MasTec The deal was announced on May 5. Elk River, Minnesota, Electric Utility Engineer I/II/III 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). 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. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. All rights reserved. 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. 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. With this filing, the Company anticipates it may disclose the identification of a material weakness in its internal controls over financial reporting, primarily related to IT controls at certain 2021 acquired operations undergoing first time internal controls evaluation in 2022. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. The company serves renewable energy, electric power, oil and gas, water and sewer, civil and industrial, technology, communications and government sectors. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. WebDecember 31, 2021. Public Fundamental Data provided by Morningstar, Inc. MasTec Inc is a leading infrastructure construction company operating primarily throughout North America. Backlog is a common measurement used in our industry. This is MasTecs 21st transaction in the Construction sector. Each violation of such an order may result in a civil penalty of up to $43,792. Second quarter-end backlog at the Clean Energy and Infrastructure segment improved $320 million sequentially. 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. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. Visit Performance Disclosure for information about the performance numbers displayed above. 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. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The decrease in the annual revenue expectation was primarily due to some project activity slippage to 2022 in communications and clean energy. Post-acquisition, MasTec reduced net debt by approximately $350 million during the fourth quarter. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. Energy Contract Originator MasTec Announces Fourth Quarter and Annual 2022 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. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. 'Bloomberg Technology' Full Show (05/01/2023) NASDAQ data is at least 15 minutes delayed. 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. MasTec, Inc. (MTZ Quick QuoteMTZ - Free Report) is making the most of the countrys diligent focus on carbon neutrality. Learn more about your rights as a consumer and how to spot and avoid scams. Wanzek is pleased to share that MasTec has acquired FNF Construction, a large transportation infrastructure contractor based out of Tempe, AZ. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. Unlock MasTec Inc profile and new opportunities for your business. ", 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. 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. 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. 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). The Commission vote to accept the proposed consent order for public comment was 5-0. If you wish to go to ZacksTrade, click OK. To learn more, click here. Adam Jaynes - Director of Demand Generation - vCom 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. 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.. WebJul 2021 - Aug 2022 1 year 2 months. Real time prices by BATS. 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. 2023 Copyright North American Energy Pipelines | Wordpress Website by OuterBox, MasTec Acquires Henkels & McCoy Group for $600 Million, Fecon Announces Brandon Flexsenhar as New COO, ExxonMobil Receives Top Certification for Methane Emissions in Permian Basin Production, Sempra Infrastructure, Williams Announce Preliminary LNG Agreements, Denbury to Provide Carbon Capture Transportation for Nutrien Facility in Louisiana. An official website of the United States government. MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity. 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. Now, with strong visibility into the clean energy market, MasTec remains well poised for growth, given persistent focus on the clean energy market including wind, solar, biofuels, hydrogen and storage. MasTec Inc.has closed its previously announced acquisition ofHenkels & McCoy Group Inc. in a cash and stock transaction valued at approximately$600 million. Cash will be provided by MasTecs cash on hand, as well as borrowing under its existing unsecured credit facility. Some 80 deals later, heres how their acquisition strategy is unfolding. The FTC appreciates the collaboration of the Utah Attorney Generals Office in investigating this case. WebMasTec Inc company profile analysis with the premuim data - Globaldata (2021) XXX 1.9% (2021 vs 2020) Market Cap* $7.2B. First announced on Dec. 20, the total transaction consideration will be$600 million, with approximately$420 millionin cash (including the repayment of Henkels debt) plus approximately 2 million shares of MasTec common stock, subject to customary purchase price adjustments. Commissioner Christine S. Wilson issued a concurring statement. We remain committed to maintaining a strong balance sheet and our investment grade rating. Public Utility Commission of Texas Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. The Company currently expects full year 2023 revenue will approximate $13.0 billion, a record level.
