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June 2, 2014
10:00 EDTMTZMasTec falls 10.4%
MasTec is down 10.4%, or $3.74, to $32.26
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July 31, 2015
05:18 EDTMTZMasTec sees Q2 adjusted EPS 10c-13c, consensus 28c
Sees Q2 revenue approximately $1.1B, consensus $1.02B. The company also announced that it expects to file its Quarterly Report on Form 10-Q for the quarterly period ended March 31 not later than August 10 and expects that final reported net loss attributable to MasTec will be reduced by approximately $0.5M as compared to the company's previously disclosed unaudited, preliminary net loss attributable to MasTec. The company's Q2 results have been negatively affected by significant disruptions caused by heavy rains and flooding in many of its work areas from the Gulf of Mexico coast to the Canadian border. This rain and flooding has negatively affected Q2 productivity and margins across various segments. In addition, Q2 operating results for the company's Electrical Transmission segment are significantly weaker than initially expected due to lower revenues, the impact of rain and flooding and project inefficiencies. This segment has been the primary focus of the Audit Committee independent investigation over the past several months, requiring a significant amount of time and effort by its management team. These matters have diverted the attention of management from the operations of its business and its performance in obtaining new project awards has suffered during this period. We currently expect this segment will underperform and will show continued weakness in revenue and operating profit during the second half of 2015 as it seeks to replenish its backlog and normalize its operations.
05:16 EDTMTZMasTec finds certain accounting adjustments appropriate in FY14 results
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