MasTec Cuts 2015 Profit, Sales Outlook

MasTec Inc. lowered its 2015 outlook on Wednesday, saying a major customer has announced reduced levels of wireless project activity since previous guidance was provided, and given the significant decline in oil prices. The provider of utility and energy transmission infrastructure said it now expects adjusted earnings per share of $1.87 and sales of $5 billion next year, compared with the FactSet consensus analyst estimates of $2 and $5.24 billion, respectively. The company also said it has launched a new $100 million stock repurchase program. The stock, which was still inactive in premarket trade, has tumbled 42% this year through Tuesday, compared with a 6.7% rise in the S&P 500.