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MasTec
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Mastec, Inc. is an American infrastructure engineering and construction company based in Coral Gables, Florida. The company provides engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure. Its customers are primarily in the utility, communications and government industries.[2]

Key Information

The company was founded in March 1994 by Jorge Mas Canosa, father of MasTec's current chief executive officer Jose Mas. The company was listed on the New York Stock Exchange in 1998. MasTec, Inc. is the second largest Hispanic-owned company in the United States with over 20,000 employees in North America.[3]

History

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Early 1900s: Beginning as Burnup & Sims

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The company was formed by the merger of two separate companies: Burnup & Sims and Church & Tower. Burnup & Sims was the oldest of the two founding companies and was founded in 1929 by two unemployed carpenters, Russell Burnup and Riley V. Sims, to provide design, construction, and maintenance services to the telephone and utilities industries. During the years of the Great Depression, the two established an office in West Palm Beach, Florida, and by 1936, had a small fleet of trucks and staff. The company's first telecommunications projects were undertaken the following year at Cape Canaveral, where it was responsible for burying 85 miles of cable.[4]

B&S contributed to national defense during World War II by building airfields and telephone systems. After the war, the company became involved in the laying of underwater cable from Florida to Puerto Rico, and from there to Barbados, for such companies as AT&T and General Telephone. Projects then took on a greater geographical scope, as B&S established underground telecommunications systems and built radio towers in Costa Rica, Barbados, Trinidad-Tobago, and Venezuela.[5]

1960s: Church & Tower is formed

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Founded in Cuba, Church & Tower[6] incorporated in Miami, Florida, in 1968 to construct and service telephone networks in Puerto Rico and Miami. When it overextended itself in Puerto Rico and could not build the telephone-infrastructure networks needed in Miami, the company's owner asked his friend, Cuban immigrant Jorge Mas Canosa, to help save the business. In exchange for half ownership of CTF, Mas Canosa began to manage the company in 1969. Eager to improve the business, Mas Canosa climbed down into ditches, manholes, and trenches to observe workers’ construction methods. He listened to advice from telephone-companies and government inspectors; he studied books about the most efficient and newest construction methods. BellSouth Telecommunications, Inc. awarded Church & Tower a long-term contract for projects in the greater Miami and Fort Lauderdale areas. By 1971, Mas Canosa had turned the failing company around; he then borrowed $50,000 and bought the remaining shares of the firm.[5]

1990s: Founding of MasTec

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On March 11, 1994, Church & Tower Group acquired 65 percent of the outstanding common stock of publicly traded Burnup & Sims, Inc. The name of Burnup & Sims was changed to MasTec, Inc., Jorge Mas Canosa became MasTec's chairman and his son, Jorge Mas, was named president and chief executive officer. Mastec was now regarded as a “minority business enterprise,” publicly traded on NASDAQ under the symbol MTZ.[7][8]

21st century

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In April 2007, Jose Mas became CEO of MasTec.[9] MasTec, Inc. earned total revenues of $3B in 2011[10] and, in addition to the MasTec brand, works under the following brand names: Wanzek, Power Partners, Precision Pipeline, Pumpco, nsoro, Advanced Technologies, ADVent, EC Source, Fabcor, Cam Communications, 3 PhaseLine, Optima Network Services, and Globetec.[11]

Executives

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Jorge Mas is the current chairman of the board for MasTec, and former CEO. He served as CEO from 1992 to 1997, and is the brother of current CEO, Jose Mas.
Jose Mas is the CEO of MasTec. He was appointed in 2007.[9]
Robert Apple has been COO since 2006. Formerly, he was group president for MasTec's energy service operations.
C. Robert Campbell has been executive vice president and CFO since October 2004.
Alberto de Cardenas is executive vice president and general counsel; he has been responsible for all of MasTec's corporate and operational legal matters and corporate secretary matters since 2005.[12]

Industries

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Renewable energy

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In the renewable energy sector, MasTec is a contractor that constructs wind farms, solar energy facilities and power plants. Through their wholly owned subsidiary, Wanzek Construction, MasTec has built several wind farms, including Clipper Wind Farm in Jefferson, Minnesota; Taloga Wind Farm, in Putnam, Oklahoma; Crow Lake Wind Farm, in White Lake, South Dakota; Goat Mountain Wind Farm, in Robert Lee, Texas; and Laredo Ridge, in Boone County, Nebraska. Solar Energy projects include Douglas County Schools, in Denver, Colorado, where photo voltaic panels were installed onto 31 rooftops, and the Willows, California, Solar Project. MasTec also designed and built the Cornhusker Energy Power Plant, in Lexington, Nebraska.[13] MasTec Power Corp. is another wholly owned subsidiary providing renewable energy Engineering, procurement, and construction management (EPC) services for a variety of fuel types.

Electric power

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In the Electric Power Industry, MasTec is a contractor that builds and maintains high voltage electric power transmission systems, sub stations and switch yards, and distribution systems. Through their subsidiaries Wanzek Construction and MasTec Power Corp., MasTec is capable of providing design-build, EPC, and construction services for a variety of clients in the utility and private power producing markets.

Oil and natural gas

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MasTec builds pipelines for the transportation of crude oil and natural gas. They also build pumping stations, compressor stations, and treatment facilities where oil and natural gas are conditioned before transporting to market.

Water and sewer

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In the water distribution and waste industry, MasTec builds water and waste water pipelines for municipalities throughout Florida and the Caribbean Islands.

Communications

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MasTec's original line of business was in the communications industry, constructing transmission lines and digging trenches for companies like Bell South in Florida. Now, MasTec is a major contractor for wireless networks and broadband, as well. They construct and maintain radio towers for mobile phone carriers, and do the trenching required to install fiber optic cable. Under its subsidiary MasTec Advanced Technologies, the company is also one of the largest providers of in-home installation of DirecTV in the United States and installing residential security systems for AT&T Digital Life.

Projects

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Craw-Kan Telephone Line

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The Craw-Kan Telephone Line is in southeast Kansas. MasTec installed 962 miles of transmission line.[14]

North Valley Transmission Line

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The North Valley Transmission Line is a 500/250 high voltage transmission line in Pinnacle Peak, Arizona. The services they provided included setting foundations, erecting steel poles, and installing conductor wire.[15]

Puerto Rico power grid rebuild

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In June 2018, MasTec was awarded a $500M one-year contract for the restoration, reconstruction and modernization of Puerto Rico's still-vulnerable power grid, damaged in September 2017 by the powerful Hurricane Maria.[16]

Ruby Pipeline

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The Ruby Pipeline is a 42-inch (1,100 mm) natural gas pipeline running from Opal, Wyoming, to Malin, Oregon. The route crosses Northern Utah, and Northern Nevada.[17] Ruby Pipeline, L.L.C. filed an application with the Federal Energy Regulatory Commission (FERC) on January 27, 2009, authorizing the construction and operation of the Ruby Pipeline Project. On April 5, 2010, the FERC approved the application. Construction began on July 31, 2010, and the pipeline was placed in service on July 28, 2011. The pipe is 680 miles (1,090 km) long and is expected to output 1.5 billion cubic feet per day (42×106 m3/d). MasTec, and its subsidiary Precision Pipeline, was awarded spreads 4 and 5 of the Ruby Pipeline Project, including the fabrication of mainline valves, launchers and receivers and associated foundations in the spring of 2010. An automatic welding process was used to install the 256 miles of 42" pipeline.[18]

Taloga Wind Farm

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The Taloga Wind Farm was constructed in 2011 and is located near Putnam, Oklahoma. The project produces an estimated 324GW.h of power annually [19] and consists of 54 Mitsubishi MWT95 2.4MW turbines and over 20 miles of transmission line. During construction, MasTec employees volunteered their time and efforts to clean up a nearby lake. Thirty-seven MasTec employees walked the 63 mile shoreline surrounding Foss Lake and removed eight large dumpsters of trash.[20]

Willows Solar Power Facility

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MasTec completed the Willows, California, solar power facility in May 2011. The 380kv system consists of 58 Dual Axis trackers with 24 PV Modules mounted to each tracker. The system will provide power to the city's waste water treatment plant.[21]

References

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Revisions and contributorsEdit on WikipediaRead on Wikipedia

MasTec

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from Grokipedia

MasTec, Inc. is a North American infrastructure construction company specializing in the engineering, design, construction, installation, maintenance, and upgrading of systems for communications, clean energy and infrastructure, oil and gas, power delivery, and other utility sectors. Headquartered in Coral Gables, Florida, the company operates through subsidiaries across the United States and Canada, focusing on large-scale projects such as natural gas power plants, renewable energy facilities, telecommunications networks, and pipeline systems. Founded in 1929 as Burnup & Sims by two carpenters amid the early expansion of , MasTec has evolved from building telephone networks—including international projects like underwater cables—to a diversified provider integral to modern energy transitions and digital connectivity. Under the leadership of the Mas family since the , it has pursued aggressive acquisitions to expand into power generation and oil & gas, achieving status in 2018 with a workforce exceeding 36,000 employees. In recent years, MasTec reported record annual revenue of $12.3 billion for 2024, driven by demand in clean energy and communications , with a backlog supporting projected growth to $13.45 billion in 2025; its operations emphasize efficient execution in high-demand areas like connectivity and grid enhancements, though it has navigated challenges from commodity price volatility and project delays inherent to large-scale .

History

Origins and Early Development (1929–1990)

Burnup & Sims was founded in 1929 in by Russell Burnup and Riley V. Sims, two unemployed carpenters seeking opportunities amid the , initially as a small firm specializing in cable installation and construction services for the expanding telephone industry. The company secured early contracts with major telephone providers, including the , to design, build, and maintain wireline networks, capitalizing on the steady demand for telecommunications infrastructure driven by and technological adoption in the United States. Through the mid-20th century, & Sims evolved into a diversified contractor, extending operations beyond domestic lines to international projects, such as constructing in the and Pacific Islands, and pioneering the laying of the first underwater cable from to in the post-World War II era. By the 1950s and 1960s, the firm expanded into infrastructure, ultimately constructing nearly one-fourth of the ' cable TV systems through innovative private contracting that supported the nascent industry's rollout without reliance on extensive government mandates. In , & Sims went public, accessing capital markets to fuel further growth in utility and communications construction across the Southeast and nationwide. In parallel, Church & Tower of Florida, Inc. was incorporated in 1968 in as an underground utility firm targeting and civil needs in a rapidly developing region. The company focused on installing buried phone lines and related utilities, securing long-term contracts with regional telephone operators for projects in areas like and Fort Lauderdale, which exemplified efficient private-sector responses to local demands during the late . By the and , Church & Tower broadened its scope to include above-ground elements such as tower for and telecom applications, adapting to evolving industry requirements for antenna support structures amid rising and television needs. This period marked steady operational scaling through specialized contracting, prior to broader consolidations in the sector.

Formation and Initial Expansion (1990s)

MasTec was formed on March 11, 1994, through a reverse acquisition in which the privately held Church & Tower Group, led by Cuban-American entrepreneur , acquired 65% of the outstanding common stock of the publicly traded Burnup & Sims, Inc. Following the transaction, Burnup & Sims changed its name to MasTec, Inc., with Church & Tower becoming a wholly owned , and the Mas family assuming key leadership roles: as chairman and his son, , as president. This merger combined Burnup & Sims' established and utility construction expertise with Church & Tower's focus on underground utilities and infrastructure, positioning the new entity for expansion in a deregulating industry. Under the Mas family's direction, MasTec pursued aggressive growth through acquisitions and organic expansion into emerging sectors, including wireless networks, fiber optics, and broadband services, amid the mid-1990s and cable boom. The , which promoted by easing restrictions on market entry and development, facilitated this by enabling rapid deployment of telecom networks. Revenues surged, rising 57% to approximately $237 million in 1995 from acquisitions and new contracts, then jumping 171% to $472.8 million in 1996, driven by telecom-related projects rather than subsidized or government-dependent models. The company's Cuban-American leadership under the Mas family marked it as a prominent Hispanic-led firm in , leveraging immigrant-driven entrepreneurship to scale operations market-competitively. By late 1996, MasTec initiated international expansion, including early ventures into , and enhanced its public profile with a three-for-two in January 1997, followed by listing on the on February 14, 1997. These steps underscored a of scalable, acquisition-fueled growth in high-demand infrastructure sectors.

Restructuring Amid Telecom Bust (2000s)

The sector's collapse following the burst in resulted in widespread overcapacity, with excessive network buildouts leading to plummeting demand for services. MasTec, heavily reliant on telecom , experienced a severe contraction as carriers curtailed spending and many customers faced financial distress. Revenues peaked at $1.33 billion in before declining sharply, with the company reporting a net loss of $136 million on $838 million in for amid client insolvencies and uncollectible receivables. In response, MasTec implemented aggressive operational restructuring starting in 2001, including significant workforce reductions totaling approximately 1,025 employees by 2003 and charges for asset impairments and restructuring costs exceeding $8 million in 2002 alone. The company pursued asset sales, generating about $16 million in proceeds and notes receivable during the first nine months of 2003, which aided debt reduction and preservation. Under the of the Mas family, which retained control through significant ownership, MasTec avoided formal proceedings—unlike many clients—and focused on streamlining non-core operations, reducing bad debt provisions from elevated levels in 2002 (over $15 million) to lower figures by as collections improved. This period marked a strategic pivot toward diversification to buffer against telecom volatility, with increased emphasis on energy infrastructure segments such as pipelines and utilities. By the mid-2000s, MasTec expanded into oil and natural gas construction, exemplified by acquisitions like Pumpco, Inc. in 2008, which bolstered midstream capabilities. Empirical financial recovery ensued, with the company achieving positive net income by 2006 and sustained profitability through the late 2000s, reflecting market-driven corrections to speculative excess rather than prolonged intervention delaying private-sector adjustment.

Modern Growth and Diversification (2010s–Present)

In the 2010s, MasTec accelerated growth through targeted acquisitions to diversify beyond telecommunications into power delivery, oil and gas infrastructure, and emerging clean energy sectors, capitalizing on the U.S. shale boom that drove demand for pipeline construction and midstream services. The company expanded its oil and natural gas capabilities with investments like the 2010 acquisition of assets supporting extra-high-voltage transmission and subsequent pipeline projects, which contributed to revenue increases of over 20% annually in related segments during the decade. By the early 2020s, strategic purchases such as Henkels & McCoy Group in December 2021 enhanced utility-scale engineering and maintenance services, while the October 2022 acquisition of Infrastructure and Energy Alternatives (IEA) for approximately $2.6 billion positioned MasTec as a leader in renewable energy EPC, including wind and solar projects aligned with federal incentives like the Inflation Reduction Act. These moves increased the firm's scale, with total acquisitions numbering around 30 since the 1990s, including four in the past five years to bolster energy transition capabilities. MasTec further diversified by entering construction and emphasizing private-sector-driven infrastructure upgrades, including 5G wireless deployments, expansion, and electric grid modernization to support rising energy demands from AI and . The acquisition of Halsted Communications Ltd. expanded operations into , focusing on install-to-the-home services for wireline and networks amid growing North American demand for high-speed connectivity. In 2024, company leadership identified as a key growth area, leveraging expertise in power infrastructure to partner on hyperscale facilities, which contributed to surging orders alongside utility transmission projects. This focus on recurring master service agreements (MSAs), which accounted for 59% of 2024 revenue, provided stable cash flows compared to project-specific bids, reducing volatility from one-off contracts. By mid-2025, these strategies yielded a record 18-month backlog of $16.5 billion, up 23% year-over-year, fueled by AI-related data center builds, renewable integrations, and utility hardening against climate and load growth. The clean energy and infrastructure segment alone saw its backlog reach $4.9 billion, reflecting accelerated private investments in energy transition solutions like battery storage and hydrogen infrastructure, distinct from government-dependent initiatives. This positioned MasTec to sustain double-digit revenue growth amid broader infrastructure secular trends.

Leadership and Governance

Executive Leadership

José R. Mas has served as of MasTec, Inc. since March , succeeding his father and ensuring family continuity in leadership while steering the company toward diversification beyond its core communications into , renewables, and civil sectors. Under his tenure, MasTec's annual expanded from $930 million in to $12.4 billion projected for , reflecting strategic acquisitions and operational scaling amid market recoveries and booms. Mas, who joined the company in 1992 and led its communications group from 1999 to 2001, has emphasized backlog growth and segment balance, contributing to a 20% year-over-year increase to $3.5 billion in the second quarter of 2025. Paul DiMarco has been Executive Vice President and since April 1, 2023, following George Pita's retirement, with prior roles including corporate treasurer since joining MasTec in 2007 and interim CFO responsibilities from 2022. DiMarco's oversight has focused on financial discipline, liquidity management, and capital allocation post the company's restructuring era, supporting debt reduction and in high-margin projects amid revenue volatility in cyclical sectors. His strategies have underpinned adjusted EBITDA growth to $275 million in Q2 2025, alongside raised full-year guidance to $13.9–$14.0 billion in revenue. Robert E. Apple has held the position of since December 2006, having previously served as group president for MasTec's energy services operations since 2005, where he managed , , and projects. Apple, a U.S. Naval Academy graduate with over 20 years of industry experience, directs segment-specific execution across power delivery, oil and gas, and renewables, driving operational efficiencies that bolstered the company's $16.5 billion backlog as of Q2 2025, up 23% year-over-year. His leadership has emphasized safety, project delivery, and integration of acquisitions to sustain growth in demands.

Board Composition and Ownership Structure

MasTec's board of directors consists of twelve members, with eight classified as independent, chaired by since the company's founding era. , aged 62, serves as non-executive Chairman, while his brother José R. Mas holds the dual role of CEO and director. The board features staggered terms across three classes, with Class III directors including independent members C. Robert Campbell, Robert J. Dwyer, and Ava L. Parker, elected to serve until the 2025 annual meeting. Key independent directors provide specialized oversight: C. Robert Campbell brings extensive finance and accounting expertise from prior roles in and corporate directorships, while Julia L. Johnson contributes regulatory and policy knowledge from her tenure in federal government positions. The board maintains standing committees to enhance accountability, including the for financial reporting integrity, the Compensation Committee for aligning executive pay with performance metrics such as revenue growth and , the Finance and Committee for capital allocation oversight, and the Nominating, , and Committee for director selection and ethical standards. These structures emphasize incentives tied to long-term rather than short-term earnings fluctuations. Ownership is concentrated among insiders, with the Mas family exerting significant influence: Jorge Mas holds approximately 14.3% of shares, and José Mas owns about 6.4%, contributing to total insider ownership of roughly 43%. This structure, dominated by institutional holders like BlackRock (10.5%) and Vanguard (7.7%) but anchored by family stakes, facilitates aligned decision-making insulated from quarterly pressures common in diffusely held peers, supporting sustained investments in infrastructure competencies.

Business Operations

Communications Infrastructure

MasTec's communications segment encompasses engineering, design, construction, and maintenance services for both wireline and networks, including cell tower erection, optic broadband deployment, and small cell installations. The segment supports national connectivity by providing solutions to major operators, focusing on scalable that enables high-speed transmission and network reliability. These activities involve installing and upgrading networks essential for backhaul in modern telecom systems, as well as maintaining existing wireline assets under long-term contracts. A core component of the segment's operations includes infrastructure, where MasTec constructs and modifies towers to accommodate and antennas, addressing the densification required for next-generation mobile networks. This work counters inefficiencies in subsidized models by leveraging private-sector execution, as evidenced by the company's role in backhaul expansions that support rollout without relying on intermittent government funding. In deployment, MasTec installs -to-the-home and middle-mile networks, contributing to gigabit-speed expansions that enhance rural and suburban access, with projects emphasizing cost-effective private builds over public program dependencies. Master service agreements (MSAs) underpin much of this activity, providing multi-year commitments for recurring and upgrades, which accounted for a significant portion of the company's stable revenue stream in 2024. Recent surges in demand have been driven by deployments and AI-related expansions, with the communications segment reporting a 42% increase in the second quarter of 2025 and a backlog exceeding $5 billion. optic builds for , fueled by AI computing needs, have accelerated growth, as hyperscale facilities require robust connectivity that MasTec delivers through specialized installation services. This segment's performance in 2025, contributing to overall guidance of $13.9 billion to $14 billion, underscores the efficiency of private providers in meeting technological demands amid rising volumes. MSAs ensure predictable cash flows from and carrier clients, prioritizing operational reliability over volatile subsidy-based initiatives.

Power Delivery and Electric Utilities

MasTec's power delivery segment specializes in the of high-voltage transmission lines, overhead and underground distribution systems, and substations essential for maintaining grid reliability and accommodating load growth from trends such as electric vehicles and industrial expansion. The company handles projects involving voltages up to 760 kV, including bare-hand live-line maintenance up to 500 kV, using structures like lattice steel towers, steel poles, and wood poles for overhead lines, alongside duct bank for underground segments. These efforts address aging by enabling capacity expansions and reconductoring, as demonstrated in the Five Mile to Homer Hill project, which reconductored 14.4 miles of double-circuit 115 kV lines to enhance performance. Substation and switchyard services include EPC solutions for AC and DC facilities, incorporating civil works like site preparation and foundations, as well as integration of advanced equipment such as transformers, circuit breakers, and . Upgrades focus on incorporating monitoring systems and technologies, including programmable logic controllers and solid-state transformers, to optimize energy flow and reduce vulnerabilities in legacy networks. For instance, MasTec has constructed segments of the Susquehanna-Roseland 500 kV , supporting regional grid stability. Such interventions prioritize verifiable improvements in transmission efficiency, enabling utilities to integrate diverse sources while ensuring base-load capacity underpins overall against fluctuations. Smart grid implementations by MasTec involve deploying energy control and monitoring devices to regulate power flows dynamically, akin to systems, alongside meter installations and automated quality controls. These upgrades facilitate compatibility with variable consumer patterns and industrial demands, yielding reduced interruptions through proactive fault detection and enhanced resiliency during peak loads or events. Empirical benefits include sustained service to like hospitals amid grid stress, derived from scalable workforce deployment and field-tested protocols. The Mona to Oquirrh project exemplifies this, delivering a 68-mile 345 kV single-circuit line built to 500 kV standards on lattice steel towers to bolster long-term transmission capacity.

Oil and Natural Gas Infrastructure

MasTec specializes in oil and infrastructure, offering services such as construction, and development, and gathering system installation to facilitate the transport of hydrocarbons from production sites to processing facilities and markets. These capabilities encompass gathering lines for upstream collection, transmission , and associated facilities like stations that maintain for efficient flow, with diameters ranging from 2 to 36 inches. The company's expansion into this sector, accelerated by the 2009 acquisition of Precision Pipeline for $150 million, positioned MasTec as a leading contractor for large-diameter and crude oil pipelines, enabling comprehensive end-to-end construction amid the revolution's surge in domestic production. This period, beginning around 2008, saw hydraulic fracturing and horizontal drilling unlock vast resources in formations like the Marcellus and Permian, necessitating rapid buildout to connect wells to demand centers and export terminals, which MasTec supported through projects including 26 miles of 8- to 20-inch pipelines with river and wetland crossings for . Such infrastructure has been causal to U.S. , transforming the country from a net importer to the world's top producer by and a net exporter by 2017, with capacity expansions correlating directly to output growth from 21 trillion cubic feet in 2008 to over 36 trillion cubic feet by 2023. Project delays in infrastructure, often criticized in media reports, stem predominantly from regulatory hurdles rather than contractor performance, as evidenced by (FERC) processes requiring extensive environmental reviews and litigation, which have extended timelines by years in cases like the Mountain Valley Pipeline. MasTec's completion record counters attributions of fault to builders; for instance, the company delivered the TransCanada Goodfish and routinely handles facility for wellsites and gas plants under blanket contracts, demonstrating execution amid bottlenecks that FERC sought to alleviate in 2025 by rescinding pre- authorization barriers. Natural gas infrastructure's role extends to emissions realism, serving as a bridge fuel that displaced in power generation, contributing to a 15% drop in U.S. energy-related CO2 emissions from to despite , as pipelines enabled reliable, lower-carbon supply over intermittent alternatives pushed in policy debates favoring accelerated phase-outs. Empirical substitution effects show 's half-the-emissions profile versus drove sector-wide reductions, underscoring investments' alignment with abundance-driven security over ideologically driven constraints.

Renewable Energy and Power Generation

MasTec provides (EPC) services for solar facilities, including site preparation, panel installation, and grid interconnection, as demonstrated in projects like the Douglas Schools initiative in , , which integrated building-mounted for supplemental energy. The company has delivered over 47 gigawatts of capacity across wind and solar projects, focusing on optimized collection systems and substation integration to minimize transmission losses. In wind energy, MasTec erects turbines, constructs foundations, and builds collection systems, as seen in the Meadow Creek Wind Farm spanning 11,000 acres with 57 2.1 MW turbines generating approximately 120 MW, and the 51 MW Wind Farm in . These installations highlight efficiencies in civil works and high-voltage testing but underscore empirical land-use demands, with large footprints required for turbine spacing to reduce wake effects and ensure viable output. To mitigate the intermittency of solar and —where output varies with weather and time, yielding capacity factors often below 30% compared to dispatchable sources—MasTec constructs battery energy storage systems (BESS) for grid stabilization and renewable integration, positioning itself as a leader in these deployments amid growing annual installations. Hybrid configurations combining renewables with peakers address reliability gaps, as pure intermittent sources insufficiently match baseload demand without backups, prompting MasTec's involvement in projects that pair variable generation with firm capacity. Renewable segment revenue grew 21.5% in recent periods, propelled by federal incentives like tax credits that enhance project viability, though unsubsidized returns remain constrained by intermittency-driven integration costs and dependencies on imported components. Private adoption accelerates where storage or hybrids improve dispatchability, revealing subsidies' role in scaling deployments beyond pure market signals.

Water, Sewer, and Other Civil Infrastructure

MasTec offers turnkey (EPC) services for water and sewer systems, encompassing pipeline installation, treatment plant development, and related civil works. These services include the construction of water transmission mains ranging from 4-inch distribution lines to 108-inch underground mains, as well as force mains up to 84 inches in diameter, ensuring reliable transport for municipal and utility clients. The company also handles treatment facilities, including plants, to address and purification needs. In addition to core and facility builds, MasTec supports rehabilitation projects, upgrading aging , , and lines for both small developers and large entities. This involves heavy civil elements such as earthwork, foundations, and roadway rehabilitation integrated into broader infrastructure upgrades. These efforts facilitate efficient delivery of , leveraging private-sector expertise to execute projects that often complement expansions without the delays common in fully -managed initiatives. Though and sewer operations represent a smaller portion of MasTec's overall portfolio— overshadowed by segments like communications (33.8% of ) and energy infrastructure (40.0%) in recent years—they provide critical diversification and support for comprehensive networks. This niche enables the company to participate in municipal civil projects, including site preparation and distribution systems, enhancing resilience in non-energy utilities.

Financial Performance

MasTec experienced significant revenue growth during the late 1990s expansion, with annual revenues surpassing $2 billion by amid heavy investment in network buildouts. This peak reflected the company's focus on telecom infrastructure services, but the subsequent dot-com bust and market overcapacity led to sharp declines, with revenues falling to $838.1 million in 2002. The downturn culminated in financial distress, prompting MasTec to file for Chapter 11 bankruptcy protection in January 2003, followed by a net loss of $39.7 million on revenues of $873.9 million for the full year. Emerging from restructuring later that year, the company pivoted toward diversification into power delivery, oil and infrastructure, and other utilities, reducing reliance on cyclical telecom projects. This strategic shift, coupled with cost controls and selective acquisitions, facilitated recovery, with climbing to $1.62 billion by 2009 and $2.14 billion in 2010. Profitability mirrored these revenue cycles, with substantial losses in the early 2000s—$128.8 million in 2002 alone—giving way to gradual improvement post-restructuring as diversified segments provided more predictable cash flows. By the , turned consistently positive, supported by enhanced and a higher proportion of recurring contracts, which stabilized earnings against project-based volatility. EBITDA margins likewise strengthened over the decade, rising from low single digits amid telecom exposure to mid-single digits by the mid-2010s, as the portfolio balanced high-volume, lower-margin telecom work with higher-margin services.
YearRevenue ($ millions)Net Income ($ millions)
2000~2,400Positive (pre-bust)
2002838-129
2003874-40
20091,620Improving
20102,140Positive
The telecom market correction underscored causal links between overexpansion and vulnerability, compelling MasTec's adaptation without external bailouts, thereby fostering long-term resilience through broader sector exposure and prudent .

Recent Results and Future Outlook ()

In 2024, MasTec achieved full-year revenue of $12.3 billion, marking a recovery from prior challenges with net income of $199.4 million, supported by a record backlog entering 2025. Entering the post-pandemic period, the company benefited from diversified demand in communications and power delivery segments, offsetting variability in pipeline construction. Performance accelerated in 2025, with first-quarter reaching $2.8 billion, a 6% year-over-year increase, driven by 21% growth in non-pipeline segments including clean energy and . Second-quarter hit a record $3.5 billion, up 20% year-over-year, reflecting robust execution amid heightened demand for builds and utility-scale projects. The total backlog stood at $16.5 billion by mid-2025, up 23% from the prior year, with a book-to-bill of 1.2x indicating sustained visibility exceeding one year. Guidance for 2025 was progressively raised, projecting full-year revenue of $13.9 billion to $14.0 billion and adjusted EPS midpoint of $6.34, implying over 50% growth from 2024 levels, primarily fueled by private-sector hyperscale data centers and expansions. These updates underscore backlog conversion efficiency, with non- areas contributing disproportionately to margin expansion through scalable, privately funded initiatives that bypass slower timelines. Potential risks include quantified project delays from constraints or permitting hurdles, estimated to impact 5-10% of quarterly throughput in affected segments, though diversification across private and clients mitigates exposure. Future outlook remains positive, with backlog growth signaling multi-year tailwinds from and digital infrastructure, where private execution—evident in rapid deployments—demonstrates superior speed and cost control over federally led programs.

Notable Projects and Achievements

Major Pipeline and Transmission Initiatives

MasTec, through its subsidiary Precision Pipeline acquired in November 2009, constructed approximately 256 miles of the 678-mile Ruby Pipeline, a 42-inch-diameter interstate transmission line originating at the Opal Hub in and terminating near Malin, . Construction commenced in late 2010 following approval, with the pipeline entering service on July 28, 2011, delivering up to 1.5 billion cubic feet of per day from Rocky Mountain basins to western markets. This initiative enhanced supply chain reliability by diversifying sources for and consumers, mitigating seasonal shortages and contributing to stabilized wholesale prices through competitive Rocky Mountain production access. In electric transmission, MasTec completed the Mona to Oquirrh line for , a 68-mile single-circuit 345 kV (upgradable to 500 kV) project supported by lattice steel towers, improving grid capacity across . More recently, MasTec's subsidiary T&D Power secured contracts for NV Energy's Greenlink West segment in 2024, involving over 470 miles of new 525 kV and 345 kV lines as part of a $4.2 billion statewide network to interconnect remote renewable resources. began in 2025, targeting completion to bolster reliability in high-demand areas by enabling 4,000 MW of transferable power, equivalent to serving nearly 4.8 million homes, while facilitating efficient routing that minimizes transmission losses. These projects underscore MasTec's capacity to manage complex permitting under agencies like the and FERC, as evidenced by Ruby's navigation of supplemental environmental impact statements issued in 2013 without halting overall progress. Efficient in such initiatives has empirically supported lower system-wide costs—through reduced curtailments and optimized flows—and decreased emissions intensity by prioritizing direct basin-to-market paths over less efficient alternatives.

Renewable and Power Generation Projects

MasTec has undertaken (EPC) services for multiple and solar facilities, contributing to the deployment of renewable generation capacity in the United States. The Meadow Creek wind project in , involved MasTec installing 57 2.1 MW turbines across 11,000 acres of grazing land, yielding a of approximately 120 MW, along with a 167,000 linear foot underground collection system for . Completed as part of broader renewable builds, this facility exemplifies MasTec's role in site preparation, turbine erection, and interconnection infrastructure. Another key wind initiative was the wind farm in , where MasTec handled for a 51 MW installation featuring 34 GE 1.5 MW turbines, operational since 2010 and integrated into local grid systems. In solar applications, MasTec executed the Douglas County Schools project in , , deploying 3.1 MW of (BIPV) across 31 rooftops to offset school energy demands through . These efforts have supported temporary job growth in skilled trades, such as in recent solar partnerships where phases employ local union labor for panel installation and electrical work. While these projects advance technology deployment and add intermittent capacity—such as Meadow Creek's potential annual output of roughly 350-400 GWh at typical U.S. capacity factors of 35%—they face inherent scalability constraints due to resource variability. and solar generation fluctuates with weather, necessitating backup from dispatchable or nuclear sources to balance loads and prevent blackouts, as evidenced by grid operator requirements for firm capacity. Verifiable metrics from data show renewables' effective contributions remain below base-load needs without overbuilding or storage, often integrating with peakers for hybrid reliability in MasTec's broader power delivery scope. This realism underscores renewables' role in supplementation rather than wholesale replacement of continuous power sources.

Disaster Recovery and Communications Builds

MasTec contributed to the restoration of Puerto Rico's electrical grid after devastated the island on September 20, 2017, causing widespread collapse of transmission and distribution infrastructure. As a subcontractor to Fluor under U.S. Army Corps of Engineers contracts, MasTec crews installed utility poles and supported power restoration efforts in regions such as Naranjito, deploying equipment to reconnect isolated communities amid logistical challenges. In June 2018, the company secured a $500 million contract directly from the for comprehensive restoration and reconstruction of critical electrical assets across PREPA's service territory, addressing damage that left over 95% of customers without power initially. This work exemplified capacity for scaling rapid response in scenarios, where MasTec mobilized specialized teams and fleets to prioritize high-impact repairs, contrasting with the extended timelines often associated with federal and oversight layers. The contract's focus on verifiable milestones enabled targeted investments in resilient , such as hardened lines and substations, contributing to incremental power restoration that reached 99% of customers by late , though full grid hardening persisted as a long-term challenge. In communications builds, MasTec supports national resilience through deployment of , including cell tower erection and maintenance to restore connectivity post-disaster. The firm's capabilities extend to rural enhancements, such as and wireline installations that bolster against outages, aligning with market incentives for efficient, cost-effective execution over aid-dependent models prone to delays. These efforts underscore causal factors in recovery speed: private contractors' pre-positioned resources and contractual flexibility facilitate faster timelines and potential cost savings compared to responses, as evidenced by MasTec's role in hurricane-prone regions.

Controversies and Challenges

Bankruptcy and Financial Restructuring

MasTec's Chapter 11 bankruptcy filing in early 2003 was precipitated by the telecommunications industry's severe contraction after years of speculative overinvestment in fiber-optic and infrastructure during the late dot-com expansion. This overbuild created excess capacity that collapsed with the 2001 telecom bust, triggering client bankruptcies and forcing MasTec to massive uncollectible receivables, including $185.5 million in provisions for 2001 and $15.4 million for 2002. The downturn, which saw numerous telecom carriers enter , exposed MasTec's heavy reliance on the sector rather than indicating operational mismanagement, as evidenced by parallel failures among peers and the broader market purge of unsustainable ventures. During the proceedings, MasTec restructured its by negotiating reductions and operational divestitures, emerging in early with lowered leverage and a sharpened focus on profitable segments like power delivery and civil infrastructure. Revenue contracted to $712 million in 2003 amid the turmoil but recovered to $807 million in , signaling restored viability without external subsidies. The reorganization fortified MasTec's fundamentals by eliminating legacy exposures from the telecom bubble, enabling market-driven recovery over government intervention seen in other distressed industries. Unlike some telecom contractors that liquidated or stagnated, MasTec avoided taxpayer bailouts and achieved revenue expansion exceeding sector norms, growing from post-filing lows to multibillion-dollar scale through disciplined diversification. This trajectory underscores the as a corrective mechanism that weeded out inefficiencies, positioning the company for sustained outperformance relative to industry averages in subsequent years.

Labor, Safety, and Regulatory Disputes

MasTec has encountered workplace safety violations documented by the (OSHA), including citations for failures in electrical safety standards and hazard communication, with penalties totaling thousands of dollars across incidents from 2004 to 2024. For instance, in 2024, MasTec Network Solutions, LLC received a $5,745 fine for serious violations related to fall protection and ladder safety during telecommunications work. These incidents reflect challenges inherent to high-risk sectors like and installation, where MasTec's OSHA record shows periodic citations but aligns with industry norms for contractors of similar scale, evidenced by total penalties remaining modest relative to annual revenues exceeding $10 billion. Post-citation, the company has implemented targeted training and compliance enhancements, contributing to a reported decline in incident rates as emphasized in its internal safety protocols. Labor disputes have primarily involved allegations of unfair practices and wage violations, often resolved through settlements with the (NLRB) and s. In 2022, MasTec Advanced Technologies settled an NLRB case for $3.12 million, compensating 26 workers unlawfully terminated after engaging in protected concerted activities over pay and working conditions, without admitting wrongdoing. Earlier, a 2007 wage-and-hour resulted in a $12.6 million settlement covering claims by thousands of technicians, addressing systemic payroll issues in field operations. Union-related tensions in and projects have centered on productivity demands during negotiations, such as withdrawals from multiemployer plans in 2011 to control costs amid disputes over contributions, leading to one-time expenses but eventual resolutions favoring operational flexibility. These cases represent a fraction of MasTec's exceeding 30,000, with litigation rates empirically low compared to peers in labor-intensive , countering generalized critiques of contractor practices through demonstrated settlements rather than prolonged trials. Regulatory disputes have manifested as permitting delays impacting timelines, linked to stringent federal and state policies on environmental reviews and . MasTec's 2025 earnings disclosures highlight postponements in clean segments due to protracted permitting processes and compliance with regulatory hurdles, which have causally extended phases for transmission lines and renewables by months or years. For example, delays in granting approvals under the have forced backlog adjustments, as noted in quarterly reports attributing variances to policy-induced bottlenecks rather than internal factors. These issues underscore broader causal realities in execution, where regulatory stringency prioritizes oversight over expedition, prompting MasTec to advocate for streamlined processes while maintaining compliance to avoid penalties.

Environmental and Project Delay Criticisms

In 2007, MasTec settled violations stemming from construction activities that caused stream channel destruction, riparian vegetation loss, and erosion impacting the system in , resulting in a $1.5 million penalty assessed by the U.S. Department of Justice and Environmental Protection Agency. Federal records show MasTec's broader environmental penalties remain modest, with an EPA fine of $50,000 in 2001 for unrelated violations, indicating isolated rather than systemic issues. Pipeline construction by MasTec, focused on and oil , has drawn criticism for potential and spill risks during installation. Empirical data from pipeline operators demonstrate, however, that pipelines spill less than 0.0004% of transported volume annually—far below trucking's 0.02% or rail's higher incident rates—and emit up to 70% less gases per barrel-mile than . These systems enable efficient energy delivery, minimizing broader environmental harms from alternative modes like diesel-powered , which contribute ongoing and road degradation. Renewable energy projects constructed by MasTec, including solar farms and installations, face scrutiny for land consumption—often requiring 10-50 acres per megawatt—and avian collisions, with U.S. wind turbines estimated to cause 140,000-538,000 deaths yearly. Solar facilities add risks from alteration and heat island effects on local . Yet peer-reviewed analyses quantify operations as causing 5-35 times more mortality per gigawatt-hour through , byproducts, and associated like transmission lines, underscoring renewables' net reduction in lifecycle avian impacts when displacing or gas. Project delays in MasTec undertakings, such as the 2022 Wanzek solar contract dispute involving alleged staffing shortfalls that inflated costs by millions, have prompted litigation from clients claiming execution failures. Conversely, company disclosures attribute frequent delays to external factors, including extended permitting under environmental regulations and legal challenges to approvals, which prolong timelines independent of contractor performance. Court records in cases like El Paso Field Services v. MasTec affirm that differing site conditions and regulatory hurdles, rather than inherent mismanagement, often drive such setbacks. These delays, while criticized, reflect broader bottlenecks that private firms like MasTec navigate to deliver capacity enhancing energy reliability and affordability over scarcity-driven alternatives.

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