Thu, Aug 1, 8:58 PM (88 days ago)
MasTec, Inc.'s Form 10-Q for the quarter ended June 30, 2024, highlights a 3% increase in revenue to $2.961 billion compared to the same period in 2023. The Oil and Gas segment saw a significant 67% revenue boost, while the Power Delivery, Communications, and Clean Energy and Infrastructure segments experienced declines. Costs of revenue decreased slightly as a percentage of revenue, reflecting improved productivity and project mix. Depreciation and amortization expenses decreased, contributing to a higher net income of $43.8 million compared to $16.8 million in Q2 2023. The company also issued $550 million in 5.900% Senior Notes and repaid $204 million of its 6.625% Senior Notes, affecting its cash flow and interest expenses. Future liquidity needs are expected to be met through operations, credit facilities, and cash balances.