MasTec, Inc. announced its fourth-quarter and full-year 2024 financial results, highlighting substantial improvements and a record backlog. For the fourth quarter of 2024, revenue reached $3.4 billion, an increase from $3.3 billion in the fourth quarter of 2023. GAAP net income was $84.7 million, or $0.95 per diluted share, a significant rise from $1.2 million, or $0.01 per diluted share, in the prior year's fourth quarter.
Adjusted net income for Q4 2024 was $124.0 million, or $1.44 per adjusted diluted share, compared to $48.0 million, or $0.61 per adjusted diluted share, in Q4 2023. Adjusted EBITDA for the quarter was $270.9 million, with an adjusted EBITDA margin rate of 8.0%, marking a 110 basis point improvement year-over-year. The company generated nearly $472 million in cash flow from operations in Q4 2024, contributing to further net debt reduction.
For the full year 2024, MasTec reported revenue of $12.3 billion, up from $12.0 billion in 2023. GAAP net income was $199.4 million, or $2.06 per diluted share, a turnaround from a net loss of $47.3 million, or $0.64 loss per diluted share, in 2023. Full-year adjusted EBITDA increased 19% to $1.0 billion, with an adjusted EBITDA margin rate of 8.2%, up 110 basis points from the previous year.
MasTec's 18-month backlog reached a record $14.3 billion as of December 31, 2024, representing a $1.9 billion increase over 2023 and a $440 million sequential increase from the third quarter of 2024. The company's net debt leverage ratio improved to 1.8x at year-end, following $1.1 billion in cash flow generated by operations for the year.
Looking ahead, MasTec provided initial full-year 2025 guidance, projecting revenue of $13.45 billion. Adjusted EBITDA is expected to range from $1.10 billion to $1.15 billion, with an adjusted diluted earnings per share forecast between $5.35 and $5.84. For the first quarter of 2025, the company anticipates revenue of approximately $2.7 billion and adjusted diluted earnings per share of $0.34.
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