MasTec, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 30, 2024, MasTec's revenue was $3,252.4 million, a slight decrease from $3,257.1 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased to $8,900.4 million, up from $8,715.9 million year-over-year. The company's income before income taxes for the third quarter surged to $137.0 million, compared to $22.9 million in the prior year, while for the nine months, it reached $154.5 million, a significant recovery from a loss of $(82.7) million in 2023.
Net income for the third quarter of 2024 was $105.4 million, compared to $15.3 million in the same quarter of 2023. For the nine-month period, net income was $114.7 million, a turnaround from a net loss of $(48.5) million in 2023. Basic earnings per share for the third quarter rose to $1.22 from $0.18, and for the nine months, it improved to $1.13 from a loss of $(0.65).
MasTec's operational segments showed varied performance. The Communications segment reported revenue of $927 million for Q3 2024, up 12% from $824 million in Q3 2023. The Clean Energy and Infrastructure segment also saw growth, with revenue increasing to $1,138 million from $1,100 million. Conversely, the Oil and Gas segment experienced a decline, with revenue dropping 26% to $498 million from $672 million in the prior year.
Strategically, MasTec completed an acquisition in July 2024, purchasing a construction company focused on underground utility infrastructure for $33 million, with additional earn-out liabilities potentially reaching $41 million. This acquisition aims to enhance MasTec's service offerings in data center infrastructure. The company also completed four acquisitions in 2023, totaling $70 million.
MasTec's cash and cash equivalents decreased significantly to $181.2 million as of September 30, 2024, from $529.6 million at the end of 2023. The company reported net cash provided by operating activities of $649.9 million for the nine months, a substantial increase from $196.6 million in the same period of 2023. However, net cash used in financing activities rose sharply to $(916.5) million, compared to $(181.6) million in 2023, primarily due to increased repayments of credit facilities and term loans.
Overall, MasTec's financial performance in 2024 reflects a recovery in profitability and strategic growth through acquisitions, despite some challenges in specific segments.