FTE Networks announced that it has been awarded approximately $36.8 million in new projects in May of 2018, bringing the Company's year-to-date total to approximately $197.8 million. The new contract awards cover a variety of projects, including a $26 million project for one of the 50 largest law firms in the world.
FTE Networks initiated with a Buy at Roth Capital. Roth Capital analyst Suji Desilva started FTE Networks with a Buy rating and $35 price target, citing expectations for the company to increase its building-on-network count and recurring revenue base across key end markets.
FTE Networks announced that it has been awarded approximately $28M in new projects in April of 2018, bringing the company's year-to-date total to approximately $161M. The new contract awards cover three separate projects with a leading shared office space provider that supplies its tenants with physical and virtual service offerings.
FTE Networks announced that it has been awarded new projects totaling approximately $24.3M, bringing its year-to-date total to approximately $133M. These new contracts further strengthen the Company's upward growth trajectory, and are expected to have a positive impact on earnings. The newly acquired customer project portfolio includes companies in the communications, technology, REIT, and hedge fund industries. Additionally, the Company continues to be awarded re-occurring infrastructure projects in strategic markets across the United States under existing master service agreements, through which FTE helps create intelligent workplaces by providing state-of-the-art technology, infrastructure and fit-out services. Several of these new and re-occurring awards are with marquee customers in the coveted New York City metro region, bolstering the Company's market presence, visibility, and enhancing its prospects for further expansion. FTE expects to complete these projects over the next 12 months.