Despite investor uncertainty and a changing regulatory political landscape, MasTec has never been better positioned to capitalize on its portfolio of offerings, CEO José Mas claimed during the company’s full-year earnings call on Feb. 28.
“I've never seen the demand momentum and the number of opportunities for our collective business,” Mas told analysts. He added that a “gas-fired generation renaissance” was on the horizon.
MasTec, which is headquartered in Coral Gables, Florida, specializes in engineering, installation and maintenance of communications, energy and utility infrastructure. The company’s niches coincide with executive orders from President Donald Trump to cut back on sustainable energy projects and ease regulations on oil and gas builds in the U.S.
To that end, Mas said that customers across MasTec’s business portfolio are discussing projects and deals up to a decade down the road.
“The overarching theme is the unprecedented level of demand on our communication, power delivery, generation, civil and pipeline infrastructure customers,” Mas said. “In every segment we operate, our customers are facing increased demand for their services.”
Policy jitters
At the same time, amid that enthusiasm Mas said that, over the past month, investors have also been spooked by the political landscape, which includes the freezing of Infrastructure Investment and Jobs Act and Inflation Reduction Act funds, as well as potential weaker demand for power due to the emergence of DeepSeek in the artificial intelligence space.
“Obviously, there's a lot of noise out there. You had the executive order on wind [power]. You've got a lot of talk about what's going to potentially happen with IRA or not. Irrespective of those conversations, and what might come out of that, we're still incredibly bullish about 2026,” Mas said in response to an investor question.
The numbers
MasTec reported $3.4 billion in revenues for the fourth quarter, a 4% rise from a year ago. For the full year 2024, the company posted $12.3 billion in revenue, a 3% increase, according to a Feb. 27 news release.
The company saw $74.7 million in profit for Q4, up from $753,000 a year earlier. It had $162.8 million in profits for the year, reversing course from a $49.9 million loss for all of 2023.
In particular, Mas highlighted the firm’s clean energy and infrastructure, communications and power delivery businesses, which increased revenue 21% year-over-year.
In contrast, Mas said that the firm expected its pipeline business to decline compared to 2024, due to the completion of the $7.85 billion Mountain Valley Pipeline project in June and large activity slows.
The company reported a backlog of $14.3 billion, up 15% from 2023’s $12.4 billion, per the release.
In 2025, the company expects full year 2025 revenue to be $13.45 billion, per the release.
“While our financial metrics in 2024 were much improved, we also have the ability to meaningfully improve margins,” Mas said. “That opportunity for improvement is actually what I'm most excited about.”
