The Miami-based company also expects to produce earnings per share of about 33 cents for the third quarter--16 cents off the market forecast tracked by Thompson/First Call.
"Our results are being affected by the problems fiber builders are having raising capital to complete planned networks and by the general slow down in demand for telecommunication network equipment, as well as by costs incurred to adapt to the reduced spending," Joel-Tomas Citron, MasTec president and chief executive officer, says in a prepared statement. "We are reducing costs in the areas affected by the sluggish demand and are aggressively reallocating resources into other areas where demand for our services continues to be strong."
Including those charges and costs, the Miami company expects to take a one-time hit of about 32 cents a share for the second quarter ending June 30. That effectively would reduce earnings per share of about 36 cents to 4four cents a share.
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