTec notes and a $2.50 cash consent payment. The offer, set to expire on September 30, 2022, will help facilitate the integration of IEA into MasTec's operations, enhancing its financial position.

For Q2 2022, MasTec (MTZ) reported a revenue of $2.3 billion, a 17% increase from Q2 2021. The GAAP net income was $16.3 million ($0.20 per diluted share), down from $75.8 million ($1.02 per diluted share) in the same quarter last year. Adjusted EBITDA was $179 million, compared to $229 million a year ago. The backlog reached a record $11.0 billion, with a projected full-year revenue of approximately $9.2 billion. MasTec anticipates strong growth opportunities in renewable power generation.

MasTec, Inc. (NYSE: MTZ) announced that CEO Jose Mas will participate in a fireside chat at the 8th Annual Cowen Communications Infrastructure Summit on August 9 at 10:45 a.m. ET. The event includes one-on-one meetings with institutional investors. Access to the audio and presentation materials will be available on the MasTec website, and a replay will be provided for approximately 30 days. MasTec specializes in infrastructure construction across various sectors including communications, energy, and utilities.

MasTec has entered a definitive agreement to acquire Infrastructure & Energy Alternatives (IEA) for $14.00 per share, totaling approximately $1.1 billion. The deal, expected to close in late Q4 2022, has been unanimously approved by both companies' boards. IEA provides renewable energy solutions with a strong customer base. The acquisition aims to enhance MasTec's service capabilities in clean energy. IEA anticipates 2022 revenue of $2.3 to $2.5 billion, with projections for $2.6 to $2.7 billion in 2023. MasTec expects annual cost savings of $10 million post-transaction.

MasTec, Inc. (NYSE: MTZ) announced the upcoming release of its quarterly results for the period ended June 30, 2022, scheduled for August 4, 2022. A conference call will follow on August 5, 2022, at 9:00 a.m. Eastern time to discuss these results, with options to join via phone or through a live Internet broadcast. The company is a major infrastructure construction entity in North America, focusing on a variety of sectors including energy, communications, and utilities, among others.

MasTec, Inc. (NYSE: MTZ) announced participation in several investor conferences, including Cowen's 2nd Annual Sustainability & Energy Transition Virtual Summit on June 7, 2022, and Stifel's Cross Sector Insight Conference on June 9, 2022. Senior management will engage in fireside chats and one-on-one meetings with institutional investors. Additional participation includes conferences by B Riley Securities, Key Banc Capital Markets, and UBS Future of 5G. The presentations will be available for replay on MasTec's website for about 30 days following the events.

MasTec reported Q1 2022 results, showing a GAAP net loss of $35 million and a diluted loss per share of $0.47. Revenue increased by 10.1% year-over-year to $1.95 billion. Adjusted EBITDA was $99 million, down from $203.9 million in Q1 2021. The company recorded an 18-month backlog of $10.6 billion, a 35% increase from the previous year. Updated guidance for 2022 includes expected revenue of $9.2 billion and adjusted EBITDA between $850 million and $875 million, reflecting project delays in Clean Energy and Oil & Gas segments.

MasTec, Inc. (NYSE: MTZ) will announce its Q1 2022 results on May 5, 2022, after market close. A conference call to discuss these results is scheduled for May 6, 2022, at 9:00 a.m. ET. Investors can access the call via phone at (313) 209-5140 or (800) 304-0389, with a replay available for 30 days. MasTec specializes in infrastructure construction across North America, focusing on engineering and building in communications, energy, and utility sectors. More information can be found on their official website.