MasTec, Inc. (NYSE:MTZ) Q1 2023 Earnings Call Transcript

Jose Mas: Well, I would argue that, we kind of put that out a while ago just to give a pathway to how we achieve $15 billion of revenue. I mean, the reality is, as we performed that bridge is kind of small now. So we do $3.6 billion this year in revenue and comps to get to $4 billion is just 10% growth. The reality is that that’s not, by any stretch of imagination aggressive. So that’s probably not the right midterm goal for us anymore. It’s probably a lot larger. With that said, we don’t, — that type of growth should actually come naturally from all components of the business right? The entire business should be lifting at roughly a rate close to that. So I think, again, it’s probably a very conservative target that we’re laying out there as a goal.

Sean Eastman: Okay. Got you. And maybe just in closing a high level one. If — through last year we were kind of framing 2022 as a transition year how would you want the Street to characterize 2023 for MasTec?

Jose Mas: Well, I think 2022 was a transformative year for MasTec as we radically changed the look and the feel of the business and the size that we were in the different markets. I think 2023 is going to be a — it’s in my mind still somewhat of a transition year but more of an earnings transition year. So I think the earnings power that you’ll start seeing coming through the business in the second quarter and then further augmented in Q3 and Q4 is going to give people the right look and the outlook of what the potential for MasTec is long-term. While it will still be somewhat of a seasonal business from quarter-to-quarter I think the second half performance of 2023 is going to give great color to what this business can do on a full year basis in 2024. And I think that will show a radically different MasTec than the one that you see today.

Sean Eastman: Thanks Jose. I’ll leave it there.

Jose Mas: All right. Thanks, Sean.

Operator: There are no further questions in the queue. That does conclude our question-and-answer session for today. I would now like to turn the call back over to Jose Mas, for any additional or closing remarks.

Jose Mas: Just want to thank everybody for their interest and participating today. And we look forward to updating everybody on our second quarter call. Thank you. Talk soon.

Operator: With that, that does conclude today’s call. Thank you for your participation. You may now disconnect.