MasTec, Inc. announced its third-quarter 2024 financial results, reporting revenue of $3.3 billion, which was flat compared to the third quarter of 2023. Despite flat revenue, the company achieved a GAAP net income of $105.4 million, or $1.21 per diluted share, a substantial increase from $15.3 million, or $0.18 per diluted share, in the prior year's third quarter. Adjusted net income rose by 83% to $138.7 million, resulting in adjusted diluted earnings per share of $1.63, up 71% from $0.95 in the third quarter of 2023.
The company's adjusted EBITDA increased by 13% to $305.9 million, compared to $271.1 million in the third quarter of 2023. This margin expansion contributed to the strong bottom-line performance. MasTec's 18-month backlog reached $13.9 billion as of September 30, 2024, representing a $1.4 billion increase from the third quarter of 2023, providing strong visibility for future revenue.
MasTec generated $278 million in cash flow from operations during the quarter, which helped reduce its net debt leverage to 2.2x. Based on these results, the company increased its full-year 2024 adjusted diluted earnings per share guidance to $3.75, up from previous expectations. Full-year 2024 revenue is now expected to be approximately $12.225 billion, with adjusted EBITDA projected at $990 million.
For the fourth quarter of 2024, MasTec anticipates revenue of approximately $3.325 billion. The company expects fourth-quarter GAAP diluted earnings per share of $0.86 and adjusted diluted earnings per share of $1.29. Adjusted EBITDA for the fourth quarter is projected to be approximately $259 million, representing a 7.8% margin.
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