Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-MasTec Inc. expects to close the second-quarter later this week earning about 36 cents per diluted a share–2 cents off the stock market forecast. It appears to get worse before it gets better for the publicly traded provider of communications and energy infrastructure services.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.