Earnings estimates for 2021 have moved up 0.7% over the past 30 days.Yet, COVID-related disruptions and volatility in the energy market remain potent headwinds. While it is expected that significant revenue and operating margin opportunities will materialize from this combination, none of these potential opportunities are included in the current expectation that Henkels' 2022 results will approximate its fiscal 2021 results at approximately $1.5 billion in revenue and $70 million in adjusted EBITDA1. 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 14th largest U.S. specialty contractor according to the recent 2021Engineering News-Record ranking. The proposed order limiting future transactions marks the FTCs return to the standard use of prior approval. The company installs wireless, wireline, and satellite communications; oil and gas pipeline infrastructure; conventional and renewable power generation; and other industrial systems. 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. MasTecssuite of services, from clean energy power generation to our newly expanded power transmission and distribution capacity, positions us for strong growth in this expanding market.. Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions), Year Ended September 30, 2021, EBITDA and Adjusted EBITDA Reconciliation. According to the complaint, entry of new competitors in the greater Provo area is not likely, timely, nor sufficient to remedy the effects of the proposed acquisition. Houlihan Lokeyserved as exclusive financial advisor, and Sidley Austin LLP served as legal counsel, to Henkels. If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. 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. Elk River, Minnesota, Electric Utility Engineer I/II/III 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. Holland & Knight LLP acted as legal counsel to MasTec. Post-acquisition, MasTec reduced net debt by approximately $350 million during the fourth quarter. The transaction supports MasTecs long-term strategy to expand in the fast-growing electric utility services market with incremental recurring master service agreement revenue. 2023 full year GAAP net income and diluted earnings per share are expected to range between $194 and $212 million and $2.48 and $2.70, respectively. Subscribe today to the Daily Power Industry Newsletter for the most up-to-date and relevant utility industry news. 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. MasTec has a penchant for acquisitions and strategic alliances for bolstering inorganic growth and expanding market share. Year Event Description; 2022: Contracts/Agreements: 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. WebMasTec Inc company profile analysis with the premuim data - Globaldata (2021) XXX 1.9% (2021 vs 2020) Market Cap* $7.2B. It offers services to wireless, wireline/fiber and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including renewables; heavy civil; and industrial infrastructure. As previously announced, during the fourth quarter, MasTec completed the acquisition of Henkels & McCoy Group, Inc., a premier utility services provider with total transaction consideration approximating $600 million. The projected loss in the first quarter is the result of a variety of factors including a normal seasonally slow quarter, project delays, project start-up costs and integration costs related to recent acquisition activity. All rights reserved. MasTec Expands Electrical Distribution Operations 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. MasTec, which eyes becoming a $10-billion company, raised its fiscal 2021 revenue estimate to $8.2 billion, with the firm telling investors it expects sales from WebMasTec has five operating segments: Communications, Oil and Gas, Power Delivery, Clean Energy and Infrastructure, and Others. In conjunction with this announcement, MasTec has scheduled a conference call for this morning, December 20, 2021, at 9:00 a.m. Eastern Time, which will also be broadcast live over the Internet. 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 For the three months ended December 31, 2022, Communications, Clean Energy and Infrastructure, Oil and Gas and Power Delivery EBITDA included $2.3 million, $6.4 million, $3.6 million and $4.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $9.8 million of such costs. This critical tool will help the Commission quickly identify and ultimately prevent future facially anticompetitive deals by DaVita, a particularly acquisitive company. Before sharing sensitive information, make sure youre on a federal government site. We qualify any and all of our forward-looking statements by these cautionary factors. The following tables set forth the financial results for the periods ended December 31, 2022 and 2021: (unaudited - in thousands, except per share information), Costs of revenue, excluding depreciation and amortization, Equity in earnings of unconsolidated affiliates, net, Net income (loss) attributable to non-controlling interests, Basic weighted average common shares outstanding, Diluted weighted average common shares outstanding, Net cash provided by operating activities, Net cash provided by financing activities, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents - beginning of period, Cash and cash equivalents - end of period, Backlog by Reportable Segment (unaudited in millions). This is a profile preview from the PitchBook Platform. WebOn October 7, 2022, MasTec, Inc. ("MasTec"), acquired all of the outstanding shares of common stock of Infrastructure and Energy Alternatives, Inc. ("IEA") pursuant to a Holland& Knight LLP acted as legal counsel to MasTec. 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 fueling consolidation in life-saving health industries. ", 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. Real time prices by BATS. See our report's 7 new picks today, absolutely FREE. NASDAQ data is at least 15 minutes delayed. MasTec completed five acquisitions in 2022 and fourteen acquisitions in 2021. The company significantly increased its presence in the electric distribution and transmission market from 8% of the total revenue in 2020 to 28% in 2022. It reduced its presence in the Oil & Gas market from 28% of the total revenue in 2020 to 12% in 2022. Amid the news of Wests potential acquisition of Parler, here are facts about the platform, based on the recent study: were mentioned in news media, and had at least 500,000 unique visitors in December 2021. One Tech Engineering 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.. Our, https://investors.mastec.com/events-presentations, https://www.prnewswire.com/news-releases/mastec-to-acquire-henkels--mccoy-a-premier-utility-services-provider-301447978.html, PG&E Incentive Program Provides Customers Bill Credits While Supporting the Grid, KBR, INC. - 10-Q - Management's Discussion and Analysis of Financial Condition and Resultsof Operations, WattBridge Now World's Largest LM6000 Fleet Owner as the 288-MW Brotman Facility Begins Commercial Operations, Licensing Regulations In The Nigerian Power Sector, Eskom implements stage 3 load shedding from 4pm on Sunday until 5am on Monday, Study Findings from Canadian Institute for Cybersecurity Provide New Insights into Engineering (Smart grid security: Attacks and defence techniques), Learn more about posting on Energy Central , Electrical Engineer I or II - Transmission Planning, PUC Sr. Market Analyst (Program Spec VII) (00028762), PUC Engineer (Engineer IV - VI) (00029045). Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. Noke Inc., Creator of High-Tech Smart Locking ", Mr. Mas continued, "I'd like to welcome IEA team members to the MasTec family and once again thank the men and women of MasTec whose dedication to safety and efficient production are a key driving force to our success. Get the full list, Youre viewing 5 of 31 investments and acquisitions. Austin, Texas, Transmission System Operator Non-GAAP measures should not be considered in isolation from, as a substitute for, or alternative measure of, GAAP net income and should be reviewed in conjunction with theprovidedreconciliation thereto. Start a discussion below. Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. 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 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. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the "Events & Presentations" page in the "Investors" section therein. The company serves renewable energy, electric power, oil and gas, water and sewer, civil and industrial, technology, communications and government sectors. We believe that acquisition activity over the last two years has greatly enhanced our scale, expertise and market positioning to meet expected high customer demand growth for renewable power generation, power grid transmission and distribution and civil infrastructure over the next decade. 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. MasTec has strong growth prospects fueled by its robust backlog and recent acquisitions. The company's position in expanding end markets such as communications, renewables, power generation, and distribution puts it in a favorable position to benefit from secular trends. 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. 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.. Importantly, under the order, DaVita is also required to receive prior approval from the FTC before acquiring any new ownership interest in a dialysis clinic anywhere in Utah for a period of ten years. As previously announced on October 7, 2022, MasTec completed the acquisition of Infrastructure and Energy Alternatives, Inc., a premier renewables and infrastructure services provider adding approximately $1.1 billion in acquisition financing and assumed debt during the quarter. Cash will be provided by MasTec's cash on hand as well as borrowing under its existing unsecured credit facility. 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. A-1 Excavating, LLC (WI) (100% owned by MasTec North America, Inc.) Cash Construction Company, Inc. (TX) (100% owned by MasTec North America, Inc.) Decisive Communications, Inc. (MD) (100% owned by Precision Acquisition, LLC (WI)) (100% owned by MasTec, Inc.) Pumpco, Inc. (TX) We use cookies to understand how you use our site and to improve your experience. 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. FTC Imposes Strict Limits on DaVita, Inc.s Future Net Profit Margin History section provides information on new products, mergers, acquisitions, expansions, approvals, and many more key events. You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here. One Tech Engineering GAAP net income was $33.9 million, or $0.42 per diluted share, compared to $330.7 million, or $4.45 per diluted share in 2021. This matter is not expected to result in any changes to the financial results for the year ended December 31, 2022. Wanzek Acquires Infrastructure Company FNF MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity. For the year ended December 31, 2022, Communications, Clean Energy and Infrastructure, Oil and Gas and Power Delivery EBITDA included $4.7 million, $6.4 million, $8.0 million and $39.0 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $27.9 million of such costs. 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. You may also visit the Investor Relations section of the MasTec website at https://investors.mastec.com/events-presentations to access the Internet broadcast. Austin, Texas, PUC Engineer (Engineer IV - VI) (00029045) We work to advance government policies that protect consumers and promote competition. The webcast replay will be available for at least 30 days. Comments must be received 30 days after publication in the Federal Register. For the three months ended December 31, 2021, Corporate EBITDA included $3.6 million of such acquisition and integration costs. President Joe Biden remains keen on enhancing research and development as well as technologies, including large-scale battery power storage and carbon capture and minimization, and modernizing infrastructure, comprising the nations electricity grid and a nationwide network of public charging stations for EVs. To participate in the call, dial (856) 344-9290 or (800) 458-4121 at least 10 minutes before the conference call begins and ask for the MasTec call using conference code 7713001. Full year 2021 adjusted EBITDA, also a non-GAAP measure, was $931.3 million, compared to $810.0 million in 2020. Instructions for filing comments appear in the published notice. MasTec Under the proposed order, DaVita is required to divest three Provo-area dialysis clinics to Sanderling Renal Services, Inc. and prohibited from entering into or enforcing non-compete agreements and other employee restrictions. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. MasTec has five operating segments: Communications, Oil and Gas, Power Delivery, Clean Energy and Infrastructure, and Others. MasTec Find legal resources and guidance to understand your business responsibilities and comply with the law. MasTec Management will hold a conference call to discuss these results on Friday, February 24, 2023 at 9:00 a.m. Eastern Time. Lets delve deeper into major growth drivers of this Zacks Rank #3 (Hold) company. To explore MasTecs full profile, request access. This marks an important step in the diversification ofMasTecsend market portfolio of services, providing us strong strategic growth opportunities, Mas added. We remain committed to maintaining a strong balance sheet and our investment grade rating. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. The acquisition will be funded from MasTec' s cash on hand and its existing senior secured credit facility and is subject to customary purchase price adjustments. An official website of the United States government. Powder River Energy Corporation Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company's website at www.mastec.com. Their 650 employees have a similar DNA to Wanzeks both companies lead with a Win whats next. MASTEC Central Electric Power Cooperative, Inc. The call-in number for the conference call is (856) 344-9221 or (888) 394-8218 with a pass code of 1221549. Wanzek is pleased to share that MasTec has acquired FNF Construction, a large transportation infrastructure contractor based out of Tempe, AZ. Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share amounts), Non-cash stock-based compensation expense (a), Losses (gains), net, on fair value of investment (a), Project results from non-controlled joint venture (c). September 02, 2021, STRL Quick QuoteSTRL TPC Quick QuoteTPC MTZ Quick QuoteMTZ GVA Quick QuoteGVA. 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. Have you found what you were looking for? 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. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. If you do not, click Cancel. Investors | MasTec You can learn more abouthow competition benefits consumersorfile an antitrust complaint. This could have life-threatening impacts on patients receiving dialysis services, especially those with end-stage renal disease, which is characterized by a near total loss of kidney function. MasTec 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. __________________________ 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. 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. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. MasTec Announces Fourth Quarter and Annual 2022 Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. 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. Fourth Quarter 2022 Results Include GAAP Net Income of $3.4 Million, Adjusted EBITDA of $258 Million, Diluted Earnings Per Share of $0.04 and Adjusted Diluted Earnings Per Share of $1.03, Successfully Completed IEA Acquisition, with Significant Post-Acquisition Net Debt Reduction During the Quarter, Record 18-Month Backlog as of December 31, 2022 of $13.0 Billion, a 31% Increase Over 2021. 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. 'Bloomberg Technology' Full Show (05/01/2023) No discussions yet. The FTC appreciates the collaboration of the Utah Attorney Generals Office in investigating this case. Second quarter-end backlog at the segment improved $489 million sequentially and it expects growth for the current year to be driven by persistent expansion of fiber optic networks, investments in wireless network capacity and 5G-related work. We added approximately $1.1 billion of financing and assumed debt with the fourth quarter IEA acquisition, and as expected, we reduced a substantial amount of this debt with fourth quarter cash flow. The majority of its revenue is derived from the Communications segments. MasTec, Inc. (MTZ Quick QuoteMTZ - Free Report) is making the most of the countrys diligent focus on carbon neutrality. These and other risks are detailed in our filings with the Securities and Exchange Commission. For those who cannot participate live, a recording will be available on the company's website for approximately 30 days by dialing (719) 457-0820 and referencing the same conference code. In November, Lemartec entered into an agreement with Burrell Aviation to work on developing regional municipal airport projects. Culture in a services operation is critical, and both Henkels and MasTec have proud traditions as family businesses, with a strong focus on safety and customer service. Bothactual fiscal 2021and expected post-acquisition 2022 results reflect impacts of underperforming communications and pipeline services operations, which are anticipated to improve over time. Curated power industry news from thousands of top sources. 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). 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. MasTec's customers are primarily in these industries. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. Tallahassee, Florida, Deputy Electrical Safety Officer Energy Builder MasTec Boosts Pivot In $420M Power The .gov means its official. Franchisee Conversations with Chair Khan, DaVita Inc. and Total Renal Care, Inc., In the Matter of. 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. 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. 03925319, Artificial Intelligence: Leading Technology Companies, Cybersecurity: Leading Technology Companies, Electric Vehicles: Leading Technology Companies, Strategic Alliances Announced in Last 12 Months, Special Purpose Acquisition Corps. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. systems focused on lead generation, new customer acquisition, upselling, Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures, (unaudited - in millions, except for percentages and per share amounts), EBITDA and Adjusted EBITDA Reconciliation, Non-cash stock-based compensation expense, Losses (gains), net, on fair value of investment, Project results from non-controlled joint venture, EBITDA and Adjusted EBITDA Margin Reconciliation, UPDATE 1-Japan's Mitsui and Sojitz warn of lower profits after record FY22/23 results, FOREX-Aussie jumps, yen at weakest in 15 years vs euro, as central banks split, Euro zone bond yields rise ahead of inflation data, UPDATE 1-Putin orders Russian govt to clarify rules on dividend payments to 'unfriendly' investors, Stocks Wobble on Amped Up Policy-Tightening Bets: Markets Wrap.