MasTec, Inc. announced its first quarter 2024 financial results and updated guidance expectations for the full year, reflecting a positive outlook for the company's performance. The first quarter of 2024 saw a 4% increase in revenue to $2.69 billion, marking a record high for the quarter. Despite a GAAP net loss of $34.5 million, the adjusted net loss and adjusted diluted loss per share showed improvements compared to the previous year.
Commenting on the results, Jose Mas, MasTec's Chief Executive Officer, expressed optimism about the company's strategic investments, stating, "Our first quarter results significantly exceeded our expectations, and I expect 2024 to begin the validation of our investment and diversification strategy over the last few years." He emphasized the impact of investments in various service lines on positioning MasTec for future growth opportunities.
Paul DiMarco, MasTec's Executive Vice President and Chief Financial Officer, highlighted the company's financial achievements, stating, "We are pleased to have exceeded our first quarter earnings guidance in each segment and reduced net debt leverage further than expected to 2.7x."
Looking ahead, MasTec provided updated guidance for the second quarter and full year 2024. The company expects full year 2024 revenue of approximately $12.55 billion, with expectations for GAAP net income, adjusted EBITDA, and diluted earnings per share. For the second quarter of 2024, revenue is projected to be around $3.1 billion, with corresponding net income and earnings per share estimates.
Management will discuss these results in a conference call scheduled for May 3, 2024, at 9:00 a.m. Eastern Time. The call-in number and webcast details are available on the company's website for interested parties.
MasTec, Inc. operates as a leading infrastructure construction company in North America, focusing on various industries such as communications, energy, utilities, and more. The company's diverse service offerings and strategic positioning in key market segments bode well for its future growth and performance.
The company's press release contained forward-looking statements, emphasizing the importance of considering various risk factors that could impact actual results. MasTec encourages investors to review its financial statements comprehensively and not rely solely on non-GAAP financial measures for evaluation.
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MasTec, Inc.