FTE Networks soared more than 12% higher on Thursday as the markets absorbed news of the more than $45 million worth of new contracts awarded in January. Shares of FTNW closed at $18.00 on more than 4X its average trading volume.
FTE Networks, a leading provider of innovative technology-oriented solutions for smart platforms, network infrastructure, and intelligent buildings found a strong reaction to the contract news, which is expected to allow FTNW to move aggressively to provide clients with innovative future-ready intelligent buildings and campus infrastructure. Included in the January agreements is a new customer project with a global trade-book publishing company that is expected to bring FTNW upwards of $34 million. An additional two deals come from a Fortune 100 global technology company who is an existing client and is expected to generate roughly $11 million in new revenue.
FTNW Is Growing Smartly In An “Intelligent” Industry
The two contracts will be fulfilled in Manhattan, New York and are expected to begin within the next several months with a targeted completion date in the first half of 2019.
Michael Palleschi, President, and CEO of FTE Networks, stated, “I am excited to begin 2018 with strong momentum and a solid foothold in the coveted premier New York market. We continue to be awarded prestigious contracts with Fortune 100/500 companies as a result of our reputation for being a leader in the technology and infrastructure markets. These awards further validate the market’s adoption of our unique solutions that provide disruptive, innovative technology-oriented solutions for smart platforms, network infrastructure and commercial buildings.”
He added, “We believe we are changing the needs of the connectivity industry by developing and providing smart technology solutions that are making platforms, network infrastructure and buildings more intelligent. We aim to continue to be the top choice for our valued customers that have placed trust in our ability to deliver great results and offer leading-edge technology solutions.”
Globally positioned To Take Advantage Of Billion Dollar Opportunities
Globally positioned with offices throughout the United States and Europe, FTNW is putting into action valuable industry experience while building strong relationships with their customers. And, with FTNW continuing to gain revenue-generating traction, they have strengthened their industry presence by proving to be a valuable service and infrastructure provider to a broad range of clients. Niche-focused, FTNW has built loyal business relationships with its clients, leveraging on their unique ability to act as a “one-stop shop” for connectivity solutions, providing after the sale functions to manage and maintain the infrastructure provided.
Separating themselves from competitors, the FTNW strategic business model is focused on ensuring the speedy delivery of a custom-tailored and targeted solution to the client, which translates to reduced cost, increased performance, and an upgraded efficiency standard for the client. FTNW, before the contract announcements on Thursday, had completed several accretive acquisitions that set FTE Networks in a unique and enviable industry position to provide an all-in-one solution for telecommunications, data and general contracting projects.
To read our full analysis on FTE Networks please click here.
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