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. Energy Contract Originator Austin, Texas, PUC Engineer (Engineer IV - VI) (00029045) Trends in grid fortification, renewable energy consumption, and electric Curated power industry news from thousands of top sources. 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. For the three months ended December 31, 2021, Corporate EBITDA included $3.6 million of such acquisition and integration costs. If you do not, click Cancel. This critical tool will help the Commission quickly identify and ultimately prevent future facially anticompetitive deals by DaVita, a particularly acquisitive company. 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. 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. Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. MasTec completed five acquisitions in 2022 and fourteen acquisitions in 2021. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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). This is MasTecs 1st transaction in Arizona. We work to advance government policies that protect consumers and promote competition. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Full year 2022 adjusted EBITDA margin rate was 8.0% compared to 11.8% last year. Zacks Ranks stocks can, and often do, change throughout the month. This is MasTecs 21st transaction in the Construction sector. For the first quarter of 2023, the Company expects revenue of approximately $2.4 billion. MasTec also offers smart energy solutions and electric infrastructure solutions. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. Search the Legal Library instead. Elk River, Minnesota, Electric Utility Engineer I/II/III The transaction was unanimously approved by the Board of Directors of both MasTec and Henkels, as well as Henkels shareholders. 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 The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the "Events & Presentations" page in the "Investors" section therein. This is a profile preview from the PitchBook Platform. City of Santa Clara MasTec Inc.has closed its previously announced acquisition ofHenkels & McCoy Group Inc. in a cash and stock transaction valued at approximately$600 million. 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. Founded in 1923, Henkels has been in operation for more than 98 years, with approximately$1.5 billionin fiscal 2021 revenue, primarily with long tenured relationships across adiverse blue chip customer base, with expansive geographic operations acrossthe United States. The Commission vote to accept the proposed consent order for public comment was 5-0. As a third generation, family-owned company, we carefully evaluated multiple alternatives for our operations, said Henkels & McCoy chairman and CEO Rod Henkels. 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. It was 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 majority of its revenue is derived from the Communications segments. Start a Post Learn more about posting on Energy Central . From start-ups to market leaders, uncover what they do andhow they do it. Unlock MasTec Inc profile and new opportunities for your business. Non-cash stock-based compensation expense, bargain purchase gain from a fourth quarter 2021 acquisition, losses (gains), net, on the fair value of our investment in AVCT and loss on extinguishment of debt are included within Corporate EBITDA. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. Full year 2022 adjusted EBITDA, also a non-GAAP measure, was $780.6 million, compared to $939.1 million in 2021. Delaware Electric Cooperative Dec. 21, 2021 MasTec, Inc. MTZ has inked a deal to acquire a leading U.S. private electrical power transmission and distribution utility services firm Henkels & McCoy Group Inc. (Henkels). Henkels is one of the largest U.S. private electrical power transmission and distribution utility services firms and the 5thlargestU.S.utility contractor in the recent 2021Engineering News-Recordranking. 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. 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. ", 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. 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. Post-acquisition, MasTec reduced net debt by approximately $350 million during the fourth quarter. The acquisition would improve the market position and depth of MasTec's clean energy and infrastructure business, and overall scale and diversification. It has business operations across the US, Canada, and Mexico. Get the full list, Youre viewing 5 of 31 investments and acquisitions. Public Fundamental Data provided by Morningstar, Inc. MasTec Inc is a leading infrastructure construction company operating primarily throughout North America. 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. MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 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. Segment revenue doubled over 2021, and we expect it to increase by 85% in 2022. Delayed quotes by FIS. 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. Your access to Member Features is limited. Once processed, comments will be posted on Regulations.gov. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. MasTec is headquartered in Coral Gables, Florida, the US. Start a discussion below. 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 This includes personalizing content and advertising. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. MasTec has a penchant for acquisitions and strategic alliances for bolstering inorganic growth and expanding market share. Total transaction consideration will be $600 million, with approximately $420 million in cash (including the repayment of Henkels' debt) plus approximately 2 million shares of MasTec common stock, subject to customary purchase price adjustments. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. 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. Under the proposed order, DaVita is required to divest three Provo-area dialysis clinics to Sanderling Renal Services, Inc. and prohibited from entering into or enforcing non-compete agreements and other employee restrictions. Full year 2021 adjusted EBITDA margin rate Find legal resources and guidance to understand your business responsibilities and comply with the law. Lets delve deeper into major growth drivers of this Zacks Rank #3 (Hold) company. Our choice of MasTec was based on the strong cultural fit for both our loyal employees and long-term customers. It was accompanied by the announcement of the agencys new Prior Approval Policy Statementputting industry on notice that the FTCs orders will once again routinely require prior approval for future transactions affecting each relevant market for which a violation was alleged, for a minimum of ten years. the complete list of todays Zacks #1 Rank (Strong Buy) stocks here, Markets Close Flat After Eventful Day; MGM, NXPI, CHGG Beat in Q1, Buy the Opportunity in These Stocks After Earnings, Top Stock Reports for AMD, Cigna & Moderna, Market Leader NVIDIA Breaking Out on Volume. The company installs wireless, wireline, and satellite communications; oil and gas pipeline infrastructure; conventional and renewable power generation; and other industrial systems. WebOn October 7, 2022, MasTec, Inc. ("MasTec"), acquired all of the outstanding shares of common stock of Infrastructure and Energy Alternatives, Inc. ("IEA") pursuant to a IN TECHNOLOGY, MASTEC 100 UP TO TENS OF PERCENT, Some 80 deals later, heres how their acquisition strategy is unfolding. 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. Wanzek is pleased to share that MasTec has acquired FNF Construction, a large transportation infrastructure contractor based out of Tempe, AZ. Commissioner Christine S. Wilson issued a concurring statement. Southern Maryland Electric Cooperative, Inc. The company markets services individually and in combination with other companies to provide a wide range of solutions for customers. The. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. MasTec ( NYSE: MTZ) has been working to diversify away from the oil and gas pipeline business with two acquisitions in 2021. 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. No discussions yet. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. See our report's 7 new picks today, absolutely FREE. 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.". 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. The deal was announced on May 5. 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. WebJul 2021 - Aug 2022 1 year 2 months. The webcast replay will be available for at least 30 days. ", Mr. Mas continued, "I'd like to welcome IEA team members to the MasTec family and once again thank the men and women of MasTec whose dedication to safety and efficient production are a key driving force to our success. If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. This critical tool will help the Commission quickly identify and ultimately prevent future facially anticompetitive deals by DaVita, a particularly acquisitive company. According to the complaint, entry of new competitors in the greater Provo area is not likely, timely, nor sufficient to remedy the effects of the proposed acquisition. 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. 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. 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. The Communications segment continues to offer attractive upside opportunities, driven by 5G investment and accelerating spending by DISH as well as T-Mobile. In October, the company completed the acquisition of Infrastructure and Energy Alternatives, Inc. Hughesville, Maryland, Electrical Engineer I or II - Transmission Planning Tallahassee, Florida, Deputy Electrical Safety Officer Central Electric Power Cooperative, Inc. For the latest news and resources,follow the FTC on social media,subscribe to press releasesandread our blog. Mastec (MTZ) Group 3,4,5 Annual Filings Current Reports Mergers & Acquisitions Other Proxy Filings Quarterly Filings Registration Statements Filing year Greensburg, Pennsylvania, Vice President of Finance Associated Electric Cooperative, Inc. Notably, todays order extends the coverage of the prior approval beyond the markets directly impacted by this merger. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. The .gov means its official. The decrease in the annual revenue expectation was primarily due to some project activity slippage to 2022 in communications and clean energy. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. Management will hold a conference call to discuss these results on Friday, February 24, 2023 at 9:00 a.m. Eastern Time. Its earnings surpassed the Zacks Consensus Estimate in the trailing 23 quarters. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. 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. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. 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. The analysis to aid public comment provides additional details about the consent order. 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) . Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. To explore MasTecs full profile, request access. For the three months ended December 31, 2022, Communications, Clean Energy and Infrastructure, Oil and Gas and Power Delivery EBITDA included $2.3 million, $6.4 million, $3.6 million and $4.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $9.8 million of such costs. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. 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. All rights reserved. Santa Clara, California, Our mission at EnergyCentral is to help global power industry professionals work better. WebMASTEC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited - in thousands, except per share amounts) For the Three Months Ended June 30, For the Six JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. These and other risks are detailed in our filings with the Securities and Exchange Commission. The FTC appreciates the collaboration of the Utah Attorney Generals Office in investigating this case. Win whats next. Bloomington, Minnesota, T&D Superintendent 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. Backlog is a common measurement used in our industry. 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.