In July, the company entered into an agreement to acquire Infrastructure and Energy Alternatives Inc. Save hours of research time and resources with our up-to-date, most comprehensive MasTec Inc.report available on the market, Understand MasTec Inc position in the market, performance and strategic initiatives, Gain competitive edge and increase your chances of success. An official website of the United States government. The Federal Trade Commission issued a proposed order imposing strict limits on future mergers by DaVita, Inc., a dialysis service provider with a history of Win whats next. Dec. 21, 2021 MasTec, Inc. MTZ has inked a deal to acquire a leading U.S. private electrical power transmission and distribution utility services firm Henkels & McCoy Group Inc. (Henkels). Cash will be provided by MasTecs cash on hand, as well as borrowing under its existing unsecured credit facility. WebMasTec Inc company profile analysis with the premuim data - Globaldata (2021) XXX 1.9% (2021 vs 2020) Market Cap* $7.2B. MasTec will utilize a slide presentation to accompany its prepared remarks, which will be viewable through the webcast and will also be available in the "Events and Presentations" area of the "Investors" section of MasTec's website prior to the start of the call. The site is secure. The transaction was unanimously approved by the Board of Directors of both MasTec and Henkels, as well as Henkels shareholders. Zacks Ranks stocks can, and often do, change throughout the month. MasTec Acquires Henkels & McCoy The acquisition allows Noke, a startup headquartered in Salt Lake City, Utah and backed by Paris-based VC firms Future Shape and Hardware Club, to We believe that this opportunity, coupled with continued expected growth in telecommunications infrastructure and expanding demand for traditional and new green pipeline services, positions us with multiple strong long term growth opportunities. Our choice of MasTec was based on the strong cultural fit for both our loyal employees and long-term customers. Get the full list, To view MasTecs complete esg history, request access, To view MasTecs complete exits history, request access, Morningstar Institutional Equity Research, Chief Financial Officer, Finance & Chief Accounting Officer, Accounting, Executive Vice President & Corporate General Counsel. Founded in 1923, Henkels has been in operation for more than 98 years, with approximately$1.5 billionin fiscal 2021 revenue, primarily with long tenured relationships across adiverse blue chip customer base, with expansive geographic operations acrossthe United States. Bloomington, Minnesota, T&D Superintendent Zacks Equity Research Annual 2023 Guidance Includes Revenue of $13.0 Billion, a 33% Increase Over 2022, GAAP Net Income Between $194 and $212 Million, Adjusted EBITDA Between $1.10 and $1.15 Billion, with Diluted Earnings Per Share Between $2.48 and $2.70, and Adjusted Diluted Earnings Per Share Between $4.64 and $4.91. MasTec is headquartered in Coral Gables, Florida, the US. Columbia, South Carolina, Electrical Engineer From start-ups to market leaders, uncover what they do andhow they do it. City of Santa Clara See our report's 7 new picks today, absolutely FREE. Gillette or Sundance, Wyoming, PUC Sr. Market Analyst (Program Spec VII) (00028762) Our choice of MasTec was based on the strong cultural fit for both our loyal employees and long-term customers. 18-month backlog as of December 31, 2022 was $13.0 billion, up 31% compared to backlog as of December 31, 2021 of $9.9 billion, and a 16% sequential increase compared to backlog as of September 30, 2022 of $11.2 billion. JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. Get the full list, Youre viewing 5 of 12 board members. The. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. Also, the Rural Digital Opportunity Fund, or RDOF which is a follow-up to the Connect America Fund will provide $20 billion of funding over the next 10 years to build and connect gigabit broadband speeds in underserved rural areas. These actions build upon the FTCs rescission of a decades-old policy that curtailed what used to be a long-established practice of requiring merging parties subject to a Commission order to obtain prior approval. While Granite Construction sports a Zacks Rank #1, the other two stocks carry a Zacks Rank #2 (Buy).Granite Construction and Sterling earnings for 2021 are expected to rise 40% and 30.3%, respectively.Tutor Perini has a solid earnings surprise history, surpassing the consensus mark in all of the trailing four quarters, with the average being 17.3%. Furthermore, forward-looking statements speak only as of the date they are made. The company markets services individually more Contact Information Website www.mastec.com Ownership Status Publicly Held Financing Status The largest construction acquisition in 2021 was Interior Logic Group - which was acquired by The Blackstone Group for $1.6B. Non-cash stock-based compensation expense, bargain purchase gain from a fourth quarter 2021 acquisition, losses (gains), net, on the fair value of our investment in AVCT and loss on extinguishment of debt are included within Corporate EBITDA. Adam Jaynes - Director of Demand Generation - vCom MasTec The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other. Holland & Knight LLP acted as legal counsel to MasTec. Fourth quarter 2022 adjusted EBITDA margin rate was 8.6% of revenue. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful. In 2020, MasTec recorded $6.3 billion in revenue, and we currently expect to more than double that level and approximate $13 billion in revenue in 2023. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. The FTC will publish the consent agreement package in the, An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments, FTC Lawsuit Leads to Permanent Ban from Debt Relief, Telemarketing for Operators of Debt Relief Scam, Is Franchising Fair? Founded in 1923, Henkels has been in operation for over 98 years, with approximately $1.5 billion in fiscal 2021 revenue primarily with long tenured relationships across adiverse blue chip customer base, with expansive geographic operations across the United States. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Access more premium companies when you subscribe to Explorer, Contact the team or request a demo to find out how our data can drive your business forward, Transportation, Infrastructure and Logistics, Top 10 Construction Contractors in the World in 2021 by Contract Expenditure, Gain a 360-degree view of MasTec Inc and make more informed decisions for your business, 800 S. Douglas Road, 12th Floor, Coral Gables, Florida, 33134, Gain access to our premium signals and make informed decisions for your business, Understand MasTec Inc portfolio and identify potential areas for collaboration, Dive into past operations, including product releases, deals, acquisitions & more, Benchmark the company against the market with exclusive information on key competitors, Chart Financial activity with access to more key stats, Executive Vice President; Chief Financial Officer, Executive Vice President; Secretary; General Counsel, Gain insight into MasTec Inc key executives to enhance your sales strategy, GlobalData Plc 2023 | Registered Office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN, UK | Registered in England No. In the transaction, MasTec acquired all the equity interests of INTREN for approximately $420 million in cash plus a contingent earnout through year end 2021. MASTEC Peer performance insights compare the companys ESG performance to the performance of selected peers to help inform future ESG decisions and drive internal performance improvements. Its principal activities include engineering, building, installation, maintenance, and upgrades of communications, energy, and utility infrastructure. ", George Pita, MasTec's Executive Vice President and Chief Financial Officer, noted, "Our strong balance sheet has supported our transformational acquisition activity over the past two years. This order requires the use of a broad prior approval provision for a variety of reasons, including DaVitas history of fueling market consolidation for these life-saving services. FTC Imposes Strict Limits on DaVita, Inc.s Future DaVita has a history of attempting to buy up competing dialysis clinics in an industry that is already highly concentrated, in large part due to the acquisition activity of DaVita and other large dialysis clinic chains, said Bureau of Competition Director Holly Vedova. Unlock MasTec Inc profile and new opportunities for your business. MasTec has a penchant for acquisitions and strategic alliances for bolstering inorganic growth and expanding market share. MasTec JPMorgan's buying binge: Behind the strategy of its more Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. The majority of its revenue is derived from the Communications segments. We believe that the addition of Henkels, coupled withMasTecsexisting operations, creates a market leading utility contractor with significant expertise, scale and capacity that can provide a complete and compelling suite of service offerings to our customers as they work to transition to renewable energy generation, modernize power grid systems and reduce carbon emissions.. MasTec Some 80 deals later, heres how their acquisition strategy is unfolding. You can learn more abouthow competition benefits consumersorfile an antitrust complaint. NOTE: When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. For the year ended December 31, 2021, Corporate EBITDA included $3.6 million of such acquisition and integration costs. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. MasTec Expands Electrical Distribution Operations CORAL GABLES, Fla., Feb. 23, 2023 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced 2022 fourth quarter and full year financial results and issued its This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. MasTec has five operating segments: Communications, Oil and Gas, Power Delivery, Clean Energy and Infrastructure, and Others. Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. In addition, we believe that MasTec provides significant strategic growth opportunities and, as evidence of our strong belief in the merits of this combination, my brother Paul and I have requested, and will receive, a significant portion of the proceeds of the transaction in MasTec common stock.". MasTec Associated Electric Cooperative, Inc. Jose Mas, MasTec's Chief Executive Officer, commented, "First of all, we look forward to welcoming almost 5,100 Henkels team members to the MasTec family. MasTec Its principal, ectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore ma, itation ullamco laboris nisi ut aliquip ex ea commodo consequat. During the first six months of 2021, MasTec made seven acquisitions: a premier specialty utility contractor primarily providing electrical distribution network services; a heavy civil infrastructure construction company focusing on transportation projects; a heavy industrial general contractor with concrete, piping and electrical capabilities; a telecommunications and utility technical services company; a telecommunications and cable services provider; a utilities infrastructure company; along with a pipeline contractor. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers. The call-in number for the conference call is (856) 344-9221 or (888) 394-8218 with a pass code of 1221549. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. According to the FTCs complaint, there are only three providers of outpatient dialysis services patients in the greater Provo, Utah area, and the acquisition would eliminate actual, direct, and substantial competition between dialysis clinics owned by DaVita and dialysis clinics owned by the University of Utah Health, and would tend to create a monopoly. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. GAAP net income was $3.4 million, or $0.04 per diluted share, compared to $76.4 million, or $1.04 per diluted share, in the fourth quarter of 2021. Learn more about your rights as a consumer and how to spot and avoid scams. Henkels is one of the largest U.S. private electrical power transmission and distribution utility services firms and the 5thlargestU.S.utility contractor in the recent 2021Engineering News-Recordranking. The Federal Trade Commission works topromote competition, and protect and educate consumers. Delaware Electric Cooperative May 7, 2021 3:46PM EDT MasTec, Inc.s MTZ shares grew 4.3% in after-hours trading on May 6, after it reported impressive first-quarter 2021 results. NORTH AMERICA. Gillette, Wyoming, Regulatory Specialist MasTec completed five acquisitions in 2022 and fourteen acquisitions in 2021. Austin, Texas, Transmission System Operator Greenwood, Delaware, IT Client Support Technician MasTec Announces Fourth Quarter and Annual 2022 The FTC investigated this case in collaboration with the Utah Attorney Generals Office. Santa Clara, California, Our mission at EnergyCentral is to help global power industry professionals work better. All rights reserved. MasTec also offers smart energy solutions and electric infrastructure solutions. systems focused on lead generation, new customer acquisition, upselling, The Company's corporate website is located at www.mastec.com. It continues to see strong demand for renewables, with significant improvement in solar activity and distributed generation. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of utility, communications, and other infrastructure, such as: electric power transmission and distribution, wireless, wireline/fiber, and customer fulfillment activities; natural gas pipeline and distribution infrastructure; renewable and conventional power generation; heavy civil, and industrial infrastructure. Start a Post Learn more about posting on Energy Central . You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here. MIAMI (May 10, 2021) Holland & Knight advised MasTec, Inc. (NYSE: MTZ) on its $420 million acquisition of INTREN, LLC, one of the largest private energy distribution contractors in the country. During 2022, the Company has undertaken significant integration, combination, and streamlining activities for transformational 2021 acquisitions. NYSE and AMEX data is at least 20 minutes delayed. The company installs wireless, wireline, and satellite communications; oil and gas pipeline infrastructure; conventional and renewable power generation; and other industrial systems. City of Tallahassee Full year 2022 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $234.8 million and $3.05, respectively, compared to $420.0 million and $5.65, respectively, during 2021. The majority of its revenue is derived from the Communications segments. It was accompanied by the announcement of the agencys new Prior Approval Policy Statementputting industry on notice that the FTCs orders will once again routinely require prior approval for future transactions affecting each relevant market for which a violation was alleged, for a minimum of ten years. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. As previously announced on October 7, 2022, MasTec completed the acquisition of Infrastructure and Energy Alternatives, Inc., a premier renewables and For the same reasons, we are unable to address the probable significance of the unavailable information, nor can we accurately predict all of the components of the applicable non-GAAP financial measures and reconciling adjustments thereto; accordingly, the corresponding GAAP measures may be materially different than the non-GAAP measures. Their 650 employees have a similar DNA to Wanzeks both companies lead with a Fourth quarter 2022 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $80.0 million and $1.03, respectively, as compared to $100.2 million and $1.36, respectively, in the fourth quarter of 2021. MasTec: Solid Upside Potential From Backlogs, This is a big concern, and it is compounded by the fact that the limited number of nephrologists available to work at the clinics creates an opportunity for anticompetitive restrictions on labor. CORAL GABLES, Fla., Dec. 20, 2021 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it has entered into a definitive agreement to acquire Henkels & McCoy Group Inc. (Henkels), one of the largest U.S. private electrical power transmission and distribution utility services firm and the 14 th largest U.S. specialty contractor __________________________ 1 Reconciliation of fiscal year 2021 non-GAAP measure is included in this release Reconciliations of fiscal year 2022 forward-looking financial measures included in this presentation that are non- U.S. GAAP financial measures to the corresponding GAAP financial measures are not included, due to variability and difficulty in making accurate forecasts and projections, particularly in light of potential changes in Henkels' operations following its acquisition, as well as, because certain information is not currently ascertainable or accessible, and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures is available to us without unreasonable efforts. Investors | MasTec MasTec ( NYSE: MTZ) has been working to diversify away from the oil and gas pipeline business with two acquisitions in 2021. The company markets services individually and in combination with other companies to provide a wide range of solutions for customers.
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