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September 5, 2007
MasTec said it plans to hire about 1,500 technicians in the third quarter, increasing costs and hurting productivity.
The Coral Gables-based specialty contractor said it expects to earn between 18 cents and 20 cents a diluted share from continuing operations in the third quarter, with revenue of about $265 million, excluding litigation impact.
These numbers fall well below analysts' estimates, which, on average, expect the company to earn 29 cents a share on revenue of $277.5 million.
MasTec (NYSE: MTZ) also revised its annual guidance, saying it expects earning from continuing operations between 78 cents and 82 cents a diluted share, an increase of at least 30 percent over 2006.
Shares closed down $2.40 to $12.46. The 52-week high was $16.25 on June 28. The 52-week low was $9.88 on Nov. 10.
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