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 acquisition would improve the market position and depth of MasTec's clean energy and infrastructure business, and overall scale and diversification. You may also visit the Investor Relations section of the MasTec website at https://investors.mastec.com/events-presentations to access the Internet broadcast. CORAL GABLES, Fla., Feb. 23, 2023 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced 2022 fourth quarter and full year financial results and issued its This information is available in the PitchBook Platform. Houlihan Lokeyserved as exclusive financial advisor, and Sidley Austin LLP served as legal counsel, to Henkels. The Communications segment continues to offer attractive upside opportunities, driven by 5G investment and accelerating spending by DISH as well as T-Mobile. One Tech Engineering 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. To address these concerns, the Commissions order includes important provisions that guard against restrictions on worker mobility and protect Utah consumers from other anticompetitive practices in this critical, life-saving health care market.. The transaction was unanimously approved by the Board of Directors of both MasTec and Henkels, as well as Henkels shareholders. City of Tallahassee 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. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. 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. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. In October, the company completed the acquisition of Infrastructure and Energy Alternatives, Inc. 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. The FTC will publish the consent agreement package in the Federal Register shortly. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. These returns cover a period from January 1, 1988 through April 3, 2023. 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. Full year 2022 adjusted EBITDA margin rate was 8.0% compared to 11.8% last year. 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. ", 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. As previously announced on October 7, 2022, MasTec completed the acquisition of Infrastructure and Energy Alternatives, Inc., a premier renewables and The Company currently expects full year 2023 revenue will approximate $13.0 billion, a record level. All rights reserved. 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. 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. Real time prices by BATS. The decrease in the annual revenue expectation was primarily due to some project activity slippage to 2022 in communications and clean energy. During 2022, the Company has undertaken significant integration, combination, and streamlining activities for transformational 2021 acquisitions. Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. Get the full list, Youre viewing 5 of 12 board members. Wanzek is pleased to share that MasTec has acquired FNF Construction, a large transportation infrastructure contractor based out of Tempe, AZ. 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. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. It was Also, the Rural Digital Opportunity Fund, or RDOF which is a follow-up to the Connect America Fund will provide $20 billion of funding over the next 10 years to build and connect gigabit broadband speeds in underserved rural areas. Federal government websites often end in .gov or .mil. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The FTC will publish the consent agreement package in the, An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments, FTC Lawsuit Leads to Permanent Ban from Debt Relief, Telemarketing for Operators of Debt Relief Scam, Is Franchising Fair? The analysis to aid public comment provides additional details about the consent order. An official website of the United States government. 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. Some better-ranked stocks in the same industry include Granite Construction Incorporated (GVA Quick QuoteGVA - Free Report) , Sterling Construction Company Inc. (STRL Quick QuoteSTRL - Free Report) and Tutor Perini Corporation (TPC Quick QuoteTPC - Free Report) . This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. First quarter 2023 GAAP net loss is expected to approximate $86 million, with GAAP diluted loss per share expected to approximate $1.12. 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. 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. See our report's 7 new picks today, absolutely FREE. Central Electric Power Cooperative, Inc. Visit www.zacksdata.com to get our data and content for your mobile app or website. If you do not, click Cancel. 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. Such forward looking information is also subject to uncertainty and various risks, including those set forth in the risk factors discussed below, and there can be no assurance that any forecasted results or conditions will actually be achieved. systems focused on lead generation, new customer acquisition, upselling, Lets delve deeper into major growth drivers of this Zacks Rank #3 (Hold) company. Commissioner Christine S. Wilson issued a concurring statement. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. 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. 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. JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. The order follows allegations that DaVitas proposed acquisition of the University of Utah Healths dialysis clinics would reduce competition in vital outpatient dialysis services in the Provo, Utah market. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. The proposed order limiting future transactions marks the FTCs return to the standard use of prior approval. You can learn more abouthow competition benefits consumersorfile an antitrust complaint. The company markets services individually and in combination with other companies to provide a wide range of solutions for customers. Sterling Infrastructure, Inc. (STRL) - free report >>, Tutor Perini Corporation (TPC) - free report >>, Granite Construction Incorporated (GVA) - free report >>. Fourth quarter 2022 revenue was up 66.3% to $3.0 billion, compared to $1.8 billion for the fourth quarter of 2021. City of Santa Clara 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. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. 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.
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