mastec acquisitions 2021

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. The majority of its revenue is derived from the Communications segments. 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. Start a Post Learn more about posting on Energy Central . WebMASTEC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited - in thousands, except per share amounts) For the Three Months Ended June 30, For the Six MasTec In November, Lemartec entered into an agreement with Burrell Aviation to work on developing regional municipal airport projects. 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. Although MasTec has enough visibility throughout 2021, the biggest risks to its guidance are governmental permitting, crew social distancing mitigation and the impact they may have on project schedules along with any potential project delays.The company now expects to generate record revenues of $8.1 billion in 2021, down from previous projection of $8.2 billion. 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. ", 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. Subscribe today to the Daily Power Industry Newsletter for the most up-to-date and relevant utility industry news. At MasTec 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. The acquisition allows Noke, a startup headquartered in Salt Lake City, Utah and backed by Paris-based VC firms Future Shape and Hardware Club, to The FTC will publish the consent agreement package in the Federal Register shortly. MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity. For the year ended December 31, 2021, Corporate EBITDA included $3.6 million of such acquisition and integration costs. Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. This is MasTecs 1st transaction in Arizona. These returns cover a period from January 1, 1988 through April 3, 2023. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc. 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. The company markets services individually more Contact Information Website www.mastec.com Ownership Status Publicly Held Financing Status ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. Columbia, South Carolina, Electrical Engineer Segment revenue doubled over 2021, and we expect it to increase by 85% in 2022. MASTEC 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. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. 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. Acquisition Highlights. 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.. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. 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. JPMorgan's buying binge: Behind the strategy of its more than 80 Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Its earnings surpassed the Zacks Consensus Estimate in the trailing 23 quarters. The company markets services individually and in combination with other companies to provide a wide range of solutions for customers. Peer performance insights compare the companys ESG performance to the performance of selected peers to help inform future ESG decisions and drive internal performance improvements. SEC 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. Elk River, Minnesota, Electric Utility Engineer I/II/III The FTC investigated this case in collaboration with the Utah Attorney Generals Office. Public Utility Commission of Texas NASDAQ data is at least 15 minutes delayed. 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. Some 80 deals later, heres how their acquisition strategy is unfolding. Investors | MasTec 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 The .gov means its official. 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. MasTec: Solid Upside Potential From Backlogs, These and other risks are detailed in our filings with the Securities and Exchange Commission. The decrease in the annual revenue expectation was primarily due to some project activity slippage to 2022 in communications and clean energy. Greensburg, Pennsylvania, Vice President of Finance The FTC appreciates the collaboration of the Utah Attorney Generals Office in investigating this case. MasTec 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 billionin revenue and$70 millionin adjusted EBITDA. Full year 2021 adjusted EBITDA, also a non-GAAP measure, was $931.3 million, compared to $810.0 million in 2020. Bothactual fiscal 2021and expected post-acquisition 2022 results reflect impacts of underperforming communications and pipeline services operations, which are anticipated to improve over time. MasTec Expands Electrical Distribution Operations 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. Associated Electric Cooperative, Inc. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. The Company currently expects full year 2023 revenue will approximate $13.0 billion, a record level. Holland & Knight LLP acted as legal counsel to MasTec. The transaction supports MasTecs long-term strategy to expand in the fast-growing electric utility services market with incremental recurring master service agreement revenue. 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. 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). Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. MasTec This includes personalizing content and advertising. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The Federal Trade Commission works topromote competition, and protect and educate consumers. Public Fundamental Data provided by Morningstar, Inc. MasTec Inc is a leading infrastructure construction company operating primarily throughout North America. SEC Filings | MasTec Inc. - IR site WebJul 2021 - Aug 2022 1 year 2 months. Start a discussion below. 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. Commissioner Christine S. Wilson issued a concurring statement. 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. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. 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 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. Bloomington, Minnesota, T&D Superintendent Their 650 employees have a similar DNA to Wanzeks both companies lead with a Year Event Description; 2022: Contracts/Agreements: The call-in number for the conference call is (856) 344-9221 or (888) 394-8218 with a pass code of 1221549. 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%. All rights reserved. Once processed, comments will be posted on Regulations.gov. Full year 2023 adjusted EBITDA is expected to range between $1.10 and $1.15 billion, representing between 8.5% and 8.8% of revenue, and adjusted diluted earnings per share is expected to range between $4.64 and $4.91. MasTec SLAC National Accelerator Laboratory Get the full list, Youre viewing 5 of 12 board members. Key facts about Parler | Pew Research Center Real time prices by BATS. 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. 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. Zacks Ranks stocks can, and often do, change throughout the month. 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. If you do not, click Cancel. We use cookies to understand how you use our site and to improve your experience. Instructions for filing comments appear in the published notice. Gillette, Wyoming, Regulatory Specialist 'Bloomberg Technology' Full Show (05/01/2023) 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. Greenwood, Delaware, IT Client Support Technician 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 As one of the largest clean energy contractors in the country, MasTecs expertise in constructing wind farms, solar farms, biomass facilities, high-voltage transmission lines, substations, battery storage and hydrogen-enabled solutions uniquely position the company to take advantage of the growth in this market. Austin, Texas, PUC Engineer (Engineer IV - VI) (00029045) The majority of its revenue is derived from the Communications segments. 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. MasTec A variety of factors, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. on Clean Energy Aids MasTec (MTZ) Amid Challenges First quarter 2023 GAAP net loss is expected to approximate $86 million, with GAAP diluted loss per share expected to approximate $1.12. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Mastec (MTZ) Group 3,4,5 Annual Filings Current Reports Mergers & Acquisitions Other Proxy Filings Quarterly Filings Registration Statements Filing year Whitney Capital Partners. 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. Austin, Texas, Transmission System Operator ", 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. During 2022, the Company has undertaken significant integration, combination, and streamlining activities for transformational 2021 acquisitions. CORAL GABLES, Fla., Feb. 23, 2023 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced 2022 fourth quarter and full year financial results and issued its initial 2023 guidance expectation. Full year 2022 adjusted EBITDA margin rate was 8.0% compared to 11.8% last year. Furthermore, forward-looking statements speak only as of the date they are made. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. MasTec This is MasTecs 21st transaction in the Construction sector. View original content:https://www.prnewswire.com/news-releases/mastec-to-acquire-henkels--mccoy-a-premier-utility-services-provider-301447978.html. To explore MasTecs full profile, request access. systems focused on lead generation, new customer acquisition, upselling, Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. The site is secure. This is MasTecs 21st transaction in the United States. Dialysis service provider with history of fueling consolidation must seek FTC approval prior to any new deals; Agency policy statement confirms return of prior approval as standard practice, Competition and Consumer Protection Guidance Documents. WebMasTec Inc company profile analysis with the premuim data - Globaldata (2021) XXX 1.9% (2021 vs 2020) Market Cap* $7.2B. 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. 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. Concurring Statement of Commissioner Christine S. Wilson In the Matter of DaVita, Inc., and Total Renal Care, Inc. Competition in the Health Care Marketplace. Web2021 - Mission Operations & Autonomy 2020 - Space Mission Architectures: Infinite Possibilities 2019 - Small Satellite Production - Driving a Revolution 2018 - Delivering The company significantly increased its presence in the electric distribution and Backlog is a common measurement used in our industry. (SPACs), Transportation, Infrastructure & Logistics. The deal was announced on May 5. 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.

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