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. MasTec is headquartered in Coral Gables, Florida, the US. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. 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. Comments must be received 30 days after publication in the Federal Register. Personalize which data points you want to see and create visualizations instantly. 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. 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). 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. 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. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful. 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. You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here. 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. 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. Visit www.zacksdata.com to get our data and content for your mobile app or website. 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). In October, the company completed the acquisition of Infrastructure and Energy Alternatives, Inc. FTC Imposes Strict Limits on DaVita, Inc.s Future History section provides information on new products, mergers, acquisitions, expansions, approvals, and many more key events. During 2022, the Company has undertaken significant integration, combination, and streamlining activities for transformational 2021 acquisitions. 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. We work to advance government policies that protect consumers and promote competition. Our choice of MasTec was based on the strong cultural fit for both our loyal employees and long-term customers. MasTec Tallahassee, Florida, Deputy Electrical Safety Officer 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. One Tech Engineering Curated power industry news from thousands of top sources. 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. 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. Commissioner Christine S. Wilson issued a concurring statement. 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. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. The survey portion of this analysis was conducted May 16-22, 2022, among 10,188 U.S. adults. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. 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. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Full year 2022 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $234.8 million and $3.05, respectively, compared to $420.0 million and $5.65, respectively, during 2021. Get the full list, Youre viewing 5 of 31 investments and acquisitions. This critical tool will help the Commission quickly identify and ultimately prevent future facially anticompetitive deals by DaVita, a particularly acquisitive company. Lets delve deeper into major growth drivers of this Zacks Rank #3 (Hold) company. 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. We believe that Henkels' expertise, scale and capacity, when combined with our existing operations, will provide a compelling suite of service offerings to support our customers' needs as they work to transition to renewable energy generation, modernize power grid systems and reduce carbon emissions. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. MasTec The .gov means its official. WebDecember 31, 2021. Get the full list, To view MasTecs complete esg history, request access, To view MasTecs complete exits history, request access, Morningstar Institutional Equity Research, Chief Financial Officer, Finance & Chief Accounting Officer, Accounting, Executive Vice President & Corporate General Counsel. For the latest news and resources,follow the FTC on social media,subscribe to press releasesandread our blog. 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. MasTec Inc is a leading infrastructure construction company operating primarily throughout North America. Win whats next. (SPACs), Transportation, Infrastructure & Logistics. To learn more, click here. 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. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. 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) . Year Event Description; 2022: Contracts/Agreements: Unlock MasTec Inc profile and new opportunities for your business. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. 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. Looking for legal documents or records? 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. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. 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.. City of Santa Clara JPMorgan's buying binge: Behind the strategy of its more 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. The Federal Trade Commission works topromote competition, and protect and educate consumers. Public Utility Commission of Texas Start a discussion below. Furthermore, the companys substantial presence in the telecommunications market and recent expansion into heavy infrastructure will prove conducive to its growth profile.So far this year, shares of this leading infrastructure construction company have gained 30.5%, outperforming the Zacks Building Products - Heavy Construction industrys 23.6% rally. Noke Inc., Creator of High-Tech Smart Locking Henkels & McCoy Group, Inc. NOTE: When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Wanzek Acquires Infrastructure Company FNF Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. MasTec Second quarter-end backlog at the Clean Energy and Infrastructure segment improved $320 million sequentially. 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. For the first quarter of 2023, the Company expects revenue of approximately $2.4 billion. One Tech Engineering Once processed, comments will be posted on Regulations.gov. 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. JPMorgan's buying binge: Behind the strategy of its more than 80 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.". The company significantly increased its presence in the electric distribution and on Clean Energy Aids MasTec (MTZ) Amid Challenges Houlihan Lokeyserved as exclusive financial advisor, and Sidley Austin LLP served as legal counsel, to Henkels. Greenwood, Delaware, IT Client Support Technician MasTec completed five acquisitions in 2022 and fourteen acquisitions in 2021. 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. 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 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 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. 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. JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. Start a Post Learn more about posting on Energy Central . 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. Energy Builder MasTec Boosts Pivot In $420M Power Bloomington, Minnesota, T&D Superintendent 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. The outperformance can primarily be attributable to solid earnings surprise history. 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. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The Communications segment continues to offer attractive upside opportunities, driven by 5G investment and accelerating spending by DISH as well as T-Mobile.
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