MasTec, the Coral Gables, Fla.-based infrastructure construction company, on Thursday reported lower third quarter earnings, of $26.8 million, compared to $31.8 million in the same period of 2011, due to certain charges.
The company's revenues jumped 31 percent to $1.067 billion, led by power generation and industrial parts of its business and by oil and gas pipeline and facilities. Its third quarter earnings per share from continuing operations was 45 cents, up 29 percent from 35 cents for the third quarter of 2011
MasTec also announced plans to sell its small municipal water and sewer business, which has struggled in recent years. The company recorded a $15.3 million pre-tax charge in the third quarter, reflected in discontinued operations, which includes the write-off of goodwill, the estimated loss on the sale of the business and losses from operations.
The impact of this charge on earnings per share was 12 cents for the third quarter, the company said. In addition, MasTec recorded a $9.6 million third quarter pre-tax charge related to a possible settlement of its Sintel litigation, taking place in Spain, which dates back to 2001.
The impact of this charge was 7 cents per share for the third quarter, MasTec said.
MasTec was the No. 2 company on the 2012 HispanicBusiness 500 directory, with 2011 revenues of $3 billion.
Most Popular Stories
- Toxic Algae Threatens Florida Fishing, Tourism
- Eva Mendes Gives Birth to a Baby Girl
- Hispanic Groups Lead Voter Registration Drive
- Fed Signals It Will Keep Key Rate at Record Low
- Plus-Size iPhones Live Up to The Hype
- FedEx Adding 50,000 Holiday Jobs
- Stocks Rise Before Fed Statement
- Occupy Wall Street Buys Up Student Debt
- Cool Features on Today's New iOS 8
- Kohl's Hiring 67,000 for the Holidays