As we look at the balance of 2012, our backlog is strong and we have excellent visibility into future revenues. We expect utilization to increase and margins to improve as the year progresses. We are focused on improving margins, especially as we complete our challenging projects in the Marcellus region and as wireless spending begins to aggressively ramp up. Today, more than ever, I believe MasTec's diversified business model is our key differentiator and one that has helped drive our success.
Today, we serve numerous markets and industries that we believe have solid long-term fundamentals with would significant opportunities for expansion and growth. We strongly believe that our exposure to petroleum and natural gas pipelines and facilities, high-voltage electrical transmission, wireless infrastructure construction, and construction of power generation sources should continue to be excellent sources of growth and opportunity for MasTec for years to come.
Now I would like to cover some industry specifics. Our communications revenue was $374 million, an increase of 8% over last year's first quarter. Our install-to-the-home business was up 24% for the first quarter of 2012 versus2011. The increase was driven by both organic growth and our acquisition of Halsted last year. The integration of the Halsted acquisition is now complete, and there has been a dramatic improvement in both the financial and operational performance of the business.
Wireless revenue was up 14% for the quarter. This now marks the fifth consecutive double-digit growth for this market. The growth is being driven by the expansion of broadband and Internet in rural markets.Our wireless business, as expected, was down 14% in the first quarter of 2012 versus 2011 as we got off to a slower restart with our largest customer in 2012. With that said, we now have excellent visibility into our full year plan and we continue to pursue a number of opportunities to expand and diversify our customer base in our wireless business. We believe that this market will afford us strong long-term growth prospects as data continues to play a larger role in wireless devices and as 4G continues to be rolled out throughout the world. Read the rest of this transcript for free on seekingalpha.com
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts