MasTec -11% after lowering Q2 outlook

|By:, SA News Editor

MasTec (MTZ -10.8%) shares plunge after the infrastructure construction company over the weekend lowered its outlook for Q2 earnings and revenue.

MTZ now sees Q2 EPS of $0.40 from $0.53 earlier and Q2 revenues of ~$1.1B vs. prior $1.15B-$1.2B, expecting results to be hurt by new and unexpected delays in the wireless project spending activity as well as weaker than anticipated oil and gas segment results.

More downside guidance could be in store; although management did not lower guidance for H2 2014, the door was left open to do so on the Q2 conference call.