Seeking Alpha

MasTec -11% after lowering Q2 outlook

  • 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.
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