The monthly returns are then compounded to arrive at the annual return. Wanzek Acquires Infrastructure Company FNF 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. Powder River Energy Corporation The decrease in the annual revenue expectation was primarily due to some project activity slippage to 2022 in communications and clean energy. Henkels' operating excellence is well known in the industry, and together with MasTec, our expanded resources and footprint will help serve expected significant growth demand in the utility sector. MasTec Whitney Capital Partners. 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. JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. An official website of the United States government. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. MasTec: Solid Upside Potential From Backlogs, 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. Total transaction consideration will be $600 million, with approximately $420 million in cash (including the repayment of Henkels' debt) plus approximately 2 million shares of MasTec common stock, subject to customary purchase price adjustments. 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. MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. Year Event Description; 2022: Contracts/Agreements: The transaction supports MasTecs long-term strategy to expand in the fast-growing electric utility services market with incremental recurring master service agreement revenue. Instructions for filing comments appear in the published notice. 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 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. 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. MasTec has a penchant for acquisitions and strategic alliances for bolstering inorganic growth and expanding market share. 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. 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. One Tech Engineering Some 80 deals later, heres how their acquisition strategy is unfolding. systems focused on lead generation, new customer acquisition, upselling, MasTec Inc.has closed its previously announced acquisition ofHenkels & McCoy Group Inc. in a cash and stock transaction valued at approximately$600 million. Henkels & McCoy Group, Inc. ZacksTrade and Zacks.com are separate companies. Greenwood, Delaware, IT Client Support Technician This is MasTecs 1st transaction in Arizona. 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. MasTec The webcast replay will be available for at least 30 days. Have you found what you were looking for? 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. Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA and net debt which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures. These returns cover a period from January 1, 1988 through April 3, 2023. MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity. Find the resources you need to understand how consumer protection law impacts your business. MasTec ( NYSE: MTZ) has been working to diversify away from the oil and gas pipeline business with two acquisitions in 2021. Bothactual fiscal 2021and expected post-acquisition 2022 results reflect impacts of underperforming communications and pipeline services operations, which are anticipated to improve over time. Investors | MasTec In November, Lemartec entered into an agreement with Burrell Aviation to work on developing regional municipal airport projects. See our report's 7 new picks today, absolutely FREE. ", 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. The deal was announced on May 5. MasTec, Inc. (MTZ Quick QuoteMTZ - Free Report) is making the most of the countrys diligent focus on carbon neutrality. Zacks Equity Research We are pleased to officially welcome the more than 5,100 Henkels team members to theMasTecfamily, said MasTec CEO Jose Mas in a Dec. 30 statement. Austin, Texas, Transmission System Operator Commissioner Christine S. Wilson issued a concurring statement. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. WebMASTEC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited - in thousands, except per share amounts) For the Three Months Ended June 30, For the Six Fourth quarter 2022 adjusted EBITDA, also a non-GAAP measure, was $257.9 million, compared to $220.2 million in the fourth quarter of 2021. WebDecember 31, 2021. 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. The survey portion of this analysis was conducted May 16-22, 2022, among 10,188 U.S. adults. First quarter 2023 adjusted EBITDA is expected to approximate $100 million or 4.2% of revenue, with adjusted diluted loss per share expected to approximate $0.57. MasTec Inc (MasTec) is an infrastructure construction company that offers engineering, building, installation, maintenance and upgrade services across North America. If you do not, click Cancel. Full year 2021 adjusted EBITDA, also a non-GAAP measure, was $931.3 million, compared to $810.0 million in 2020. Adam Jaynes - Director of Demand Generation - vCom This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The majority of its revenue is derived from the Communications segments. No discussions yet. We believe the transition to renewable power generation will create significant growth demand across the utility sector. Federal government websites often end in .gov or .mil. History section provides information on new products, mergers, acquisitions, expansions, approvals, and many more key events. MasTec Start a discussion below. 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. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. As previously announced on October 7, 2022, MasTec completed the acquisition of Infrastructure and Energy Alternatives, Inc., a premier renewables and Holland & Knight LLP acted as legal counsel to MasTec. For the year ended December 31, 2022, revenue was up 23% to $9.8 billion, compared to $8.0 billion for the prior year. FTC Imposes Strict Limits on DaVita, Inc.s Future One Tech Engineering Great River Energy Elk River, Minnesota, Electric Utility Engineer I/II/III Mastec (MTZ) Group 3,4,5 Annual Filings Current Reports Mergers & Acquisitions Other Proxy Filings Quarterly Filings Registration Statements Filing year Subscribe today to the Daily Power Industry Newsletter for the most up-to-date and relevant utility industry news. Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. 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. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Based on the information available today, the Company is providing both first quarter and full year 2023 guidance. MasTec Buys Utility Specialty Contractor This critical tool will help the Commission quickly identify and ultimately prevent future facially anticompetitive deals by DaVita, a particularly acquisitive company. 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) 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. - Oversaw development and implementation of new CRM and I.T. Our choice of MasTec was based on the strong cultural fit for both our loyal employees and long-term customers. MasTec Inc. has closed its previously announced acquisition of Henkels & McCoy Group Inc. in a cash and stock transaction valued at approximately $600 million. 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. Get the full list, Youre viewing 5 of 31 investments and acquisitions. Many patients with this condition cannot receive home dialysis, and because these patients often have multiple health problems, they cannot or will not travel more than 30 minutes or 30 miles for in-clinic dialysis treatment. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful. Powder River Energy Corporation This marks an important step in the diversification ofMasTecsend market portfolio of services, providing us strong strategic growth opportunities, Mas added. MasTec Inc is a leading infrastructure construction company operating primarily throughout North America. The transaction has been unanimously approved by the Board of Directors of both MasTec and Henkels, as well as Henkels' shareholders, and is expected to close by year end 2021, subject to receiving required Hart-Scott-Rodino approvals and the satisfaction of other customary closing conditions. Post-acquisition, MasTec reduced net debt by approximately $350 million during the fourth quarter. 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. MasTec The FTC will publish the consent agreement package in the Federal Register shortly. NORTH AMERICA. The transaction was unanimously approved by the Board of Directors of both MasTec and Henkels, as well as Henkels shareholders. We qualify any and all of our forward-looking statements by these cautionary factors. 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. Web Mastecs acquisition of INTREN and Henkels & McCoy has made them a market leader in the electrical transmission segment, enhancing the companys ability to increase its backlog. MasTec's customers are primarily in these industries. Real time prices by BATS. Full year 2021 adjusted EBITDA margin rate The Company currently expects full year 2023 revenue will approximate $13.0 billion, a record level. 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. Comments must be received 30 days after publication in the Federal Register. Jose Mas, MasTec's Chief Executive Officer, commented, "As we end 2022, it is important to note the significant end market transformation we have undertaken over the past two years to support the nation's energy transition to sustainable renewable energy sources. Small Satellite Conference 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). MasTec, Inc. City of Tallahassee A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. 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. CORAL GABLES, Fla., Feb. 23, 2023 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced 2022 fourth quarter and full year financial results and issued its Visit Performance Disclosure for information about the performance numbers displayed above. (SPACs), Transportation, Infrastructure & Logistics. This is MasTecs 21st transaction in the Construction sector. Associated Electric Cooperative, Inc. 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%. In October, the company completed the acquisition of Infrastructure and Energy Alternatives, Inc. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. Fourth quarter 2022 revenue was up 66.3% to $3.0 billion, compared to $1.8 billion for the fourth quarter of 2021. Delayed quotes by FIS. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. Full year 2022 adjusted EBITDA, also a non-GAAP measure, was $780.6 million, compared to $939.1 million in 2021. The analysis to aid public comment provides additional details about the consent order. 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. ", Rod Henkels, Chairman and Chief Executive Officer of Henkels, commented, "As a third generation, family-owned company, we carefully evaluated multiple alternatives for our operations. 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. 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. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. Key facts about Parler | Pew Research Center Gillette, Wyoming, Regulatory Specialist MasTec Some 80 deals later, heres how their acquisition strategy is unfolding. All rights reserved. Energy Builder MasTec Boosts Pivot In $420M Power These and other risks are detailed in our filings with the Securities and Exchange Commission. Duis aute irure, To view MasTecs complete competitors history, request access, Youre viewing 5 of 23 executive team members. Specific factors that might cause such a difference include, but are not limited to: risks related to completed or potential acquisitions, including the acquisition of Henkels & McCoy Group, Inc., as well as the ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; risks related to adverse effects of health epidemics and pandemics or other outbreaks of communicable diseases, such as the COVID-19 pandemic, including its effect on supply chain or inflationary issues, as well as, the potential effects of the recently proposed vaccine mandates; market conditions, technological developments, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers' industries; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic on economic activity generally, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the industries we serve and the impact on our customers' expenditure levels caused by fluctuations in commodity prices, including for oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; restrictions imposed by our credit facility, senior notes and any future loans or securities; our ability to obtain performance and surety bonds; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; a small number of our existing shareholders have the ability to influence major corporate decisions; as well as other risks detailed in our filings with the Securities and Exchange Commission. on Clean Energy Aids MasTec (MTZ) Amid Challenges 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. FNF Construction was acquired by MasTec on February 4, 2021 Construction Company Out of 60 sectors in the Mergr database, construction ranked 20 in number of deals in 2021. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. Under the proposed order, in addition to divesting three Provo-area dialysis clinics and providing transition services for up to one year, DaVita is prohibited from: entering into or enforcing, directly or indirectly, any non-compete agreements with physicians employed by the University that would restrict their ability to work at a clinic operated by a competitor of DaVita (except to prevent a medical director under a contract with DaVita from simultaneously serving as a medical director at a clinic operated by a competitor); entering into any agreement that restricts Sanderling from soliciting DaVitas employees for hire; and directly soliciting patients who receive services from the divested clinics for two years. 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. 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. Get the full list, Youre viewing 5 of 17 subsidiaries. MasTec completed five acquisitions in 2022 and fourteen acquisitions in 2021. SEC Filings | MasTec Inc. - IR site Segment revenue doubled over 2021, and we expect it to increase by 85% in 2022. MasTec has a penchant for acquisitions and strategic alliances for bolstering inorganic growth and expanding market share. Once processed, comments will be posted on Regulations.gov. 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. The Commission vote to accept the proposed consent order for public comment was 5-0. This critical tool will help the Commission quickly identify and ultimately prevent future facially anticompetitive deals by DaVita, a particularly acquisitive company. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Learn more about your rights as a consumer and how to spot and avoid scams. This information is available in the PitchBook Platform. Privacy Policy | No cost, no obligation to buy anything ever. Tallahassee, Florida, Deputy Electrical Safety Officer It continues to see strong demand for renewables, with significant improvement in solar activity and distributed generation. Southern Maryland Electric Cooperative, Inc. 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. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. NYSE and AMEX data is at least 20 minutes delayed. Net Profit Margin History section provides information on new products, mergers, acquisitions, expansions, approvals, and many more key events. Everyone who completed the Unlock MasTec Inc profile and new opportunities for your business. 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.