For the first time in the history of the HispanicBusiness 500, five Hispanic-owned companies generated more than $1 billion in revenues last year, according to new rankings from HispanicBusiness.com released on Wednesday.
HispanicBusiness.com is a source for research, trends and reporting on the growth of the U.S. Hispanic consumer market and the Hispanic enterprise and professional sectors.
BrightStar Corp., the world's largest specialized wireless distributor, led the rankings with $6.3 billion in revenues in 2012. The Miami-based company has topped the rankings five of the past six years.
In the 31 years HispanicBusiness has produced its HB 500 rankings, the list has never had five Hispanic-owned companies with more than $1 billion in annual revenue until this year. The companies in the rankings had combined revenues of $39 billion, the highest in the history of the 500. The growing revenues are reflective of an improving economy and corporations getting better at controlling costs, according to HispanTelligence researchers.
"Many of the Hispanic-owned companies have not only weathered the economic storm of the past few years, they continue to deliver solid growth," said HispanicBusiness.com Editor and Publisher Jesus Chavarria. "BrightStar Corp. is a prime example of the success many of the companies on the 500 enjoyed in 2012."
Rounding out the top five are: No. 2 MasTec Inc., Coral Gables, Fla. ($3.73 billion); No. 3 Greenway Ford, Orlando, Fla. ($1.21 billion); No. 4 The Related Group, Miami, Fla. ($1.02 billion); and No. 5 SDI International Group, Fort Lauderdale, Fla. ($1 billion).
"The companies on The 500 list employ more than 130,000 employees in the United States and around the world," Mr. Chavarria said. "They are a substantial economic force in the U.S. and the latest rankings show it's only growing."
To be included in the HispanicBusiness 500, a company must have at least 51 percent ownership by a U.S. Hispanic citizen and be located in one of the 50 states or Washington, D.C. Revenue figures are based on line 1(c) of the corporate/partnership tax return provided by the participating companies. The CEO, CFO or a CPA representing the company must verify the revenue figure.
The complete list of The 500 companies is now available exclusively at www.HispanicBusiness.com.