Technology
MasTec Announces Fourth Quarter and Annual 2023 Financial Results and Provides Initial 2024 Guidance
Published
7 months agoon
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Record Fourth Quarter and Annual Revenue of $3.3 Billion and $12.0 Billion, RespectivelyFull Year 2023 Cash Flow from Operations of $687 Million, a 95% Increase Over Full Year 2022Fourth Quarter Reduction in Net Debt of $455 Million 2023 Results Include GAAP Net Loss of $47.3 Million, Adjusted Net Income of $156.7 Million, Adjusted EBITDA of $860.3 Million, Diluted Loss Per Share of $0.64 and Adjusted Diluted Earnings Per Share of $1.97Adjusted Diluted Earnings per Share was $0.22 Above the Prior Guidance EstimateIssuing Initial Annual 2024 Guidance Including Revenue of $12.5 Billion, a 4% Increase Over 2023, GAAP Net Income of $105 Million, Adjusted EBITDA of $955 Million, with Diluted Earnings Per Share of $1.04, and Adjusted Diluted Earnings Per Share of $2.69
CORAL GABLES, Fla., Feb. 29, 2024 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced 2023 fourth quarter and full year financial results and issued its initial 2024 guidance expectation.
For the Fourth Quarter:
Fourth quarter 2023 revenue was up 9.0% to $3.3 billion, compared to $3.0 billion for the fourth quarter of 2022. GAAP net income was $1.2 million, or $0.01 per diluted share, compared to $3.4 million, or $0.04 per diluted share, in the fourth quarter of 2022.
Fourth quarter 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $52.0 million and $0.66, respectively, as compared to $80.0 million and $1.03, respectively, in the fourth quarter of 2022.
Fourth quarter 2023 adjusted EBITDA, also a non-GAAP measure, was $231.4 million, compared to $257.9 million in the fourth quarter of 2022. Fourth quarter 2023 adjusted EBITDA margin rate was 7.1% of revenue.
18-month backlog as of December 31, 2023 was $12.4 billion, with sequential growth in each segment, excluding Oil & Gas, totaling $373 million. The Oil & Gas backlog decrease was primarily related to the expected 2024 completion of a large natural gas pipeline project.
Fourth quarter Cash Flow from Operations was very strong at almost $500 million, enabling significant net debt reduction. Net debt leverage ratio improved significantly from 3.4 times at the end of the third quarter to 2.9 times at yearend.
For the Full Year:
For the year ended December 31, 2023, revenue was up 23% to $12.0 billion, compared to $9.8 billion for the prior year. GAAP net loss was $47.3 million, or a loss of $0.64 per diluted share, compared to net income of $33.9 million, or earnings of $0.42 per diluted share in 2022.
Full year 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $156.7 million and $1.97, respectively, compared to $234.8 million and $3.05, respectively, during 2022.
Full year 2023 adjusted EBITDA, also a non-GAAP measure, was up 10% to $860.3 million, compared to $780.6 million in 2022. Full year 2023 adjusted EBITDA margin rate was 7.2% compared to 8.0% last year.
Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA and net debt, which are all non-GAAP measures, exclude certain items that are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Jose Mas, MasTec’s Chief Executive Officer, commented, “Fourth quarter results were in line with our expectations after a challenging 2023. We look forward to the opportunities we have this year and expect to deliver record levels of revenue and adjusted EBITDA in 2024. Demand is very strong for our services, and I expect 2024 will position us to deliver double digit revenue and earnings growth in 2025 and beyond.”
Mr. Mas continued, “I’d once again like to thank the 34,000 men and women of MasTec who work every day to build, maintain, and improve the nation’s communications, transportation, energy, and industrial infrastructure. It is hard work, and it’s because of them that we have great long-term opportunities.”
Paul DiMarco, MasTec’s Executive Vice President, and Chief Financial Officer, noted, “I’m pleased that we were able to finish 2023 with strong cash flow generation of almost $500 million in Q4, significantly exceeding our prior expectations. DSO, at 74 days was at its lowest level since mid-2017. We are keenly focused on capital allocation to ensure we are generating appropriate returns on the capital we deploy. We will continue to focus on improving the tools and processes we utilize to measure and optimize our performance, and to capitalize on the robust demand environment provided by our end markets.”
Based on the information available today, the Company is providing both first quarter and full year 2024 guidance. The Company currently expects full year 2024 revenue will approximate $12.5 billion, a record level. 2024 full year GAAP net income and diluted earnings per share are expected to approximate $105 million and $1.04, respectively. Full year 2024 adjusted EBITDA is expected to approximate $955 million, representing 7.6% of revenue, and adjusted diluted earnings per share is expected to approximate $2.69.
For the first quarter of 2024, the Company expects revenue of approximately $2.6 billion. First quarter 2024 GAAP net loss is expected to approximate $61 million, with GAAP diluted loss per share expected to approximate $0.88. First quarter 2024 adjusted EBITDA is expected to approximate $130 million or 5.0% of revenue, with adjusted diluted loss per share expected to approximate $0.48. The projected loss in the first quarter is the result of a normal seasonally slow quarter, project delays and project start-up costs.
Management will hold a conference call to discuss these results on Friday, March 1, 2024 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 256-1007 with a pass code of 4316181. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company’s website at www.mastec.com. The webcast replay will be available for at least 30 days.
The following tables set forth the financial results for the periods ended December 31, 2023 and 2022:
Consolidated Statements of Operations
(unaudited – in thousands, except per share information)
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2023
2022
2023
2022
Revenue
$ 3,280,083
$ 3,008,361
$ 11,995,934
$ 9,778,038
Costs of revenue, excluding depreciation and amortization
2,912,370
2,637,071
10,613,762
8,586,333
Depreciation
108,611
107,753
433,929
371,240
Amortization of intangible assets
42,981
54,666
169,233
135,908
General and administrative expenses
178,190
155,194
698,899
559,437
Interest expense, net
59,741
49,942
234,405
112,255
Equity in earnings of unconsolidated affiliates, net
(7,262)
(9,413)
(30,697)
(28,836)
Other (income) expense, net
(14,562)
539
(40,893)
(1,358)
Income (loss) before income taxes
$ 15
$ 12,609
$ (82,704)
$ 43,059
Benefit from (provision for) income taxes
1,177
(9,239)
35,408
(9,171)
Net income (loss)
$ 1,192
$ 3,370
$ (47,296)
$ 33,888
Net income attributable to non-controlling interests
439
146
2,653
534
Net income (loss) attributable to MasTec, Inc.
$ 753
$ 3,224
$ (49,949)
$ 33,354
Earnings (loss) per share:
Basic earnings (loss) per share
$ 0.01
$ 0.04
$ (0.64)
$ 0.45
Basic weighted average common shares outstanding
77,879
76,492
77,535
74,917
Diluted earnings (loss) per share
$ 0.01
$ 0.04
$ (0.64)
$ 0.42
Diluted weighted average common shares outstanding
78,288
77,770
77,535
76,185
Consolidated Balance Sheets
(unaudited – in thousands)
December 31,
2023
December 31,
2022
Assets
Current assets
$ 3,974,253
$ 3,859,127
Property and equipment, net
1,651,462
1,754,101
Operating lease right-of-use assets
418,685
279,534
Goodwill, net
2,126,366
2,045,041
Other intangible assets, net
784,260
946,299
Other long-term assets
418,485
409,157
Total assets
$ 9,373,511
$ 9,293,259
Liabilities and Equity
Current liabilities
$ 2,837,219
$ 2,496,037
Long-term debt, including finance leases
2,888,058
3,052,193
Long-term operating lease liabilities
292,873
194,050
Deferred income taxes
390,399
571,401
Other long-term liabilities
243,701
238,391
Total equity
2,721,261
2,741,187
Total liabilities and equity
$ 9,373,511
$ 9,293,259
Consolidated Statements of Cash Flows
(unaudited – in thousands)
For the Years Ended
December 31,
2023
2022
Net cash provided by operating activities
$ 687,277
$ 352,297
Net cash used in investing activities
(178,061)
(821,183)
Net cash (used in) provided by financing activities
(350,998)
480,897
Effect of currency translation on cash
751
(2,155)
Net increase in cash and cash equivalents
158,969
9,856
Cash and cash equivalents – beginning of period
$ 370,592
$ 360,736
Cash and cash equivalents – end of period
$ 529,561
$ 370,592
Backlog by Reportable Segment (unaudited – in millions)
December 31,
2023
September 30,
2023
December 31,
2022
Communications
$ 5,627
$ 5,299
$ 5,303
Clean Energy and Infrastructure
3,115
3,073
3,227
Power Delivery
2,440
2,437
2,709
Oil and Gas
1,225
1,681
1,740
Other
—
—
—
Estimated 18-month backlog
$ 12,407
$ 12,490
$ 12,979
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. 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. 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. 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.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
For the Three Months Ended
December 31,
For the Years Ended
December 31,
Segment Information
2023
2022
2023
2022
Revenue by Reportable Segment
Communications
$ 759.9
$ 858.6
$ 3,259.5
$ 3,233.7
Clean Energy and Infrastructure
1,067.4
1,125.0
3,962.0
2,618.6
Power Delivery
658.0
739.8
2,735.1
2,725.2
Oil and Gas
802.2
291.6
2,072.8
1,219.6
Other
—
—
—
—
Eliminations
(7.4)
(6.7)
(33.5)
(19.1)
Consolidated revenue
$ 3,280.1
$ 3,008.4
$ 11,995.9
$ 9,778.0
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2023
2022
2023
2022
Adjusted EBITDA by Segment
EBITDA
$ 211.3
$ 225.0
$ 754.9
$ 662.5
Non-cash stock-based compensation expense (a)
9.0
8.6
33.3
27.4
Acquisition and integration costs (b)
11.0
26.6
71.9
86.0
Losses, net, on fair value of investment (a)
—
0.4
0.2
7.7
Project results from non-controlled joint venture (c)
—
(2.8)
—
(2.8)
Bargain purchase gain (a)
—
—
—
(0.2)
Adjusted EBITDA
$ 231.4
$ 257.9
$ 860.3
$ 780.6
Segment:
Communications
$ 57.7
$ 94.9
$ 291.7
$ 331.8
Clean Energy and Infrastructure
51.7
79.0
169.5
109.2
Power Delivery
52.8
56.8
216.3
241.9
Oil and Gas
95.5
33.6
284.4
171.5
Other
6.8
9.0
25.0
29.0
Segment Total
$ 264.5
$ 273.3
$ 986.9
$ 883.4
Corporate
(33.2)
(15.5)
(126.6)
(102.8)
Adjusted EBITDA
$ 231.4
$ 257.9
$ 860.3
$ 780.6
(a)
Non-cash stock-based compensation expense, losses, net, on the fair value of an investment and the bargain purchase gain from a prior year acquisition are included within Corporate EBITDA.
(b)
For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $3.8 million of such costs. For the year ended December 31, 2022, Communications, Clean Energy and Infrastructure, Power Delivery, Oil and Gas and Corporate EBITDA included $4.7 million, $6.4 million, $39.0 million, $8.0 million and $27.9 million of such acquisition and integrations costs, respectively.
(c)
Project results from a non-controlled joint venture are included within Other segment results
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
For the Three Months Ended
December 31,
For the Years
Ended December 31,
2023
2022
2023
2022
Adjusted EBITDA Margin by Segment
EBITDA Margin
6.4 %
7.5 %
6.3 %
6.8 %
Non-cash stock-based compensation expense (a)
0.3 %
0.3 %
0.3 %
0.3 %
Acquisition and integration costs (b)
0.3 %
0.9 %
0.6 %
0.9 %
Losses, net, on fair value of investment (a)
— %
0.0 %
0.0 %
0.1 %
Project results from non-controlled joint venture (c)
— %
(0.1) %
— %
(0.0) %
Bargain purchase gain (a)
— %
— %
— %
(0.0) %
Adjusted EBITDA margin
7.1 %
8.6 %
7.2 %
8.0 %
Segment:
Communications
7.6 %
11.1 %
8.9 %
10.3 %
Clean Energy and Infrastructure
4.8 %
7.0 %
4.3 %
4.2 %
Power Delivery
8.0 %
7.7 %
7.9 %
8.9 %
Oil and Gas
11.9 %
11.5 %
13.7 %
14.1 %
Other
NM
NM
NM
NM
Segment Total
8.1 %
9.1 %
8.2 %
9.0 %
Corporate
— %
— %
— %
— %
Adjusted EBITDA margin
7.1 %
8.6 %
7.2 %
8.0 %
NM – Percentage is not meaningful
(a)
Non-cash stock-based compensation expense, losses, net, on the fair value of an investment and the bargain purchase gain from a prior year acquisition are included within Corporate EBITDA.
(b)
For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $3.8 million of such costs. For the year ended December 31, 2022, Communications, Clean Energy and Infrastructure, Power Delivery, Oil and Gas and Corporate EBITDA included $4.7 million, $6.4 million, $39.0 million, $8.0 million and $27.9 million of such acquisition and integrations costs, respectively.
(c)
Project results from a non-controlled joint venture are included within Other segment results.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2023
2022
2023
2022
EBITDA and Adjusted EBITDA Reconciliation
Net income (loss)
$ 1.2
$ 3.4
$ (47.3)
$ 33.9
Interest expense, net
59.7
49.9
234.4
112.3
(Benefit from) provision for income taxes
(1.2)
9.2
(35.4)
9.2
Depreciation
108.6
107.8
433.9
371.2
Amortization of intangible assets
43.0
54.7
169.2
135.9
EBITDA
$ 211.3
$ 225.0
$ 754.9
$ 662.5
Non-cash stock-based compensation expense
9.0
8.6
33.3
27.4
Acquisition and integration costs
11.0
26.6
71.9
86.0
Losses, net, on fair value of investment
—
0.4
0.2
7.7
Project results from non-controlled joint venture
—
(2.8)
—
(2.8)
Bargain purchase gain
—
—
—
(0.2)
Adjusted EBITDA
$ 231.4
$ 257.9
$ 860.3
$ 780.6
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2023
2022
2023
2022
EBITDA and Adjusted EBITDA Margin Reconciliation
Net income (loss)
0.0 %
0.1 %
(0.4) %
0.3 %
Interest expense, net
1.8 %
1.7 %
2.0 %
1.1 %
(Benefit from) provision for income taxes
(0.0) %
0.3 %
(0.3) %
0.1 %
Depreciation
3.3 %
3.6 %
3.6 %
3.8 %
Amortization of intangible assets
1.3 %
1.8 %
1.4 %
1.4 %
EBITDA margin
6.4 %
7.5 %
6.3 %
6.8 %
Non-cash stock-based compensation expense
0.3 %
0.3 %
0.3 %
0.3 %
Acquisition and integration costs
0.3 %
0.9 %
0.6 %
0.9 %
Losses, net, on fair value of investment
— %
0.0 %
0.0 %
0.1 %
Project results from non-controlled joint venture
— %
(0.1) %
— %
(0.0) %
Bargain purchase gain
— %
— %
— %
(0.0) %
Adjusted EBITDA margin
7.1 %
8.6 %
7.2 %
8.0 %
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2023
2022
2023
2022
Adjusted Net Income Reconciliation
Net income (loss)
$ 1.2
$ 3.4
$ (47.3)
$ 33.9
Non-cash stock-based compensation expense
9.0
8.6
33.3
27.4
Amortization of intangible assets
43.0
54.7
169.2
135.9
Acquisition and integration costs
11.0
26.6
71.9
86.0
Losses, net, on fair value of investment
—
0.4
0.2
7.7
Project results from non-controlled joint venture
—
(2.8)
—
(2.8)
Bargain purchase gain
—
—
—
(0.2)
Income tax effect of adjustments (a)
(16.8)
(16.4)
(75.3)
(58.6)
Statutory and other tax rate effects (b)
4.6
5.5
4.6
5.5
Adjusted net income
$ 52.0
$ 80.0
$ 156.7
$ 234.8
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2023
2022
2023
2022
Adjusted Diluted Earnings per Share Reconciliation
Diluted earnings (loss) per share
$ 0.01
$ 0.04
$ (0.64)
$ 0.42
Non-cash stock-based compensation expense
0.11
0.11
0.43
0.36
Amortization of intangible assets
0.55
0.70
2.16
1.78
Acquisition and integration costs
0.14
0.34
0.92
1.13
Losses, net, on fair value of investment
—
0.01
0.00
0.10
Project results from non-controlled joint venture
—
(0.04)
—
(0.04)
Bargain purchase gain
—
—
—
(0.00)
Income tax effect of adjustments (a)
(0.21)
(0.21)
(0.96)
(0.77)
Statutory and other tax rate effects (b)
0.06
0.07
0.06
0.07
Adjusted diluted earnings per share
$ 0.66
$ 1.03
$ 1.97
$ 3.05
(a)
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
(b)
For the years ended December 31, 2023 and 2022, includes the effect of statutory and other tax rate changes.
Calculation of Net Debt
December 31,
2023
December 31,
2022
Current portion of long-term debt, including finance leases
$ 177.2
$ 171.9
Long-term debt, including finance leases
2,888.1
3,052.2
Total Debt
$ 3,065.3
$ 3,224.1
Less: cash and cash equivalents
(529.6)
(370.6)
Net Debt
$ 2,535.7
$ 2,853.5
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
Guidance for the
Three Months
Ended March 31,
2024 Est.
For the Three
Months Ended
March 31, 2023
EBITDA and Adjusted EBITDA Reconciliation
Net loss
$ (61)
$ (80.5)
Interest expense, net
60
52.7
Benefit from income taxes
(23)
(44.7)
Depreciation
110
107.2
Amortization of intangible assets
34
41.9
EBITDA
$ 121
$ 76.6
Non-cash stock-based compensation expense
9
8.5
Acquisition and integration costs
—
17.1
Losses, net, on fair value of investment
—
0.2
Adjusted EBITDA
$ 130
$ 102.5
Guidance for the
Three Months
Ended March 31,
2024 Est.
For the Three
Months Ended
March 31, 2023
EBITDA and Adjusted EBITDA Margin Reconciliation
Net loss
(2.3) %
(3.1) %
Interest expense, net
2.3 %
2.0 %
Benefit from income taxes
(0.9) %
(1.7) %
Depreciation
4.2 %
4.1 %
Amortization of intangible assets
1.3 %
1.6 %
EBITDA margin
4.6 %
3.0 %
Non-cash stock-based compensation expense
0.4 %
0.3 %
Acquisition and integration costs
— %
0.7 %
Losses, net, on fair value of investment
— %
0.0 %
Adjusted EBITDA margin
5.0 %
4.0 %
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
Guidance for the
Three Months
Ended March 31,
2024 Est.
For the Three
Months Ended
March 31, 2023
Adjusted Net Loss Reconciliation
Net loss
$ (61)
$ (80.5)
Non-cash stock-based compensation expense
9
8.5
Amortization of intangible assets
34
41.9
Acquisition and integration costs
—
17.1
Losses, net, on fair value of investment
—
0.2
Income tax effect of adjustments (a)
(12)
(29.2)
Adjusted net loss
$ (29)
$ (41.9)
Guidance for the
Three Months
Ended March 31,
2024 Est.
For the Three
Months Ended
March 31, 2023
Adjusted Diluted Loss per Share Reconciliation
Diluted loss per share
$ (0.88)
$ (1.05)
Non-cash stock-based compensation expense
0.12
0.11
Amortization of intangible assets
0.43
0.54
Acquisition and integration costs
—
0.22
Losses, net, on fair value of investment
—
0.00
Income tax effect of adjustments (a)
(0.15)
(0.38)
Adjusted diluted loss per share
$ (0.48)
$ (0.54)
(a)
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
Guidance for the
Year Ended
December 31,
2024 Est.
For the Year
Ended December
31, 2023
For the Year
Ended December
31, 2022
EBITDA and Adjusted EBITDA Reconciliation
Net income (loss)
$ 105
$ (47.3)
$ 33.9
Interest expense, net
210
234.4
112.3
Provision for (benefit from) income taxes
33
(35.4)
9.2
Depreciation
436
433.9
371.2
Amortization of intangible assets
134
169.2
135.9
EBITDA
$ 917
$ 754.9
$ 662.5
Non-cash stock-based compensation expense
38
33.3
27.4
Acquisition and integration costs
—
71.9
86.0
Losses, net, on fair value of investment
—
0.2
7.7
Project results from non-controlled joint venture
—
—
(2.8)
Bargain purchase gain
—
—
(0.2)
Adjusted EBITDA
$ 955
$ 860.3
$ 780.6
Guidance for the
Year Ended
December 31,
2024 Est.
For the Year
Ended December
31, 2023
For the Year
Ended December
31, 2022
EBITDA and Adjusted EBITDA Margin Reconciliation
Net income (loss)
0.8 %
(0.4) %
0.3 %
Interest expense, net
1.7 %
2.0 %
1.1 %
Provision for (benefit from) income taxes
0.3 %
(0.3) %
0.1 %
Depreciation
3.5 %
3.6 %
3.8 %
Amortization of intangible assets
1.1 %
1.4 %
1.4 %
EBITDA margin
7.3 %
6.3 %
6.8 %
Non-cash stock-based compensation expense
0.3 %
0.3 %
0.3 %
Acquisition and integration costs
— %
0.6 %
0.9 %
Losses, net, on fair value of investment
— %
0.0 %
0.1 %
Project results from non-controlled joint venture
— %
— %
(0.0) %
Bargain purchase gain
— %
— %
(0.0) %
Adjusted EBITDA margin
7.6 %
7.2 %
8.0 %
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited – in millions, except for percentages and per share information)
Guidance for the
Year Ended
December 31,
2024 Est.
For the Year
Ended December
31, 2023
For the Year
Ended December
31, 2022
Adjusted Net Income Reconciliation
Net income (loss)
$ 105
$ (47.3)
$ 33.9
Non-cash stock-based compensation expense
38
33.3
27.4
Amortization of intangible assets
134
169.2
135.9
Acquisition and integration costs
—
71.9
86.0
Losses, net, on fair value of investment
—
0.2
7.7
Project results from non-controlled joint venture
—
—
(2.8)
Bargain purchase gain
—
—
(0.2)
Income tax effect of adjustments (a)
(41)
(75.3)
(58.6)
Statutory and other tax rate effects (b)
—
4.6
5.5
Adjusted net income
$ 234
$ 156.7
$ 234.8
Guidance for the
Year Ended
December 31,
2024 Est.
For the Year
Ended December
31, 2023
For the Year
Ended December
31, 2022
Adjusted Diluted Earnings per Share Reconciliation
Diluted earnings (loss) per share
$ 1.04
$ (0.64)
$ 0.42
Non-cash stock-based compensation expense
0.48
0.43
0.36
Amortization of intangible assets
1.69
2.16
1.78
Acquisition and integration costs
—
0.92
1.13
Losses, net, on fair value of investment
—
0.00
0.10
Project results from non-controlled joint venture
—
—
(0.04)
Bargain purchase gain
—
—
(0.00)
Income tax effect of adjustments (a)
(0.52)
(0.96)
(0.77)
Statutory and other tax rate effects (b)
—
0.06
0.07
Adjusted diluted earnings per share
$ 2.69
$ 1.97
$ 3.05
(a)
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
(b)
For the years ended December 31, 2023 and 2022, includes the effect of statutory and other tax rate changes.
The tables may contain slight summation differences due to rounding.
MasTec uses EBITDA and Adjusted EBITDA, as well as Adjusted Net Income, Adjusted Diluted Earnings Per Share and net debt, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these adjusted measures provide a baseline for analyzing trends in its underlying business. MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share or total debt, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review the company’s consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. 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 presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: market conditions, including from rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers’ industries, supply chain issues and technological developments; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; 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 economic downturns, inflationary issues, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; 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; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; 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 timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect 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; the effect of state and federal regulatory initiatives, including risks related to the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; 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; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; 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; 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 our internal controls over financial reporting, as well as other risks detailed in our filings with the Securities and Exchange Commission. 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. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
View original content:https://www.prnewswire.com/news-releases/mastec-announces-fourth-quarter-and-annual-2023-financial-results-and-provides-initial-2024-guidance-302076476.html
SOURCE MasTec, Inc.
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LYT ANNOUNCES DEPLOYMENT OF TRANSIT PRIORITY SOLUTIONS BY PARTNERING WITH ORANGE COUNTY TRANSPORTATION AUTHORITY (OCTA)
Published
40 mins agoon
September 19, 2024By
LYT.Transit Will Move Bus Transit Vehicles Through Congested Harbour Blvd. Corridor Safer and Faster
SANTA CLARA, Calif., Sept. 19, 2024 /PRNewswire/ — LYT, a leader in NextGen intelligent connected traffic technology solutions, announced today it has signed a contract with the Orange County Transportation Authority (OCTA) and the city of Fullerton for a one-year pilot program and the implementation of LYT’s leading NextGen transit priority solution (TSP), LYT.transit.
Serving as the primary contractor for TSP under the Master Service Agreement with Arcadis, a leading global design and consultancy organization for natural and built assets, LYT.transit will help solve congestion issues for traffic signals across the busy corridor of Harbour Blvd. The Orange County TSP deployment extends LYT’s rapid expansion throughout the west coast.
LYT’s leading transit signal priority solution, LYT.transit, moves bus transit vehicles through congested intersections faster, safer, and more intelligently. Harnessing the power of a single-edge device installed in the Traffic Management Center (TMC), bus transit vehicles speak directly to networked traffic signals through LYT’s open architecture cloud platform. This results in a consistent and reliable green light for every bus transit vehicle in the network.
Cities are realizing the distinct benefits of this technology due to LYT’s machine learning models and artificial intelligence technology that knows when to prioritize and activate a traffic signal. LYT’s system uses automotive data in an actionable way as it takes a broader traffic pattern ecosystem into account to have an impact on other surrounding signals, not just the one signal that traffic is heading toward.
“As the Southern California region continues to thrive, it is essential to implement advanced traffic signal prioritization technology to improve the daily commutes of Orange County residents,” said Tim Menard, CEO and Founder of LYT. “Our cutting-edge AI-powered technology ensures smoother traffic flow, reduces congestion, and enhances safety on today’s roads. By prioritizing public transportation and optimizing traffic signals, we are committed to creating a more efficient and sustainable transportation network that benefits all residents and businesses throughout Orange County.”
Gabriel Murillo, ITS and Connected Mobility Market Leader at Arcadis, said: “We are pleased to partner with LYT on LYT.transit, to help ease the impacts of traffic congestion for buses in Orange County. By harnessing the power of advanced AI and machine learning, LYT.transit is set to elevate transit efficiency, enhance safety, and contribute to a more sustainable transportation network for the residents and businesses of Orange County.”
About LYT
LYT is the leading provider of smart cities NextGen intelligent connected traffic technologies that orchestrates today’s Intelligent Transportation Systems. LYT’s AI-powered, open architecture, machine learning technology enables a suite of transit signal priority and emergency vehicle preemption solutions that utilize pre-existing vehicle tracking sensors and city communication networks to dynamically adjust the phase and timing of traffic signals to provide sufficient green clearance time while minimally impacting cross traffic. LYT is headquartered in Silicon Valley and serves municipalities across the US and Canada. Learn more at LYT.ai.
ABOUT ARCADIS
Arcadis is the world’s leading company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets. We are more than 36,000 architects, data analysts, designers, engineers, project planners, water management and sustainability experts, all driven by our passion for improving quality of life. As part of our commitment to accelerating a planet positive future, we work with our clients to make sustainable project choices, combining digital and human innovation, and embracing future-focused skills across the environment, energy and water, buildings, transport, and infrastructure sectors. We operate in over 30 countries, and in 2023 reported €5.0 billion in gross revenues. www.arcadis.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/lyt-announces-deployment-of-transit-priority-solutions-by-partnering-with-orange-county-transportation-authority-octa-302252300.html
SOURCE LYT
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Safire Group Raises $8 Million in New Financing to Deliver Lithium-ion Battery Safety Technology to Government, Automotive Markets
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September 19, 2024By
Canaan Partners Leads Round to Establish SAFIRE™ Technology as New Benchmark for Battery Safety
KNOXVILLE, Tenn., Sept. 20, 2024 /PRNewswire/ — Safire Technology Group, Inc. (“Safire Group”), today announced $8 million in new financing led by Canaan Partners, with participation from Correlation Ventures, Higher Life Ventures, Ajinomoto Co., Inc., Automotive Ventures, Outpost Ventures, Potomac Angel Capital, and MaC Venture Capital. This Pre-Series A priced round of financing brings total funding to $11 million and fuels continued development of the company’s Safe, Impact-Resistant Electrolyte (SAFIRE™) technology to transform the safety benchmarks of Lithium-ion (Li-ion) batteries across government and automotive industries. Canaan’s Hrach Simonian will join co-founders John Lee and Mike Grubbs on the board of directors.
“We are grateful to have a highly regarded, deeply experienced, and values-aligned investor in Canaan, and we are eager to continue building Safire Group together,” said Mike Grubbs.
“Safire Group is revolutionizing Li-ion battery technology with a focus on safety. Their innovative solutions are addressing the critical issue of battery volatility and setting new standards in the industry,” said Hrach Simonian, General Partner of Canaan Partners. “Safety should be intrinsic to battery design, not an afterthought. Safire Group’s commitment to redefining how these batteries are used in mobility and government applications promises to unlock unprecedented opportunities on a global scale.”
SAFIRE is the world’s only patented and proprietary drop-in additive for Li-ion batteries that prevents fires through an instantaneous liquid to solid transformation upon kinetic impact, such as an electric vehicle (EV) crash or ballistic event. During an impact, Safire Group’s shear thickening electrolyte technology enables the battery to resist deformation and prevents a short circuit – providing EV makers with lightweight crash protection and enabling Li-ion batteries to be used in novel ways.
Invented after nearly a decade of research and development by the U.S. Department of Energy’s Oak Ridge National Laboratory (ORNL), SAFIRE is currently being deployed by the company in four distinct use cases across broad domains: a ruggedized electric motorcycle, a rapidly deployable sensor tower, an unmanned ground vehicle, and multifunctional body armor.
“There is significant demand across the government to integrate SAFIRE technology into novel, ruggedized applications. This financing allows us to expand our operations in the Knoxville, Tennessee area, continue collaboration with ORNL, and further demonstrate the benefits of SAFIRE in government and automotive markets,” said John Lee, CEO of Safire Group. “We are excited about our partnership with Canaan and the opportunities it brings for the next stages of growth in deploying safety solutions for energy systems. Our focus remains on protecting people and critical assets while driving innovation in safety.”
About SAFIRE
Safire Group is a venture-backed company developing advanced Li-ion battery technologies for government and automotive markets. The company’s core technology, SAFe Impact Resistant Electrolyte (SAFIRE™), is the world’s only patented and proprietary drop-in additive for Lithium-ion (Li-ion) batteries that prevents fire through an instantaneous liquid-to-solid transformation upon kinetic impact, such as an electric vehicle (EV) crash or ballistic event. For more information, visit: www.safire.co.
Media Contact
info@safire.co
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View original content:https://www.prnewswire.com/apac/news-releases/safire-group-raises-8-million-in-new-financing-to-deliver-lithium-ion-battery-safety-technology-to-government-automotive-markets-302253094.html
SOURCE Safire Technology Group, Inc.
Technology
Logistics Automation Market to Reach $55 Billion by 2030, Driven by E-Commerce and Supply Chain Transformation – LogisticsIQ
Published
40 mins agoon
September 19, 2024By
NEW DELHI, Sept. 19, 2024 /PRNewswire/ — According to LogisticsIQ‘s latest report (5th edition), Logistics Automation Market is expected to grow to $55 Billion by 2030, at a CAGR of 15% between 2024 and 2030. The drivers of growth are the growth in the e-commerce industry, multichannel distribution channels, digital services, increasing e-grocery penetration and dark stores, globalization of supply chain networks, emergence of autonomous mobile robots (AMRs) and increasing demand for same day / same hour delivery.
Market Trends and Key Drivers
E-Commerce Boom and Its Impact on Logistics
The exponential growth of the e-commerce industry has significantly transformed the $5 trillion global logistics industry. Online retail requires more complex logistical processes, including individual picking, packing, and shipping, which contrasts with the bulk transportation model of brick-and-mortar retail. This surge in online retail, coupled with the increasing need for faster delivery times, is putting immense pressure on logistics providers to automate.Challenges and Market Conditions (2021-2025)
In 2021, logistics automation companies had a huge order intake, however, revenue growth was constrained by supply chain disruptions. Thus, the industry entered in 2022 with a backlog of orders, which was eventually reduced by 2023 due to macroeconomic uncertainties. In 2024, order volumes began to rise again, but cautious capital expenditure from retailers slowed down investments due to inflation, low consumer spending, and geopolitical tensions. We expect order volumes expected to rebound in 2025 as retailers aim to meet increasing consumer demand.Emerging Technologies and Market Players
The past few years have seen the emergence of cutting-edge technologies like automated picking systems, mobile manipulators, and automated cold storage solutions. Significant investments in companies like Symbotic, Geek+, Fabric, and Exotec Solutions reflect this growth. At the same time, established players such as Dematic, Honeywell Intelligrated, SSI Schafer, and Toyota Advanced Logistics continue to innovate. Additionally, major retailers including Walmart, Kroger, Amazon, Ocado, and Carrefour are actively adopting these technologies to enhance their supply chain capabilities.Apart this, piece picking players such as Righthand Robotics, Nimble, Fizyr, Kindred, Covariant, OSARO, Plus One Robotics, Berkshire Grey, and AWL have established a new attractive capability for order picking in ecommerce fulfillment as picking is least automated process in existing warehouses.
Download a Free Sample of our report on the Logistics Automation Market
Industry Consolidation in Logistics Automation Market
Over the last decade, the logistics automation market has experienced significant consolidation. Traditional industry players are acquiring innovative technology leaders to stay competitive and address evolving market demands. Notable examples include:
Rockwell Automation’s acquisition of Clearpath Robotics and OTTO MotorsZebra’s acquisition of Fetch RoboticsToyota’s acquisition of Vanderlande, Bastian Solutions and ViaStoreHoneywell’s acquisition of Intelligrated and TransnormJungheinrich acquired Magazino and ArculusSSI Schafer acquired DS AutomotionABB acquired ASTI Mobile Robotics and SevensenseKPI Solutions acquired Kuecker Logistics Group, Pulse Integration, QC SoftwareKörber acquired Cohesio Group, Siemens Logistics, HighJumpTeradyne acquired MiR, Energid, AutoGuide Mobile Robots
These mergers and acquisitions reflect the ongoing shift towards automation and the integration of cutting-edge technologies across the supply chain.
Read full report on the Logistics Automation Market Size, Growth, Share, Trends, and Forecast
Key Markets and Growth Opportunities
Top Markets: The United States, China, and Germany account for more than 50% of the demand for logistics automation, with strong market penetration in Europe, particularly in Germany, Italy, France, and the Netherlands. Western Europe represents around 30% of the global market. Emerging markets in APAC, particularly in India and Southeast Asia, are also showing strong growth potential, as are regions like the Middle East and Latin America.Emerging opportunities: Latin America is still under-penetrated with regards to automation; however, things are set to change and market is set to observe a high growth in Brazil and Mexico. Within Europe, Central and Eastern Europe is a fast-growing region, with Poland and Czech Republic emerging as logistics hub and showing good growth prospects.Grocery Industry: The grocery sector is a key area for logistics automation, driven by the need for high-frequency deliveries and the growing demand for online grocery services. Grocery distributors ship high cubic volumes of merchandise to retail stores with frequent deliveries to ensure product freshness. Grocery distribution center operations are amongst the most labour intensive of any industry. Grocery automation market is expected to reach over $7 billion by 2030.AGV and AMR Market Growth: The market for Automated Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs) is projected to experience rapid growth, with a CAGR of over 20% by 2030. AMRs, which can operate without external guidance systems like optical tape or sensors, are becoming increasingly popular due to their ease of deployment in existing warehouse infrastructures.We expect AGVs/AMRs to have more than 20% market share by 2030 in this market led by players such as Seegrid, Balyo, Hai Robotics, Geek+, GreyOrange, HikRobot, Quicktron, Locus Robotics, Fetch Robotics (Zebra), 6 River Systems (Ocado), Teradyne (MiR, AutoGuide Mobile Robots), Rocla, JBT, ek-robotics, Omron, Rockwell Automation (Clearpath Robotics, OTTO Motors). We further see more consolidation and M&A in the mobile robots space as larger System integrators look to complete their product portfolios.
Order Picking and Automation Trends
Manual vs. Automated Picking: The order picking process remains one of the most labor-intensive tasks in the warehouse, especially in e-commerce fulfillment. While manual picking is still preferred for operations with a large variety of SKUs, automated picking systems and robotic solutions are gaining traction. Technologies such as RFID, pick-to-light, and pick-to-voice systems help improve efficiency even in semi-automated environments.Piece Picking Robots: Companies such as Righthand Robotics, Berkshire Grey, Osaro, and Covariant are leading the charge in developing piece picking robots that are ideal for e-commerce fulfillment. These robots significantly reduce labor costs and increase throughput, offering a high return on investment for businesses.
What will you get in this report?
500+ Pages, 290+ Exhibits and 350+ Market tables for7 major Industry Verticals (eCommerce, Grocery, General Merchandise, Apparel, Food & Beverage, 3PL, Wholesale)10 Technologies (Mobile Robots, AS/RS, Conveyors, Sortation, Order Picking, Automatic Identification and Data Capture (AIDC), Palletizing and Depalletizing Robots, Overhead systems, Software (Warehouse Management, Warehouse Execution, and Warehouse Control), and MRO services.6 regions and 28 countries (United States, Canada, United Kingdom, Germany, France, Italy, Spain, Netherlands, Nordics, China, Japan, India, Australia, Thailand, Vietnam, Singapore, Indonesia, South Korea, Malaysia, Philippines, Taiwan, Saudi Arabia, UAE, Turkey, South Africa, Argentina, Brazil, Mexico)Pivot-friendly Excel file with 350+ market tables including forecast till 2030In-depth analysis of 700 companies in the ecosystem with more than 140+ company profilesFocus Group Discussion with 100+ key industry stakeholders across the value chain to collect the first-hand information to validate our analysis2 Analyst Sessions to brainstorm furtherInvestment details with 150+ M&A and 750+ funding dealsLogisticsIQ™ Exclusive Market Map (~700 Players across 15+ categories)
About LogisticsIQ
LogisticsIQ is a dedicated market research and advisory firm in Logistics & Supply Chain sector, empowering decision makers from top fortune 1000 companies, financial and research institutions, private equity and high potential start-ups with market insights to make better decisions. We enable this by analysing the right mix of the best data, the best research methodologies, and the best industry panel to deliver value to our clients.
Media Contact
Name: Sunny M.
Email: sunny@thelogisticsiq.com
Phone: +91-952-918-4938
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Logo: https://mma.prnewswire.com/media/2320412/LogisticsIQ_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/logistics-automation-market-to-reach-55-billion-by-2030-driven-by-e-commerce-and-supply-chain-transformation—logisticsiq-302252917.html
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