CORAL GABLES, Fla. – Telecom and cable contractor MasTec Monday reported net income of US$7.7 million for the quarter ended September 30th, an increase of 85% compared to Q3 2004 on revenue of US$243.5 million, which was a dip of 1.25%.
"We are pleased with our continued margin improvement, and we expect the upward trend to continue,” said Austin Shanfelter, president and CEO, in a press release. “We have been disciplined in the quarter to accept new projects only when appropriate margins are available. As our core businesses continue to expand, margin will be our number one focus."
At quarter’s-end, MasTec had gross liquidity, defined as bank cash plus availability on the bank credit facility, of US$51 million compared with US$20 million at September 30, 2004.
For the fourth quarter of 2005, MasTec expects revenue between $220 and $230 million. “The guidance is based on current expectations and estimates and assumes stability in each of the company’s operations, modest growth in fiber deployment, favorable weather conditions and an economy that remains stable,” says the press release.
MasTec is a specialty contractor operating throughout the United States and in Canada whose core activities are the building, installation, maintenance and upgrade of communication, utility infrastructure and transportation systems.
