MasTec Lowers 2015 Guidance - Quick Facts

(RTTNews) - MasTec Inc. (MTZ) announced lower 2015 expectations to reflect uncertainties due to the potential impact of lower world oil prices and expected lower levels of wireless project activity. For 2015, the company now expects revenue will increase 9% over expected 2014 revenue to $5.0 billion, with continuing operations adjusted EBITDA margin, a non-GAAP measure, of approximately 10% of revenue, and continuing operations adjusted earnings per share of $1.87. Previously announced guidance for the fourth quarter of 2014 remains unchanged.

Analysts polled by Thomson Reuters expect the company to report 2015 earnings per share of $2.00. Analysts' estimates typically exclude special items.

The company said, since the issuance of preliminary guidance in October 2014, a major customer has announced reduced levels of 2015 expected wireless project activity and world oil prices have significantly declined. The company believes it is prudent to moderate 2015 expectations for its Oil & Gas segment. MasTec's revised 2015 guidance also includes the estimated impact of reduced levels of wireless project activity, based on previous public announcements by the major customer.

MasTec also announced that its Board has authorized the repurchase of up to $100 million of common stock.