MasTec, Inc. announced strong first-quarter 2025 financial results, exceeding its own guidance for key metrics. Revenue for the quarter was $2.848 billion, a 6.0% increase year-over-year compared to $2.687 billion in Q1 2024. The company reported GAAP net income of $12 million, or $0.13 per diluted share, a significant improvement from a net loss of $34 million, or $0.53 loss per diluted share, in the prior year's first quarter.
Adjusted net income for Q1 2025 reached $42 million, or $0.51 per adjusted diluted share, compared to an adjusted net loss of $7 million, or $0.17 loss per adjusted diluted share, in Q1 2024. Adjusted EBITDA increased by 7.1% to $164 million, with an adjusted EBITDA margin of 5.7%. The 18-month backlog as of March 31, 2025, grew to a record $15.880 billion, up 23.7% year-over-year and 11% sequentially, with the Pipeline Infrastructure segment's backlog more than doubling since year-end.
MasTec generated $78 million in cash from operating activities during the first quarter and maintained a net debt leverage of 1.9x. The company completed $37 million in share repurchases in Q1, with additional purchases in April bringing the year-to-date total to $77 million at an average price of $110 per share. Furthermore, MasTec's board authorized a new $250 million share repurchase program.
Building on its strong performance, MasTec raised its full-year 2025 financial guidance. The company now expects full-year revenue to be $13.65 billion, up from previous projections. Adjusted EBITDA guidance was increased to a range of $1.12 billion to $1.16 billion, and adjusted diluted earnings per share guidance was raised to a range of $5.90 to $6.25. For the second quarter of 2025, MasTec projects revenue of $3.4 billion and adjusted diluted earnings per share between $1.36 and $1.46.
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