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MasTec announces 4Q annual revenue up 7 percent

MasTec employees work on a natural gas pipeline in Wyalusing, PA.
MasTec employees work on a natural gas pipeline in Wyalusing, PA. MasTec

MasTec Inc., a Coral Gables-based infrastructure construction firm, announced Thursday that its annual revenue grew to $4.6 billion, up 7 percent from last year, a result largely in line with Wall Street expectations.

Fourth-quarter revenue for 2014 also grew to $1.24 billion, up from $1.16 billion in the final quarter of last 2013. The company attributed fourth quarter growth to higher revenue produced by its communications, electrical transmission and power generation, and industrial divisions.

But quarterly net income dropped to $28 million or $0.33 per share, compared to $43 million or $0.50 per share in 2013, amid a larger energy market slowdown.

“We enter 2015 with ample financial resources to both manage through any near-term commodity market uncertainties as well as take advantage of attractive growth opportunities,” MasTec chief financial officer George Pita said.

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